The Isle of Man Government is implementing a digital identity verification solution for its Central Registry.

The organisation has awarded the contract to local digital identity firm SQR, alongside software development and digital transformation specialist PDMS.

The Central Registry invited expressions of interest from digital identity solution providers to enhance the quality of its current database of beneficial ownership – meaning that the identities of beneficial owners are credible and digitally verified.

The SQR identity verification solution offers assurance for the Central Registry that beneficial owners are who they say they are, by validating the data that is held on the registry. The SQR platform, certified on the UK Government Digital Identity and Attributes Framework (DIATF) will bring into effect the new service to Central Registry in July 2024.

Beneficial owners required to verify their identity will be alerted via email. Once completed, a free-to-use reusable digital identity, which, with express user consent, can be securely shared with other SQR partner organisations to ease onboarding in the regulated services sector.

“Helping to deter criminal activity through verified company ownership is part of the global movement towards the highest standards of corporate governance, and we are very proud the Isle of Man Government and its Central Registry have awarded SQR this contract,” said SQR’s CEO, Shelley Langan-Newton.

“It is encouraging to see SQR’s innovative digital identity solution, which won the Isle of Man FinTech Innovation Challenge last year, now being implemented with the Central Registry,” added Ann Corlett MHK, political member for Digital Isle of Man at the Department for Enterprise.

“This partnership with the Central Registry is a testament to the talent and forward-thinking capabilities of our local businesses. Digital Isle of Man is proud to support initiatives like these, which not only enhance our technological landscape but also reinforce our commitment to maintaining the Island’s reputation as a leading, responsible jurisdiction in the global digital economy.”