Isle of Man-headquartered Capital International Bank (CIB) has been granted a full Class 1(2) banking licence under the Alternative Banking Regime (ABR) from the IoM Financial Services Authority.
It received a provisional banking licence in 2019, and it is now the first bank to receive a Class 1(2) licence since the ABR was introduced in 2016.
For the time being, the Crown Dependency’s first digital bank will cater to the needs of corporates, professional services, fiduciaries, as well as the eCommerce and eGaming sectors.
But the bank, which is part of Capital International Group, said it intends to expand its services to include high net worth individuals in the first half of 2022.
Clients will know if they are eligible for the service in a matter of minutes, and the application process is fully digital.
International outlook
Greg Ellison, Capital International Group chief executive, said: “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, minister for the Isle of Man government’s Department for Enterprise, said: “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”.
