Banking innovation and research high on Jersey finance industry agenda in 2016

Driving forward a fresh approach to banking and clarifying Jersey’s contribution to Europe are amongst the priorities for Jersey Finance in 2016, according to panellists and speakers at Jersey Finance’s Annual Review presentation held at the Hotel de France this week (28 January).

Hosted by Jersey Finance Chairman, Robert Christensen, the breakfast event, attended by around 200 local financial services practitioners and politicians, included an introduction from Chief Minister Senator Ian Gorst, who underlined Jersey’s high standing in tax transparency and pointed to the Government’s focus on digital innovation.

In addition, a keynote address was given by Hugh Harper, Partner at EY, who discussed a major new piece of research outlining the potential for Jersey to adopt a new approach to banking, telling attendees that Jersey was “the right place with the right people” to establish itself as the go-to location for innovative global banking.

Citing the cooperation between Jersey’s finance industry, regulator and government combined with the jurisdiction’s unique advantage of a stable banking sector, he outlined how Jersey’s commitment to a digital economy could help it create a sustainable, highly digitised banking model. The full ‘Future of Banking’ report is expected to be finalised by the second quarter of this year.

During an introduction to the event, Geoff Cook, CEO, Jersey Finance, described 2015 as another solid year for the finance industry, highlighting the upward trend in employment within the industry, and pointed to the ongoing focus on thought leadership to differentiate Jersey from other international finance centres:

“We remain focused on strengthening Jersey’s competitive position through innovation and research and, alongside the major Future of Banking project to be finalised this year, we will be producing a new report entitled ‘Jersey’s Value to Europe’, which will clarify Jersey’s role in contributing to jobs and growth within the EU. A new piece of work to clarify the finance industry’s contribution to the local Jersey economy will be completed too.

“The growth we have seen across our funds, private wealth and capital markets sectors, together with the investment we are making in diversifying and enhancing our banking platform, stands us in very good stead, and we are seeing growing interest from fund managers and family offices in establishing a presence in Jersey. All this is filtering through to the local economy, with firms in the industry predicting a rise in employment for local people over the coming year and the industry recruiting more local students than ever before.

“There will always be regulatory, market and political challenges but the quality and diversity of Jersey’s finance industry positions us very strongly indeed.”

Also at the event, a panel session, moderated by Nick Kirby, Editor of BL and involving Richard Corrigan (Deputy CEO, Jersey Finance), Joe Moynihan (Financial Services Director, Government of Jersey), Daniel O'Connor (Partner, Carey Olsen), and Naomi Rive (Chief Trust Officer, Coutts & Co Trustees) discussed the opportunities for Jersey in key overseas markets. Also answering questions from the audience, speakers confirmed that Jersey is taking a greater market share in mature markets and capturing business in newer growth markets, spanning the Middle East, India, the Far East and increasingly Africa.

View our Annual Review 2015 brochure here.

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