The Isle of Man is looking to establish itself as the go-to island of technological innovation. Recently, the Isle of Man’s CEO, Lyle Wraxall had a conversation with Becky Liggero Fontana of CalvinAyre.com during which they spoke about new ways the company is planning the help its customers.
According to the CEO, the journey begins with finding the right platform for customers. Although the company has realised the potential that blockchain has to offer, the company is not a contender in this race.
The CEO also stated that the company is entirely agnostic with regards platforms and the utility that people will derive. The company believes that it has the potential to improve opportunities for business in the digital sector. The company ensures that customers are looking to scale come to the Isle of Man, with little to no reputational risks to issues like financial services or e-game sector.
The company is also looking to establish a diversified environment for itself. The CEO stated that close to 20 per cent of its business is finance regulated, 20 per cent is gaming regulated while 60 per cent is not regulated at all.
The Isle of Man has made a lot of contribution in the area of regulation. Companies used to avoid this area a lot, but now it has become safer due to government involvement and control. According to Wraxall, companies want that regulation because they want to be able to say we have a badge of honour and what we do is legitimate.
Companies want to be in a position to sell products. So, the Isle of Man is making sure that they have enterprises that are of the same type as is the case in finance, e-gaming, and so forth.