This year’s Digital Isle event was held at the Comis on Thursday.

The event featured some 60 speakers, talking to a full house about the various opportunities that the digital sector can offer for the island.

All of the attendees were given a brochure entitled Digital Isle of Man Programme with ‘Draft’ stamped across the front page. This, explained Lyle Wraxall, chief executive officer of the Digital Isle of Man agency, was because he was urging those involved in the digital sector to provide their feedback to the agency before they produce a final version.

‘It’s really important that we do this together,’ he said.

With 186 new jobs on the island created in eGaming so far this year and 61 in Fintech (including blockchain), the digital sector is clearly continuing to be one of the fastest growing on the island, providing opportunities for many people here.

I spoke to Department for Enterprise Minister Lawrie Hooper before he gave the opening address and asked him about the importance of events like this for the sector.

He said: ‘I think the Digital Isle event looks at more than one sector so it covers a broad range of different activities that are ongoing and I think one of the reasons it’s so important for us is that it is one of our growing, emerging areas.

‘We’re seeing a lot of new business coming into the island, a lot of new opportunities, and a lot of that is in the digital spaces and I think showcase events like this are really designed to try and highlight some of the successes we’ve got, some of the opportunities that are out there, really to show the world what we can do.’

And he went on: ‘Last year I think it was very Isle of Man-focussed but this year my understanding is that there are actually quite a lot of off-island attendees as well, it’s growing that international presence and I think the intention of the Digital Agency is to see if we can grow this global brand.’

Digital Isle of Man also used the event to announce the launch of the Isle of Man Government’s first FinTech Innovation Challenge. Supported by Deloitte and also involving Finance Isle of Man and the Isle of Man Financial Services Authority, this is a global competition to develop cutting-edge solutions for problems facing the island’s business community.

The challenge will address key challenges identified in the island’s financial community: digital identity management, such as the safe storage of passports; e-KYC: how to verify financial customers’ identities using digital technology, and leveraging AI to deliver fraud prevention and risk management. There is also a wildcard option, allowing FinTechs to define a problem statement that they believe exists in the Isle of Man.

Kent Mackenzie, RegTech and FinTech leader at Deloitte, said: ‘We are committed to working with our local markets and communities, using our global expertise to help supercharge growth and accelerate ambitious ideas.

‘The Isle of Man’s FinTech Innovation Challenge is a fantastic opportunity for FinTechs from all over the world to submit technology-based solutions to benefit the industry, and society more broadly.’