The Isle of Man is setting its sights on building a new data economy.

In what is being billed as a ‘landmark development’ and a ‘bold step onto the global stage’, the Data Asset Foundation (DAF) initiative aims to see the island becoming a world leader in trusted data use.

Treating data as a valuable, governed asset that can be shared securely and used to drive value for data-rich organisations, is viewed as a key growth area of the Isle of Man’s digital economy.

The development of DAF will enable businesses to drive value from its data, list it on balance sheets, use it as collateral and integrate it into merger and acquisition strategies.

The roll out is being supported through a new partnership between government agency Digital Isle of Man and international experts, EDM Council.

Lyle Wraxall, chief executive of the Digital Isle of Man, said the ambition was to place the island at the forefront for trusted data use.

He said: ‘This partnership puts the Isle of Man ahead of the curve.

‘By creating a trusted way for organisations to govern and use data, we’re opening up new opportunities for investment, innovation and skilled jobs, all the while building a digital economy the island can be proud of.

‘This isn’t just about managing data better, it’s about putting the Isle of Man on the map as the home of a new kind of data economy.

‘It’s about releasing value from data in a transparent, fair and responsible way and leading from the front.’

Examples of how DAFs could be used include sharing anonymised health data for medical research and pooling environmental data to support green projects.

It could enable businesses to combine data securely to develop better products and services and it could be used to ensure proper consent for large language models for AI.

The creation of a licensed data asset foundation in the Isle of Man will provide a clear set of rules and roles, ensuring data is used responsibly, compliantly and for the purposes agreed by its contributors, while allowing data to be monetised.

EDM Council is a global non-profit association for data management, representing more than 350 organisations across six continents.

Its best-practice frameworks and standards are trusted by leading financial, commercial and public sector bodies worldwide.

John Bottega, president of EDM Council, said: ‘Managing data as an asset and defining its financial value are key to driving better business outcomes in our data-driven world.

‘EDM Council’s collaboration with the Isle of Man will help pioneer a trusted, transparent data economy. This partnership sets a new precedent in how data can be responsibly governed and commercially leveraged.’

The Data Asset Foundation is a new type of legal structure under Manx law.

Digital Isle of Man is working with local industry to finalise the legal framework ahead of progressing to Tynwald.

They agency said this presents a major opportunity for island firms, particularly in legal, fiduciary, tech and compliance, to help shape and lead a ‘world-first model from the ground up’.