Capital International Bank Limited Celebrates its 1st Birthday! | May 2022

Having officially launched in May 2021, Capital International Bank Limited (hereafter Capital International Bank) is now celebrating its first year in operation as the Island’s first ever digital-only bank.

Date: Friday 27 May 2022

Capital International Bank, a wholly owned subsidiary of Capital International Group Limited, was developed over a five-year period, after it became clear that there was a gap in the market for a modern banking solution built to meet the needs of corporate clients. This coincided with the launch of the Isle of Man’s Alternative Banking Regime (ABR) which was introduced in 2016 with the aim of widening the scope for new banking opportunities on the Island. The ABR enabled the Capital Group to apply for a Class 1(2) Banking Licence.

In just one year in operation, Capital International Bank has attracted over 330 clients with over 1,100 accounts currently in operation. The Bank serves businesses in a range of sectors including eGaming, professional services, fiduciaries, eCommerce and esports.

Group CEO, Greg Ellison

Group CEO, Greg Ellison, said: “One of the key factors to our success is our focus on speed. When we carried out our initial market research with the Bank’s target clientele, one frustration that cropped up time and time again was around the waiting times for account opening. We learned that the worst-case scenario for clients was the ‘slow no’. If the answer is no, say it quickly. If the answer is yes, have an account open in days, not months.”
Capital International Bank offers 5 working day account opening for standard risk accounts and 7-10 working days for high-risk. The Bank’s current record is 24 hours to take an eGaming account from initial enquiry to account opening.
This speed of service has in part been achieved through the Bank’s digital platform, VELTA, which was developed in-house by Capital’s technology team.

Greg said: “Whilst we knew it would be a huge undertaking, we decided to develop the front-end of the bank ourselves so that we could more easily adapt our service to meet our clients’ needs. Much like an iPhone has an iOS update every few weeks, our teams are working constantly to assess and prioritise the interface and functionality improvements that we release every month, guided by the feedback we receive from our clients.”

Since the launch of the bank last year, there have been 12 new platform updates of Capital International Bank, whereby new features have been added and improvements have been made. This focus on ongoing improvement is an important factor in the bank achieving its future ambitions.

Greg said: “As Capital International Bank grows, we will continue to learn and adapt. Our mission is to become the dominant offshore bank by 2028. Dominant doesn’t necessarily mean biggest, but we want to become the ‘go to’ bank for clients in the offshore markets who demand something better, something that makes their money work better for them. This passion is what fuels us every day, to make money work better for our clients, for our people and for our communities. For every account we open, we plant a tree in the Isle of Man and in Africa as part of our Group goal to become carbon neutral by the end of 2025.”

Capital International Bank Limited is a wholly owned subsidiary of Capital International Group Limited a privately owned financial services group based in the Isle of Man. Capital International Bank Limited operates as a non-retail, restricted deposit taker under a Class 1 (2) licence issued by the Isle of Man Financial Services Authority. Deposits are not covered by the Isle of Man Depositors’ Compensation Scheme and terms and conditions apply.