Part of the Capital International Group, CIB plans to support corporations, professional services, fiduciaries, along with digital commerce and e-gaming sectors. Credit: Niek Verlaan from Pixabay

Capital International Bank (CIB), the Isle of Man’s first virtual bank, has secured the full Class 1(2) banking licence under the Alternative Banking Regime (ABR) from the island’s financial regulator.

It is the only applicant successful in obtaining the licence under ABR, which was first launched in 2016.

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Part of the Capital International Group, CIB plans to support corporations, professional services, fiduciaries, along with digital commerce and e-gaming sectors.

Plans are on to extend its existing services to eligible HNWIs during the first half of next year.

A pre-application process lets potential customers know whether or not they’ve qualified for the service in 200 seconds.

Customer onboarding can be done in all-digital environment.

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Capital International Group group CEO Greg Ellison 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.”

Meanwhile, in a separate development, WH Ireland sold its Isle of Man arm with assets of over £300m to investment manager Ravenscroft last year.