The Isle of Man is quickly establishing itself as the Island of Technological Innovation. At least that is the goal.
Recently, Digital Isle of Man CEO Lyle Wraxall sat down with CalvinAyre.com’s Becky Liggero Fontana to discuss new and innovative ideas that the company is bringing forward to help their clients. This, he points out, will help the island to reach its goals.
The process begins by finding the right platform for their clients. While realizing that blockchain is the method that many are finding to be ideal in terms of efficiency and security, Wraxall has no horse in this race. He said:
“We are completely agnostic in terms of platforms and what people can use. I’m having some really interesting conversations here around how we can offer different alternatives, what kind of platforms I can introduce to people. I think giving people the right choices, and the ability and the education to know what platform is right for the product is going to be key, and try to keep people away from doing crazy things like creating their own platforms, reinvent the wheel, focus on what’s your application and what’s that best platform to fit into that.”
Digital Isle of Man prides itself on being an organization that helps improve the opportunities for digital sectors and emerging initiatives, they have worked hard to reach a certain status globally. Something they are not willing to risk. “We make sure that they come to the Isle with no reputational risk to such things as our financial services sectors, our e-game sectors, with that, we will then come to help and support them.”
This is also an organization that is looking to create diversified opportunities for themselves. “At the moment, about 20% of our businesses are finance regulated, 20% are gambling regulated, and 60% are currently non-regulated. That gives us a really diverse kind of portfolio.”
One area where they have helped clients is in the area of regulation. This used to be an area that companies sought to avoid, but now they are seeing the great advantage in government regulation. “They do want to be regulated. They need that badge of honor to be able to say that what we are doing is legitimate. They need to be able to sell their products to partners and other businesses. So, it’s incredibly important to them and it’s important to us as well to make sure that we have businesses that are of the same type quality as we have in e-gaming, finance, and everything else.”