By Cygnetise
13/07/2023
In June 2023, Digital Isle of Man hosted the first edition of their Fintech Innovation Challenge. A cohort of 14 fintechs from across the world including Cygnetise presented their innovative solutions to the Isle of Man’s growing fintech community and an esteemed panel of judges. Following a rigorous selection process, 14 out of a global pool of 80 innovative financial technology applicants made it to the final.
Chosen for their ambition and potential, the finalists spent the past six months designing innovative products to address three key challenge statements. Two of these focused on topics like Digital Identity & e-KYC (Know Your Customer) and Compliance & Transaction Monitoring. The third option was to develop a ‘wildcard’ solution, giving participants the chance to demonstrate their creative problem-solving abilities.
At the finale, each finalist had to deliver a compelling pitch, demonstrating their pioneering solutions. The panel of judges, drawn from leading financial and digital technology businesses in the Isle of Man, then scored the presentations based on criteria like market potential, scalability, and potential to positively impact the Isle of Man’s financial sector. Feedback from local business leaders attending the event was also gathered and taken into account in the final decision.
Tim Johnston MHK, Minister for Enterprise, recognised the event’s importance as a platform for innovative businesses to connect with the Island’s financial services and digital sector, and as a driver for economic growth and investment attraction, in line with the Island Plan:
“The FinTech Innovation Challenge provides a unique opportunity for innovative businesses around the world to experience the Island’s collaborative financial services and digital sector, and supports us to fulfil the ambitions of the Island Plan, by enhancing the Island’s proposition as a supportive jurisdiction that embraces innovation, driving economic growth, creating jobs and attracting investment to the Island.”
Cygnetise was selected as a winner in the “Wildcard” category beating fellow fintechs Codos, Digidentity, Nettle, Sure and Whitespace. The other two winners in the Identity and Compliance categories were SQR and Crucial Compliance, respectively. Commenting on the recognition, Damian Bell, Sales & Account Director at Cygnetise said: “It’s wonderful to be recognised. It’s also been great to meet with other companies during the event and hear and learn from other providers within the space. The collaboration aspect of the event is very exciting as there are so many fantastic fintechs involved in the initiative.”
