The Isle of Man Government is scrapping its civil service organisation Isle of Man Finance and launching the Isle of Man Finance Partnership with industry representatives to promote the sector.
The partnership will be funded by the government and over the next two years it intends to promote the services offered by firms based on the island to locals as well as the Middle East, China and the UK.
It will also seek to encourage inward investment into the island’s finance sector.
The private public partnership will allow resources and funding to be shared across the industry and the civil service.
The organisation will be led by Chamber of Commerce chief executive Mike Hennessy.
Department for Economic Development political member for financial services Juan Watterson will represent the Government as chair of the board, along with Business Development Agency director Tim Craine.
Hennessy says: “The expertise on the island is second to none and it will be our full intention to leverage every opportunity using this vast resource.”
Watterson says the move will help grow the financial services sector on the island, boosting tax take and bolstering public funds.