SQR has won a major contract with the Isle of Man Government, as it has been selected in partnership with PDMS, to provide an independent digital identity verification solution for the Isle of Man’s Central Registry.
This will be used to seamlessly verify the identity of company beneficial owners. In line with its commitment to maintain the Island’s reputation as an internationally responsible and increasingly sustainable jurisdiction, the Central Registry invited expressions of interest from digital identity solution providers to enhance the quality of its current database of beneficial ownership.
Fulfilling this requirement gives the Central Registry the surety that the identities of beneficial owners are credible and digitally verified.
The SQR solution was selected as a trusted, reliable and independent third-party platform, to provide a simple and seamless method of identity verification; offering 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, these individuals will benefit from the creation of 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.
“SQR exists to make the world a safer place to be, do and transact, so being awarded this contract fully aligns with our mission,” said SQR’s CEO, Shelley Langan-Newton. “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.”
Mrs Ann Corlett MHK, Political Member for Digital Isle of Man at the Department for Enterprise said: “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.
“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.”
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