Innovation in the financial services sector is evolving rapidly and the Authority recognises the impact innovation has on how regulated entities approach the following;
- their own internal control frameworks;
- how they interact with their customers; and
- management of their current or emerging risks.
The Authority is a member of the Global Financial Innovation Network (GFiN). Engagement with this organisation enables the Authority to connect with like-minded regulators and industry bodies across the globe to monitor and collaborate on Fintech developments.
The Isle of Man is a leading international business centre renowned for its innovation, professionalism and long-standing policy of positive engagement with global standards.
The Authority is continually adapting its approach to embrace creativity and support new ways of working.
In a rapidly evolving industry, the Authority’s focus is on fostering an environment that encourages fintech innovation, while ensuring an appropriate level of compliance and consumer protection.
The Authority will continue to work with industry to capture opportunities for more data-driven and digital ways of doing business.
In particular, the Authority recognises the impact of innovation on regulated entities in respect of:
- internal control frameworks;
- customer interaction; and
- management of existing and emerging risks.
As a member of the Global Financial Innovation Network (GFiN), the Authority has the ability to monitor and collaborate on fintech developments around the world.
This work is a key part of efforts to maintain the Isle of Man’s reputation as an agile, responsible and forward-thinking jurisdiction.
The Authority collaborates closely with key stakeholders, including the Isle of Man Government Department for Enterprise, the Digital Agency and the Finance Agency to respond to and support innovation in financial services.
- is responsible for economic development and the creation of an environment where local entrepreneurship is supported and thriving and more new businesses are choosing to call the Isle of Man home.
- was created to support the tech sector, developing and implementing a strategy to support sustainable economic growth and establishing the Island as a centre of international excellence for the digital economy
- focuses on the Island’s largest economic sectors, Financial and Professional Services. Acting as a forum that proactively considers strategic and policy issues while performing a key role as the primary conduit between Government and industry.