Isle of Man's first digital bank secures first full alternative banking regime licence
Following receipt of a provisional banking licence in 2019, Capital International Bank has now received the full Class 1(2) banking licence under the Alternative Banking Regime (ABR) from the Isle of Man’s Financial Services Authority, which means it can now take on new clients.
This is the Island’s first digital bank with a modern and easy to use interface, drawing on the latest technology and cyber security.
The Bank, part of the Capital International Group, which is an Isle of Man headquartered business, will cater to the needs of corporates, professional services, fiduciaries, and the eCommerce and eGaming sectors. It has plans to extend its services to qualifying High Net Worth individuals in the first half of 2022.
It has a quick pre-application process, whereby clients will know within just 200 seconds whether they are eligible for the service or not. Further to this, the onboarding process is 100 per cent digital, and it is a zero-paper bank which means all signatures and documentation are electronically submitted.
To date, it is the only applicant that has been successful in obtaining a Class 1(2) banking licence under ABR, which was introduced in 2016 to widen the scope for new banking opportunities on the Island, bringing benefits to sectors that require banking facilities.
Capital International Group CEO Greg Ellison says: “Following continued engagement with the regulators and support from the Isle of Man Department for Enterprise, we are excited to bring a new digital corporate bank to market that is built around our specific clients’ needs.
“We are focused on professional services firms, eCommerce and family offices in the Isle of Man and internationally and are drawing on the latest technology for our client experience and product offering.
“Looking ahead, 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. Therefore, we are confident and optimistic about the future.”
Laurence Skelly MHK, Minister for the Isle of Man Government’s Department for Enterprise, says: "Capital International Bank is an excellent example of a business which has truly embraced all the benefits of the ABR.
“Both Finance Isle of Man and Digital Isle of Man, Executive Agencies within the Department, are excited about the ABR licence for the Island’s first digital bank. It highlights the innovation and strength of our financial services and digital sectors, which despite global uncertainty have continued to thrive and contribute to the Island’s economy.”