Date: Tuesday 31 January 2023
The Challenge allows companies to develop new products, scale up existing products or test access to new markets. Applications are open to start-ups as well as businesses who are able to add a new and innovative element to products that are already in their portfolio.
The FinTech Innovation Challenge is at the heart of the Isle of Man’s ambition for a digital future and will be a key pillar of the Island’s FinTech growth in the coming year.
As a joint venture between the Government’s Digital and Finance agencies, with support from the Isle of Man Financial Services Authority and Deloitte, it demonstrates how the government is working proactively to support FinTechs by providing them with an effective testbed from which to launch and develop their businesses.
It is hoped that the plan will kick start £500 million a year of GDP growth by attracting cutting-edge technology businesses and entrepreneurs, including in one of its key areas: FinTech.
The Isle of Man Government is planning a programme of long-term public and private investment worth £1 billion, supported by an initial £100 million Economic Strategy Fund to help develop its supporting initiatives.
With established financial and digital sectors on the Island already collectively contributing a large proportion of overall GDP, FinTech builds on the Isle of Man’s greatest strengths and takes advantage of the sector’s rapid expansion. The STOXX Global FinTech Index has seen a 50% increase since 2018 and a swift recovery after the Covid-19 pandemic, and the growth of the sector is projected to continue.
For further information and to apply for the FinTech Innovation Challenge, visit the Challenge’s website at: https://www.digitalisleofman.com/fintechchallenge
Applications will close on 28th February 2023.
Get Involved
It is important that the local ecosystem play a range of roles to ensure its success.
Become a FinTech Innovation Challenge Supporter if you would like to:
- Have exposure to potential innovative solutions that may be of use to Isle of Man businesses.
- Increase your professional network by working with Isle of Man Government, the regulator and businesses.
- Assist in the development of multiple innovative solutions by being an impartial advisor to participants.
- Continue relationships with participants to build out solutions and business after the Challenge has completed.
You can find out more about a number of roles and register your interest here: https://www.digitalisleofman.com/fintechchallenge/#challengestakeholders