as confirmed by the Worldwide Broadband Speed League, 2021
digital and creative businesses in Jersey
digital and technology professionals
With our expertise as a leading international finance centre, we were quick to recognise the opportunities presented by fintech and we have worked together to develop an attractive proposition for innovative startups and established businesses alike.
Several vital factors combine to create successful digital jurisdictions, including demand from incumbent industries, proactive regulation, enabling government policies, robust digital infrastructure and available digital talent. Thanks to a forward-thinking strategy, we have all the enablers in place to support business innovation and growth, and strategies to continue to improve. The result is a microcosm environment which is strong, stable and supportive – put simply, an ideal location for fintech to flourish.
Our Fintech Strategy
Several vital factors combine to create successful digital jurisdictions, including demand from incumbent industries, proactive regulation, enabling government policies, robust digital infrastructure and available digital talent. Thanks to a forward-thinking strategy, we have all the enablers in place to support business innovation and growth, and strategies to continue to improve. The result is a microcosm environment which is strong, stable and supportive – put simply, an ideal location for fintech to flourish.
Our fintech priorities have been shaped by engagement and collaboration with our Members and key partners to ensure Jersey’s financial services sector remains competitive in today’s digital-first world.
Jersey Finance's digital aspiration is for Jersey to be "The easiest international finance center to do business with remotely in a digital world". It highlights our ambition to accelerate growth and continue the success of the Island's finance industry by being at the forefront of digital technologies.
Our two overarching strategic drivers underpin our work and are crucial to ensuring Jersey achieves its digital aspiration.
The focus on client experience comes as a result of the move to a more virtual world and shifting client expectations from our industry, while driving efficiency is crucial to ensuring we retain our competitive edge.
Underneath the two strategic drivers, these pillars focus on the different applications of tech for the financial services industry.
- Compliance & Risk: compliance, cybersecurity and other areas of risk, including risks created by the use of technology.
- Productivity: increasing productivity through effective use of technology is essential to growth.
- Interaction: seamless interaction is needed to suit clients' needs but also between internal systems and different service providers.
OUR FINTECH WORK
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Several factors combine to create successful fintech jurisdictions, including demand from incumbent industries, proactive regulation, supportive government policies, robust digital infrastructure and available digital talent. Jersey has a thriving fintech scene across many verticals with companies proving multiple services across different segments to the local finance industry. Our Jersey Fintech Map shows the depth and breadth of innovative fintech solutions available.
Fintech Map
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MEMBER INSIGHTS
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Significant fintech activity across a wide ranging set of technologies and capabilities is taking place in Jersey. Our A-Z of Fintech provides clarity on the activity being undertaken by Jersey Finance, our key partners, and our Members.
Key Facts
- Jersey is home to the world’s first regulated bitcoin investment fund, Global Advisors Investment Fund plc. Its admission to the official list of The International Stock Exchange in December 2016 meant that it was the first regulated bitcoin fund to be listed on any exchange globally.
- We were one of the first jurisdictions to adopt a regulatory regime for virtual currencies. Under the regulation, start-ups involved in virtual currency exchange are exempt from paying fees to the regulator, the Jersey Financial Services Commission (JFSC), until they reach a certain turnover threshold.
- Our first initial coin offering (ICO) was launched in December 2017 by ARC Fiduciary Ltd. ARC created its own ‘ARC coins’ on the Ethereum Blockchain, with the objective of enabling coinholders to purchase a cryptocurrency designed to operate as a ‘stablecoin’.
- In 2018, we completed the full rollout of our fibre broadband network – becoming one of the first jurisdictions in the world to make fibre-to-home available to 100% of broadband users.
- With almost 14,000 financial services sector employees, we have one of the largest numbers of finance industry professionals of any IFC, giving us a vast pool of expertise to draw from.
- The JFSC encourages innovation in the financial services industry. As a part of Sandbox Jersey, they help to establish the right environment for companies to bring fintech products and services to the market.
- Jersey’s robust financial services environment and regulatory clarity provides an ideal ecosystem for fintech to flourish, the sector is wide ranging with specialist fund technology providers, regtech firms, and payment and trading platforms, and identity specialists all choosing Jersey as a base for operations.
- A thriving digital sector
- Digital skills for all
- Advanced digital infrastructure
- Government digital transformation
- Robust cybersecurity
- Secure data protection
Digital Jersey is the government-backed economic development agency and industry association dedicated to the growth of the digital sector. Digital Jersey is working alongside the government, the private sector and Jersey Finance on a number of key initiatives, one of which is fintech.
Digital Hub
Located in the heart of St Helier, the Digital Hub is a co-working space that provides useful tools for young businesses to grow and develop their ideas. From small fintech start-ups to more established digital firms, the dynamic hub is used by all.
Latest Fintech Posts
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