Deadline: 28-Feb-23
Lyle Wraxall, Chief Executive of Digital Isle of Man, announced the launch of the FinTech Innovation Challenge, a collaboration between Digital Isle of Man, Finance Isle of Man, and supported by the Isle of Man Financial Services Authority and Deloitte assisting.
The FinTech Innovation Challenge is a competition inviting global participants to provide solutions to specific problems in order to support the growth and application of FinTech across the Isle of Man.
For businesses participating in the FinTech Innovation Challenge, this is a unique opportunity to work with government, the regulator and businesses in a leading digital hub, and scale up solutions ready for the global market.
Objectives
- The Challenge aims to deliver three key objectives:
- Provide technology-based solutions to key industry challenges felt across the Isle of Man
- Demonstrate what success looks like for Global FinTechs seeking opportunities on the island
- Develop the Isle of Man’s FinTech ecosystem and inspire creativity and collaboration.
Challenge Statement
- TOPIC: Digital identity management
- This challenge asks for a solution that covers the management of identity, navigating the complexities of moving from an analogue to a digital environment including:
- Digital Safe Storage of existing Documents (passports etc.) and Attributes (DoB, Address) uploaded by the Individual/Corporation
- Independent validation and assurance of the accuracy of this Information (including photo and real life comparisons)
- The ability for the owner of the ID to share information in a secure and assured manner with third parties (Financial Institutions etc)
- A full, new Digital Identity ‘Card’ either issued in the private sector under agreed standards or a new Government issued form of ID
- This challenge asks for a solution that covers the management of identity, navigating the complexities of moving from an analogue to a digital environment including:
- TOPIC: e-KYC
- Know Your Customer, (‘KYC’) is a key procedure in financial services on boarding where a customer’s identity will be checked and verified. This challenge asks how an e-KYC solution might be developed to reduce costs, automate process, ensure data security whilst complying with AML and KYC regulations? The solution should consider:
- Different types of documentation that can be used for KYC purposes
- Verification of the user’s identity and how the lists to be checked against could vary for different organisations and jurisdiction
- Risk assessment, profiling and reporting
- A secure method for the KYC owner to share this information electronically, with parties of their choice, as a pre-packaged bundle
- Know Your Customer, (‘KYC’) is a key procedure in financial services on boarding where a customer’s identity will be checked and verified. This challenge asks how an e-KYC solution might be developed to reduce costs, automate process, ensure data security whilst complying with AML and KYC regulations? The solution should consider:
- TOPIC: Compliance & transaction monitoring
- Fraud Prevention & Risk Management are critical to the success of financial institutions. This challenge asks for a solution that harnesses the power of technology to streamline and transform regulatory activities for organisations. This could include the role of machine learning and AI for sanction screening in payments and transactions, so that manual touchpoints can be reduced to a minimum level. It is also worth considering how financial intelligence may be shared between parties to enhance the accuracy of AI without compromising privacy.
- TOPIC: Wildcard
- Challenge Statement 4 is designed to be a wildcard, and they encourage all eligible FinTechs to define a problem statement that they believe exists in the Isle of Man and propose a technology-based solution to this problem. This can relate to any aspect of the Financial Services Industry.
Eligibility Criteria
- There are no restrictions on entrants other than being able to meet the Challenge and to demonstrate innovation in the solution as well as some aspect that demonstrates value to the Isle of Man.
- Applicants can be at any stage of business development.
For more information, visit Fintech Innovation Challenge.