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IOM Bids for Global E-Commerce Role

Tax-news.com

30 July 1999


The Isle of Man is submitting its bid to capture the world's leading e-commerce banking and other financial services. The first of six e-commerce banking licences to be launched by the Manx Government has been granted and discussions are proceeding with two other banks.

The Bank of Ireland was the first bank licensed to carry out global internet banking and plans are underway to introduce the world's first fully interactive transactional offshore internet bank from the Isle of Man. The Manx Government is proceeding with steps to secure its place as a leading centre in global e-commerce banking. The aim is to introduce a legislative framework to enhance the growth of the e-commerce industry and to create a secure environment for depositors and investors. The Chief Minister, Donald Gelling, is enthusiastic about the potential success for e-commerce and stated that procedures were being introduced to ensure the industry's positive growth.

The Financial Supervision Commission has initially granted six licenses only in a bid to exercise cautious control at the outset of this new industry. Funds and investment businesses can also be accommodated. The Department of Trade and Industry will help introduce e-commerce into the Island's non-financial industries. The DTI recognises the importance of the existing software industry and means to encourage its growth into a broad base of internet business utilising the already computer literate workforce.

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