FinTech Scotland in Finance Isle of Man collaboration

Fintech Scotland CEO Nicola Anderson

Finance Isle of Man announced it has signed a partnership agreement with FinTech Scotland “to promote and develop Insurtech and Fintech capabilities across the two jurisdictions, with the intention to boost economic and business co­operation and investment.”

The Isle of Man’s international insurance sector employs 2,000 people and represents more than 19% of the island’s GDP, with £75 billion of funds under management.

The Isle of Man plans to increase the number of Insurtech start-ups, working closely with the Isle of Man Financial Services Authority.

Scotland is home to over 200 Fintech firms spanning the full spectrum of financial technologies from payments to blockchain, open banking to regtech, and has made plans to drive a fourfold increase in job creation in this sector over the next decade.

Finance Isle of Man CEO Michael Crowe said: “We very much welcome this new and exciting collaboration opportunity with FinTech Scotland and look forward to deepening our relationship with them.

“The strength and maturity of the Isle of Man’s insurance sector and unparalleled access to the global market means we are ideally placed to help develop and grow innovations in the market, and working with FinTech Scotland will allow us to further support start-ups and scale-ups in this sector.”

FinTech Scotland Nicola Anderson said: “We’re delighted to advance collaboration and fintech opportunities with Finance Isle of Man as we continue to develop international connections for the FinTech Scotland’s cluster.

“Since inception we have developed global connections with other hubs inside and outside of the UK to create new opportunities around innovation, collaboration and talent.

“With the Isle of Man, we’re particularly excited by its focus on insurance, supporting the capabilities and aspiration of many Scottish fintech who are developing new and innovative solutions.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.