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SQR announced as Interceltic Startup Challenge 2025 regional winner

SQR is thrilled to announce it has won the prestigious Interceltic Startup Challenge 2025. This accolade celebrates SQR's innovative approach and its significant contribution to building a more secure, trusted and inclusive digital future.
Group of people posing outdoors.

The Interceltic Startup Challenge, launched by the Interceltic Business Forum, supports and elevates high-potential startups from across the Celtic nations: Ireland, Scotland, Wales, Cornwall, Brittany, and the Isle of Man. Following weeks of rigorous regional selection and jury deliberation, SQR emerged as one of six companies representing Celtic entrepreneurship.

Rob Mercer, MLC, Political Member for Business Isle of Man, commented: “We are delighted to see SQR selected to represent the Isle of Man at the Interceltic Startup Challenge 2025. We congratulate the team for their pioneering approach to privacy-first identity verification and look forward to seeing their continued progress at this important event in Lorient”. He added, “2025 marks the first year for Business Isle of Man as member of the Interceltic Business Forum, a community that fosters economic cooperation and collaboration among Celtic nations. We are pleased to support initiatives like this that enhance international visibility for the Isle of Man, create opportunities for export growth and business development, and support local businesses in expanding into new markets.”

SQR’s tokenised digital identity technology stood out for its ability to enhance security, streamline operations, and build trust in an increasingly digital world. This win underscores the growing importance of secure and efficient digital verification in various sectors, aligning perfectly with recent legislative developments such as the UK’s Data (Use and Access) Act.

“We are incredibly honoured and proud to be recognised as a winner of the Interceltic Startup Challenge 2025,” said Shelley Langan-Newton, CEO of SQR. “This win is a tremendous validation of our team’s dedication and our pioneering work in tokenised digital identity. We are particularly proud to put the Isle of Man on the map as a hub for digital innovation, and look forward to showcasing how SQR is building a more secure, inclusive and efficient future for businesses across borders. We’re eager to engage at the Interceltic Business Forum in Lorient and explore new partnerships.”

As a winner, SQR will take the stage at the Interceltic Business Forum in Lorient, France, on August 4th, to pitch its tokenised identity and KYC solutions, connect with potential partners, and contribute to the future of cross-border innovation.

About SQR

SQR is a leading provider of tokenised digital identity verification and AML/KYB solutions, designed to empower businesses with secure, efficient, and compliant customer onboarding and ongoing verification. By putting individuals in control of their digital identity, SQR helps mitigate fraud, streamline operations, and build trust in the digital economy. Headquartered in the Isle of Man, SQR is committed to driving innovation in RegTech and secure data exchange.

About the Interceltic Startup Challenge 2025

The Interceltic Startup Challenge 2025 is an initiative designed by the Interceltic Business Forum to identify, celebrate, and propel high-potential startups from the Celtic nations onto the global stage. It aims to foster cross-border innovation and highlight the rich entrepreneurial spirit within Ireland, Scotland, Wales, Cornwall, Brittany, and the Isle of Man.

About Business Isle of Man

Business Isle of Man, an agency of the Isle of Man Government’s Department of Enterprise, is participating in the Interceltic Business Forum for the first time in 2025. Its aim is to strengthen the Isle of Man’s connections with other Celtic nations and to showcase the Island as a dynamic, sustainable, and innovative place to do business. The Agency’s participation includes joining the Interceltic Business Forum as a member, supporting local businesses to attend and present, and enabling Isle of Man companies to compete in the Interceltic Startup Challenge.

The Interceltic Startup Challenge, launched by the Interceltic Business Forum, supports and elevates high-potential startups from across the Celtic nations: Ireland, Scotland, Wales, Cornwall, Brittany, and the Isle of Man. Following weeks of rigorous regional selection and jury deliberation, SQR emerged as one of six companies representing Celtic entrepreneurship.

Rob Mercer, MLC, Political Member for Business Isle of Man, commented: “We are delighted to see SQR selected to represent the Isle of Man at the Interceltic Startup Challenge 2025. We congratulate the team for their pioneering approach to privacy-first identity verification and look forward to seeing their continued progress at this important event in Lorient”. He added, “2025 marks the first year for Business Isle of Man as member of the Interceltic Business Forum, a community that fosters economic cooperation and collaboration among Celtic nations. We are pleased to support initiatives like this that enhance international visibility for the Isle of Man, create opportunities for export growth and business development, and support local businesses in expanding into new markets.”

SQR’s tokenised digital identity technology stood out for its ability to enhance security, streamline operations, and build trust in an increasingly digital world. This win underscores the growing importance of secure and efficient digital verification in various sectors, aligning perfectly with recent legislative developments such as the UK’s Data (Use and Access) Act.

“We are incredibly honoured and proud to be recognised as a winner of the Interceltic Startup Challenge 2025,” said Shelley Langan-Newton, CEO of SQR. “This win is a tremendous validation of our team’s dedication and our pioneering work in tokenised digital identity. We are particularly proud to put the Isle of Man on the map as a hub for digital innovation, and look forward to showcasing how SQR is building a more secure, inclusive and efficient future for businesses across borders. We’re eager to engage at the Interceltic Business Forum in Lorient and explore new partnerships.”

As a winner, SQR will take the stage at the Interceltic Business Forum in Lorient, France, on August 4th, to pitch its tokenised identity and KYC solutions, connect with potential partners, and contribute to the future of cross-border innovation.

About SQR

SQR is a leading provider of tokenised digital identity verification and AML/KYB solutions, designed to empower businesses with secure, efficient, and compliant customer onboarding and ongoing verification. By putting individuals in control of their digital identity, SQR helps mitigate fraud, streamline operations, and build trust in the digital economy. Headquartered in the Isle of Man, SQR is committed to driving innovation in RegTech and secure data exchange.

About the Interceltic Startup Challenge 2025

The Interceltic Startup Challenge 2025 is an initiative designed by the Interceltic Business Forum to identify, celebrate, and propel high-potential startups from the Celtic nations onto the global stage. It aims to foster cross-border innovation and highlight the rich entrepreneurial spirit within Ireland, Scotland, Wales, Cornwall, Brittany, and the Isle of Man.

About Business Isle of Man

Business Isle of Man, an agency of the Isle of Man Government’s Department of Enterprise, is participating in the Interceltic Business Forum for the first time in 2025. Its aim is to strengthen the Isle of Man’s connections with other Celtic nations and to showcase the Island as a dynamic, sustainable, and innovative place to do business. The Agency’s participation includes joining the Interceltic Business Forum as a member, supporting local businesses to attend and present, and enabling Isle of Man companies to compete in the Interceltic Startup Challenge.

In this case study, we explore how digital identity verification can successfully address key challenges, demonstrating its impact in transforming public sector processes.

Solving Public Sector Pain Points: 

The need for independent validation of corporate ownership data has never been more pressing. As countries around the world intensify efforts to combat money laundering, tax evasion and financial crimes, understanding Ultimate Beneficial Ownership (UBO) has become a key global priority. Findings by the International Financial Accountability, Transparency and Integrity (FACTI Panel) estimates;

  • $500 billion losses to governments each year from profit-shifting enterprises;
  • $7 trillion in private wealth hidden in haven countries, with 10% of world GDP held offshore;
  • Money laundering of around $1.6 trillion per year, or 2.7% of global GDP.

One of the most effective tools in this battle is the beneficial ownership registry, but ensuring the accuracy and integrity of the information held within often presents a challenge. Certified digital identity solutions could provide the answer. 

What is a Beneficial Ownership Registry?

A beneficial ownership registry is a database that records the individuals who have significant control over, or who stand to benefit from, a legal entity such as a company or trust. The goal is to bring transparency to the ownership structure of companies, making it harder for criminals to hide behind complex corporate arrangements.

According to the Financial Action Task Force (FATF), the global authority on anti-money laundering and combating the financing of terrorism, a UBO is “the natural person(s) who ultimately owns or controls a customer or the natural person on whose behalf a transaction is being conducted.” This definition extends to those who exercise ultimate control over a legal entity, typically individuals who directly or indirectly own more than 25% of a company’s shares or voting rights.

The Challenges of UBO Disclosure

Identifying UBOs is not always straightforward. Ownership can be deliberately obscured through layered holding structures, spread across multiple jurisdictions with differing disclosure rules. This creates a significant challenge for authorities and regulators trying to track the real beneficiaries of a company. The International Monetary Fund (IMF) emphasised this critical risk in their 2022 whitepaper ‘A guide to Beneficial Ownership Transparency’, noting that countries should have mechanisms to ensure the accuracy of the data submitted.

FATF defines accuracy in the context of beneficial ownership information as having been “verified to confirm its accuracy by checking the identity and status of the beneficial owner using reliable, independently sourced or obtained documents, data, or information.” Given the complexities involved, independent validation of beneficial ownership data is critical. Without robust mechanisms, beneficial ownership registries run the risk of being inaccurate or incomplete, which leaves the system vulnerable to financial crime.

A Leading Example

One country that has made significant strides in beneficial ownership verification is Denmark. The Danish system integrates digital identity tools such as ‘MitID’ – a government-issued digital ID – with its beneficial ownership registry. MitID connects to an individual’s civil registration number, as well as their address in the Danish Address Register, enabling authorities to automatically cross-check all of the information submitted against trusted databases. This reduces the risk of both unintentional errors and fraud, ensuring a higher level of data accuracy.

However, while Denmark’s approach provides a model initiative in respect of the country’s resident beneficial owners, it does have limitations. Non-residents are ineligible for a MitID, necessitating an additional identity verification process for this group of beneficial owners. This adds complexity and relies on more traditional, less streamlined methods. 

Fostering an Inclusive Cross-Border Approach

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

This type of collaboration between public and private sectors fosters the creation of innovative, tailored solutions that meet the unique needs of each jurisdiction while also leveraging the advantages of reusability. For instance, individuals with a certified digital identity from an approved provider can seamlessly share their pre-verified identity information with the relevant authorities. This approach not only streamlines the verification process but also ensures adherence to stringent government standards, significantly mitigating the risk of fraud and enhancing the integrity of beneficial ownership data.

The Future of UBO Verification

Countries and jurisdictions without government-issued digital identity systems, or with foreign national UBOs, are increasingly turning to private sector digital identity solutions to validate their data. It is crucial however, that only digital identity providers certified to a recognised government standard – such as DIATF in the UK or eIDAS in the EU – are onboarded. This ensures that the verification process meets stringent regulatory and security benchmarks, providing a high level of trust and reliability. Find out how SQR’s certified digital identity solution is being leveraged in this way here.

The use of independent digital identity systems represents a crucial step forward in improving the accuracy and security of beneficial ownership databases. By fostering collaboration between governments and the private sector, countries can implement innovative, scalable solutions that address the growing demands of the global regulatory environment. Ultimately, these advances will empower authorities to better tackle financial crime, increase public trust, and enhance the integrity of beneficial ownership data worldwide.

A secure, efficient and inclusive digital identity system offers a wide range of benefits. By adopting certified digital identity solutions, governments and organisations can streamline operations, build public trust, and create a more secure and transparent digital ecosystem. 

The benefits of secure, efficient and inclusive digital identity

A certified digital identity solution provides a reliable and verifiable source of information, minimising errors often associated with manual verification processes. This is particularly crucial for company beneficial ownership data, where accuracy is paramount to ensure transparency and accountability. By verifying the legitimacy of ownership, digital identity systems ensure that only authorised individuals can access sensitive information or claim beneficial ownership. This significantly reduces fraudulent activity, protecting both individuals and organisations.

Governments around the world face stringent regulatory requirements for transparency, anti-money laundering (AML) and combating the financing of terrorism (CFT). Certified digital verification identity solutions also help meet regulatory obligations, by providing a secure and trusted method for verifying beneficial owners. Automating and standardising the identity verification process further ensures that organisations are compliant with complex regulations, whilst also reducing the risk of non-compliance penalties.

Managing large datasets manually is time-consuming and prone to errors. Thus, automating and streamlining data management and digital identity verification processes reduces administrative burdens and improves operational efficiency. This more accurate processing of ownership and identity data, in turn leads to better decision-making and resource allocation for governments and businesses. With a certified digital identity system, sensitive data related to ownership is better protected against breaches, thanks to robust encryption and authentication processes. These enhanced security measures ensure that sensitive information remains protected, and helps to maintain the integrity of ownership records.

In an increasingly interconnected world, the ability to verify identities across borders is essential for multinational organisations and cross-border transactions. Certified digital identity solutions have the ability to integrate with international databases, ensuring consistency and reliability in identity verification on a global scale. It further plays a key role in enhancing global interoperability, as they enable integration with international databases. This is crucial for verifying identities consistently across borders, supporting multinational entities and cross-border transactions.

Additionally, governments that utilise certified digital identity verification systems can strengthen public confidence by demonstrating their commitment to transparency and safeguarding ownership data integrity. Furthermore, collaboration between governments and certified identity verification service providers fosters innovation. By partnering with cybertech firms, governments leverage advanced technology to develop scalable, compliant, and secure solutions for managing beneficial ownership databases.

This synergy benefits both parties, allowing governments to implement modern solutions while enabling tech firms to design systems aligned with regulatory needs.

Rebecca Glassey, Product & Operations Manager at SQR:

“Certified digital identity solutions are the cornerstone of secure, accurate data management in the modern era. By collaborating closely with government entities, we ensure that our technology not only meets the highest regulatory standards but also delivers the scalability and security that public systems demand. It’s all about providing a seamless and trusted verification process, while reducing the risk of fraud and errors in critical government datasets like beneficial ownership registers.”

Steven Webster, Head of Strategic Partnerships at SQR:

“Our work with government agencies highlights the immense value of public-private collaboration in tackling complex challenges such as identity verification. By partnering with certified Identity Service Providers, governments can adopt cutting-edge technology that ensures transparency and security in managing beneficial ownership data. This level of cooperation fosters innovation and enables both parties to create solutions that are not only efficient but also adaptable to the evolving regulatory landscape.”

For more details on how SQR’s certified digital identity solution is being implemented in collaboration with governments, refer to this SQR article.

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