Given Jersey’s position as a world-class finance centre and its rapid adoption of digital innovations, it’s no surprise that the island is rapidly developing a fintech and regtech cluster. Fintech and regtech are a natural fit for Jersey given the island’s small scale, contained environment and robust regulatory setting among various other advantages.
Groundwork has already been laid for virtual currency, with legislation being lodged in June 2016, which will come into effect imminently. Plus, the regtech sector is equally well supported in Jersey, with significant engagement from both the Jersey Financial Services Commission (JFSC) and the Registrar.
Businesses looking to develop their fintech or regtech proposition in Jersey will benefit from:
- A well-established financial services sector
- Investment in fibre connectivity and an extensive telecommunications network
- Close proximity to customers of financial institutions and supporting industries, as well as a close network of key individuals
- The reputational and marketing advantage of developing bespoke financial solutions in a highly regarded and well-regulated international financial centre
- Ready availability of key financial services industry skills and expertise with 13,000+ finance industry professionals
- A pro-business government, an independent regulator and a robust regulatory regime
In collaboration with Jersey Finance, Digital Jersey brings together individuals from both the finance and digital sectors to foster an open dialogue about the future of financial services. This approach aims to remove barriers within the sector, encouraging the development of new fintech/regtech innovations, while proactively fostering new enterprises.
We do this with the support of Jersey Finance through:
- Proposition Development Groups (PDGs). Focussed on the industry-identified priority areas of Blockchain, Regtech/KYC and Wealth Management, these groups are composed of relevant industry representatives, and have been set up to develop viable ideas and solutions in each identified focus area.
- Joint events and marketing ventures. Together, we are helping to build a local fintech community by holding joint events, including our recent Fintech Unconference, as well as promoting the Jersey proposition to inward investors through materials such as our ‘Fintech, Why Jersey?’ brochure.