Capital International Bank has been given the regulators' green light to launch the jurisdiction's first digital bank, with sights set on a number of UK-related sectors.
Following a review from regulators and support from the Isle of Man Department for Enterprise, Capital International Bank has become the island's first digital bank to tap into eCommerce among other growth sectors.
As part of the Capital International Group based on the island, the digital bank will offer services to corporates, fiduciaries, and the eCommerce and eGaming sectors. It said that it plans to extend services to qualifying high net worth individuals in the first half of 2022.
The offering will include 100 per cent digital onboarding and e-signature services, and clients can expect a response on eligibility within minutes, the group said.
The island’s banking laws were revised in 2016 following the introduction of the Alternative Banking Regime aimed at widening the scope and appeal to digital first enterprises.
IFCs are constantly competing for ways to support fintech developments and differentiate themselves. In the case of the Isle of Man, Brexit has meant that those jurisdictions linked to the UK, but which are not wholly part of it, have been able to use their “third countries” relationship with the EU reassuringly for businesses that have close ties to both places.
“As international financial centres like the Isle of Man become even more relevant in corporate finance post-Brexit, the bank offers a compelling option to international firms looking to do business in the UK and vice versa by acting as a facilitator,” Capital International Group CEO, Greg Ellison, said. The main focus will be on “professional services firms, eCommerce and family offices,” he added.
There are around a dozen licensed banks on the island, such as Cayman National, HSBC, Conister Bank, Lloyds Banking Group, Nebank Private Bank, Standard Bank and Santander.
WealthBriefing reported from the jurisdiction for this business profile about the offshore challenges.