FSharp, the world's first offshore Internet bank, was praised for its "excellent e-business initiative". To be eligible to apply for an award companies have to demonstrate that their business has been substantially enhanced by the implementation of e-commerce business models and Internet technologies.

David North, Minister for Trade & Industry, commented: 'I am delighted to be able to award FSharp Bank our second award. FSharp is an excellent example of an e-business initiative, it is the World’s first offshore internet bank. It has achieved huge growth since its launch in September 1999 and has a high profile within the business community of the Island. It is now licensing the FSharp technology - FSharp is both a business to customer and business to business operation.'

He continued: 'This is the second award of several which we intend to make over the coming months. There will be an overall winner announced towards the end of March next year. The Department wants to enforce the message to Manx businesses that we are here to support the development of e-commerce and the implementation of e-commerce business strategies and Internet technologies.'

Ian Montgomery, managing director of FSharp, said the bank was honoured to receive recognition from the Manx DTI. He said: 'Since its inception, FSharp has worked closely with the Isle of Man Government and the Isle of Man Financial Supervision Commission to launch and maintain the world’s first offshore internet bank. Subsequently, FSharp has established a strong position in international online banking and whilst doing so enhanced the pro-active e-commerce initiative driven from the Department of Trade and Industry.'