The Isle of Man Financial Services Authority has announced a new collaboration with Regsearch, a leading AI start-up based in Luxembourg.
The Isle of Man has solidified its status as a global hub for FinTech after the Isle of Man Financial Services Authority (FSA) announced a pioneering collaboration agreement with the start-up Regsearch. The agreement means the FSA will explore the use of the company’s groundbreaking regulatory AI system “REGI” to support financial services companies on the Island.
Regsearch is seeking to integrate REGI with the Authority’s website to enhance accessibility and user satisfaction and provide a new communication channel to reach stakeholders. This collaboration is aimed at saving regulated and registered businesses valuable time and resources through the automation of compliance and reporting through the Regsearch GMT (Governance Management Technology) platform.
Expansion in the UK as a next step for Regsearch
This landmark agreement grew from Regsearch’s participation in Finance Isle of Man’s InsurTech Accelerator Programme in summer 2022. This saw start-ups and scale-ups provided with coaching, mentoring and the opportunity to work with leading insurance companies on-Island to help grow their business.
Following the concluding demo-day event in January 2023, Regsearch caught the interest of the FSA. Through a series of workshops with the regulator, wider government, and corporates, the REGI user interface was designed – demonstrating the Isle of Man’s open and collaborative approach to innovation.
We are delighted to collaborate with Regsearch to leverage AI capabilities for the benefit of the Isle of Man's business community. This collaboration underscores our commitment to embracing innovative technologies for our stakeholders to use and in turn assist in strengthening our regulatory standards”. Ros Lynch, Head of Supervisory Practices and Innovation Strategy at Isle of Man Financial Services Authority
Looking to the future, Regsearch’s business model is highly scalable and has the potential to transform regulatory compliance across wider sectors on the Isle of Man. Following a successful journey on the Island, the Luxembourg business also plans to expand its business to the UK and further.
The Isle of Man as a hub for innovation
Regsearch's Chief Executive and Founder Darren Douglas echoed this sentiment, expressing enthusiasm for the partnership: “We are honoured to collaborate with the Isle of Man FSA to drive innovation in regulatory compliance. I would encourage businesses of a similar size as ours to consider applying for the upcoming Innovation Challenge and experience the welcoming collaborative ecosystem we did”.
This partnership exemplifies the power of collaboration between start-ups and regulatory bodies to drive meaningful change and progress.” Darren Douglas, Chief Executive and Founder of Regsearch
As the Isle of Man continues to position itself as a hub for innovation, businesses from across the globe are encouraged to apply for the upcoming Isle of Man Innovation Challenge. The Challenge is open to applications until 28 February and will provide an opportunity for FinTech, CleanTech and Artificial Intelligence companies to pitch their solutions to the challenges of today. The Challenge builds on the Island’s financial expertise and unique status as the only entire nation to be awarded UNESCO biosphere status.
Simon Pickering, Head of Insurance and Pensions at Isle of Man Department for Enterprise said: “I am delighted that Regsearch are working with the Isle of Man Financial Services Authority – it’s great to see their continued success after doing so well as part of the InsurTech Innovation Challenge. This just goes to show that the Isle of Man has the expertise needed to help FinTech and other companies take things to the next level – and I hope this will be inspiring to those companies thinking about getting involved with the Innovation Challenge”.
