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New regulatory AI collaboration solidifies Isle of Man ’ s reputation as global FinTech hub
T he 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 .
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PARTNERSHIP EXEMPLIFIES THE POWER OF COLLABORATION BETWEEN START-UPS AND REGULATORY BODIES TO DRIVE MEANINGFUL CHANGE AND PROGRESS .
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 .” �
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 . |
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Looking to the future , Regsearch ’ s business model is highly scalable and |
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