In his New Year message Michael Crowe, chief executive officer of government agency Finance Isle of Man, said he was pleased that the island’s financial and professional services sector had been able to weather the global and economic storms of 2022.

He went on: ‘Looking at the latest data I’m pleased to see that financial and professional services sector now accounts for 48% of GDP.

‘We are an island of innovation and I am confident that our sector will continue to evolve and grow. Finance Isle of Man remains committed to supporting our sector and promoting the island on the international stage. I look forward to new projects, new opportunities and new partnerships in 2023.

‘In terms of new projects our principal focus has been on Fintech, and more specifically Insurtech. The insurance sector is the largest component of the Manx economy, so it made sense for us to base our first Fintech project in that sector.

‘While this project commenced in 2021, 2022 saw significant steps forward, most visibly in the launch of the Insurtech Accelerator Programme in September. This has brought a cohort of seven international scale up businesses to the island to work with our insurance community.

‘We are already seeing really positive business ideas coming out of the programme, and business solutions which could easily extend far beyond just insurance. 2023 will see the conclusion of the accelerator programme, but we are already looking at options for the future and the possibility of a second cohort later in the year.

‘Our next priority is to successfully launch the Fintech Innovation Challenge – a collaboration between Digital Isle of Man, Finance Isle of Man, the Isle of Man Financial Services Authority and supported by Deloitte.

‘Global participants are invited to enter the competition by providing solutions to specific problems in order to support the growth and application of Fintech across the island.

‘Another project we are developing is around employee benefits, building on the island’s fantastic reputation in the International Pension industry. The Isle of Man is home to leading providers of International Pension Plans and insurance related group protection products, employee share plans, international payroll and employee wellbeing specialists.

‘In August 2022 a new branch of the International Employee Benefits Association was formed in the Isle of Man reflecting the importance of international employee benefits in the jurisdiction. In addition to the IEBA branch we have also established the Employee Benefits Isle of Man Cluster; this includes a wide-ranging group of companies operating in this sector. The main objective of the Cluster is to promote the Isle of Man as a centre of excellence for all aspects of employee benefits.’