The Commission launches the Soundbox Sprint innovation challenge

As part of its commitment to supporting innovation within the Bailiwick’s financial services industry, the Commission is hosting a one-day event on Friday 22 June. Expressions of interest in taking part were sought and a cross section of businesses and individuals have entered. The SoundBox Sprint will provide an exciting opportunity for the participating teams to develop digital solutions to address one or more of three pre-set challenges.

The pre-set challenges include how technology could be used to:

1. Optimise efficient and effective client due diligence (and hence reduce costs for Bailiwick businesses).
2. Improve administration.
3. Help the financially excluded.

Gillian Browning, the Commission’s Director of Supervisory Oversight and Fiduciary Division said:

"This is a great opportunity for those who are participating to showcase the Bailiwick’s business ingenuity and creativity. The event will provide one-stop access to key decision makers and business subject experts with the objective of driving forward innovative solutions to existing business issues. It will provide a chance for teams from industry to design digital solutions to the three challenges as well as an opportunity to share, discuss and unlock the potential of FinTech specifically for the benefit of the Bailiwick and local firms."

The event has attracted considerable interest from across the financial services industry with 12 teams having submitted entries. Those entries will be considered by six judges which will include:

(i) the Commission’s Chairman, Drs Cees Schrauwers

(ii) Chief Risk Officer and Director of Authorisations, Katherine Jane;

(iii) Stuart Lawson of Northern Trust;

(iv) Vice-President of the Committee for Economic Development Deputy Dudley-Owen;

(v) John Hollis who is a non-States member of the States Trading Supervisory Board and a director of the Guernsey Investment Fund; and

(vi) Mr Martyn Dorey of Dorey Financial Modelling, who is also the former President of the Chamber of Commerce.

Each entrant also has the opportunity to pre-book a surgery with subject matter experts, such as regulators, politicians, accountants and lawyers, in order to enhance their solutions.The day will conclude with the presentation of prizes including The Bailiwick Innovation Awards (Gold, Silver & Bronze) and The SoundBox Sprint Support Awards, (Gold, Silver & Bronze).