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 (chatbot) 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 RegHub platform.
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 and 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.
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 Luxembourgian business also plans to expand its business to the UK and further.
Ros Lynch, Head of Supervisory Practices and Innovation Strategy at Isle of Man Financial Services Authority, said: “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”.
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. This partnership exemplifies the power of collaboration between start-ups and regulatory bodies to drive meaningful change and progress.”
Simon Pickering, Head of Insurance and Pensions at Finance Isle of Man, 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.”