A is for...

Artificial Intelligence (AI)

AI makes it possible for machines to learn, react, and perform certain human like tasks. Many types of AI exist; they are typically classed by how ‘intelligent’ they are, what they do, and the practical application. In financial services the primary use cases are in improving products such as robo advisors, ways of serving clients such as chatbots, using data analytics to manage risk, or using machine learning and pattern matching tools to assist with KYC and AML obligations.

Find out more in our CEO’s blog, ‘Artificial Expectations or Intelligent Opportunities?’

Did You Know?

PwC estimate the potential contribution to the global economy from AI could reach $15.7tr by 2030.

World Map
B is for...


Blockchain is a distributed ledger technology (DLT) which was originally invented as the infrastructure supporting the Bitcoin virtual currency. It contains a chain of sequential blocks which are used to record transactions such as the transfer of money or the storage of records. Each computer connected to the network gets a copy of the blockchain (the ledger) rather than the data being held in a central database (hence the term “distributed”).

Blockchains are suitable for types of activity involving multi-step transactions that need clear traceability of activity and actions. Cross-border payments and complex trade finance arrangements are currently the primary use cases for blockchain solutions in financial services.

Find out what our members are doing.

Did You Know?

Through using blockchain technology on its supply chain, the retailer Walmart were able to reduce the time needed to trace their provenance of mangoes from seven days to 2.2 seconds.

C is for...


Cryptocurrencies are also known as virtual currencies. In 2014, the European Banking Authority defined cryptocurrencies as “a digital representation of value that is neither issued by a central bank or a public authority, nor necessarily attached to a fiat currency, but is accepted by natural or legal persons as a means of payment and can be transferred, stored or traded electronically”. Bitcoin was the first, and remains the most well-known cryptocurrency and it accounts for over half the market of all cryptocurrencies. There are estimated to be more than 2,000 known cryptocurrencies in existence with a total market capitalisation of more than $100bn in 2018.

Did You Know?

In 2014, Jersey was the first jurisdiction in the world to successfully establish a regulator-approved Bitcoin investment fund. In 2017, what is believed to be the world’s first regulated, crypto-denominated fund was launched.

Digital Jersey
D is for...

Digital Jersey

Digital Jersey is the government-backed economic development agency and industry association dedicated to the growth of the digital sector. Working with partner organisations such as Jersey Finance, Digital Jersey supports technology focused inward investment and relocation. They bring innovation and skills into Jersey, as well as nurturing and developing on-Island talent and businesses, thereby enabling opportunities for future on Island venture capital investment.

Find out what Digital Jersey are doing.

Did You Know? 

Digital Jersey also provide digital training, whatever your age or technological ability. From coding to digital marketing; developing apps to data analytics, their goal is to help individuals improve their tech skills and keep pace with changing technology.

E is for...

Electronic Signatures

Electronic or ‘e-signatures’ are digital representations of an individual’s signature or a unique value such as a fingerprint, which is used by the individual to sign for goods and services including contracts. Electronic and digital signatures are often used interchangeably but digital signatures differ as they additionally use digital encryption which demonstrates proof of signature by the authorised party.

Find out how, Electronic Signatures are covered under the Jersey Electronic Communications (Jersey) Law 2000.

Did You Know?

In the EU, 700 million transactions were performed using electronic signatures in 2017.

F is for...


Fintech is technologies used within the finance industry which enable a client proposition, create business efficiencies, or support regulatory compliance. There is no clear rule which defines what a ‘fintech’ is. Common perception is a start-up or innovative firm, but fintech companies can consist of start-ups, established financial services firms, and technology companies. Jersey Finance focus on five core fintech pillars, fintech innovation, regtech, wealthtech, cryptocurrency, and cyber security. We work with our Members and key stakeholders in Government, the JFSC, and Digital Jersey to enhance Jersey’s reputation as a leading international finance centre for fintech.

Find out more in our latest research paper, ‘Jersey for Innovation in Finance: Ready to Support Global Success’.

Jersey Finance deliver fintech events, thought leadership, and industry working groups. Find out more by contacting us.

Did You Know?

Fintech is a key enabler of the Jersey Finance digital aspiration: “to be the easiest international finance centre to do business with remotely, in a digital world”. 

G is for...

Global Financial Innovation Network (GFIN)

The Global Financial Innovation Network (GFIN) was formally launched in January 2019 by an international group of financial regulators and related organisations, including the Jersey Financial Services Commission. The GFIN seeks to provide a more efficient way for innovative firms to interact with regulators, helping them navigate between countries as they look to scale new ideas. This includes a pilot for firms wishing to test innovative products, services or business models across more than one jurisdiction. It also aims to create a new framework for cooperation between financial services regulators on innovation related topics, sharing different experiences and approaches.

Find out more about Jersey’s involvement in GFIN.

Did You Know? 

GFIN is a network of 29 organisations from across the globe who are committed to supporting financial innovation in the interests of consumers.

Global Financial Innovation Network (GFIN)
Digital Jersey Hub
H is for...


A fintech hub is a region or workspace where fintech firms are located. Close proximity to other fintech firms provides opportunities for collaboration and growth, the clustering effect often results in organic growth of fintech. In Jersey, the Digital Jersey Hub provides an environment for digital companies and entrepreneurs. The space comprises hot-desking areas for members, meeting rooms, dedicated desk space for start-ups, and event facilities.

Find out what Digital Jersey are doing in ‘The Hub’.

Did You Know?

The Digital Jersey Hub hosted 190 networking, training, and collaboration events in 2018.

I is for...


The IT infrastructure which underpins any business. Technology infrastructure in financial services (such as that found in front, back, and middle offices) is the enabler for digital products and services. Technology will vary by firm but will be influenced by client demands, which are generally moving towards real-time information and consolidated portfolio views. In 2018, Jersey completed the full rollout of its high-speed fibre broadband infrastructure to every home and business on the Island. Jersey has three 4G mobile networks and is home to four data centres providing robust IT infrastructure which enables financial services firms to deliver digitally.

Find out how Jersey’s connectivity and network infrastructure enables innovation in financial services in our research paper, ‘Jersey for Innovation in Finance: Ready to Support Global Success’.

Did You Know?

Jersey ranks 3rd in the world in the 2018 Worldwide Broadband Speed League, ahead of countries such as Japan, Estonia, Hong Kong, the United States, UK, and Malta.

Mobile Phone
Jersey as an excellent Fintech location
J is for...


Several factors combine to create successful fintech jurisdictions, including demand from incumbent industries, proactive regulation, enabling government policies, robust digital infrastructure, and available digital talent. Through forward-thinking strategy, Jersey has all the enablers in place to support a thriving fintech sector. Jersey Finance collaborate with the Government of Jersey, the Jersey Financial Services Commission, and Digital Jersey on strategically important fintech initiatives for the benefit of the financial services industry and Islanders.

Find out what Jersey is doing.

Did You Know?

The Jersey Finance digital aspiration is for Jersey ‘to be the easiest international finance centre to do business with remotely, in a digital world’.

K is for...

Know Your Customer (KYC)

KYC relates to the process by which regulated firms, such as banks and trust companies, comply with their regulatory obligation to verify the identity of their clients as part of Anti Money Laundering requirements. Fintech is supporting this crucial process of KYC. For example, advances in technology such as machine learning and biometrics allow firms using fintech solutions to obtain a greater degree of certainty when undertaking KYC checks.

Find out about Jersey KYC and AML requirements.

Did You Know?

10% of the world’s top financial institutions spend at least $100 million annually on KYC compliance checks. 

Fintech Eye
L is for...


Lawtech is a subset of fintech that specifically focuses on solutions for the legal industry. Amongst other areas, lawtech includes data analytics, smart contracts, technology enabled review software, cross-border law comparison tools, blockchain solutions, automation, and artificial intelligence. These technologies present significant opportunities for law firms to improve the client experience, automate processes, and reduce operating costs.

In collaboration with Jersey Finance, the University of Birmingham’s Centre for Professional Legal Education and Research has produced a report that explores the familiarity and uptake of lawtech in Jersey. Find out more.

Did You Know?

There are eight UK lawtech incubators and accelerators supporting innovation in the £25.7bn per year UK legal services sector.

M is for...

Machine Learning

Machine learning identifies patterns within data and ‘learns’ to make statistical driven recommendations or take action. In financial services, the primary uses are to detect and prevent fraud, and to identify insights in data. For example, in reviewing large volumes of transaction data to detect ‘smurfing’ fraud, to assess the performance over a loan book over a given period of time to allow corrective action to be undertaken, or as part of a hybrid robo/human advice proposition in the wealth management industry. 

Find out about Machine Learning and AI in our CEO’s blog.

Did You Know?

Netflix saved $1 billion in 2017 as a result of its machine learning algorithm which recommends personalised TV shows and movies to subscribers. Users are now far more satisfied with suggestions meaning they are less likely to abandon Netflix in favour of alternatives.

Screens and Charts to represent capital markets
Network Effect
N is for...

Network Effect

The well-connected and compact nature of the island’s financial services sector includes banking, private wealth, funds, capital markets and high-quality legal and accounting support services. Many of Jersey’s clients use multiple on Island firms, which drives a collaborative approach across industry. Jerseys financial services expertise combined with digital staff, and its technology infrastructure provides Jersey with a strong network of fintech experts. We work closely with our key partners in the Government of Jersey, the Jersey Financial Services Commission, and Digital Jersey; our collaboration is direct, and agile solutions can swiftly be developed, communicated, and put in place. The network effects in Jersey combine to drive consistent industry wide approaches to regulation, innovation, and digital opportunities, while providing a crucial client centric experience of the jurisdiction.

Find out what Jersey is doing.

Did You Know?

With almost 13,300 financial services sector employees, and more than 3,000 digital and creative professionals, Jersey has one of the largest numbers of finance and digital professionals of any IFC, giving it a vast network of experts who actively collaborate on digital initiatives.   

O is for...

Open Banking

Open banking is an initiative designed to boost competition and the variety of products in the banking, credit cards, and payments space. Financial institutions must securely ‘open’ their client data to approved third parties that the clients explicitly opt in to as they wish to use open banking products and services. In the UK, the nine largest banks (Allied Irish Bank, Bank of Ireland, Barclays, Danske, HSBC, Lloyds Banking Group, Nationwide, RBS Group, Santander) are mandated by the UK Competition and Markets Authority to allow open banking access. In Jersey, there is no open banking framework and a watching brief is being maintained on the success of Open Banking in the UK and local demand. Under Jersey law, there is no barrier to banks negotiating individual open banking style standards and contractual terms with third parties.

Did You Know?

PwC estimate a £7.2bn revenue opportunity will be created in the UK by open banking by 2022.

Open Banking
Peer to Peer (P2P) Lending
P is for...

Peer to Peer (P2P) Lending

P2P lending, also known as crowdfunding, is a form of direct lending between two or more parties without an intermediary such as a bank. Online marketplaces typically match a borrower to one or more lenders who transact at agreed levels, with the marketplace taking a transaction fee. Typically, P2P borrowers are those requiring access to short term unsecured funding where traditional lending options may not be quickly available. In Jersey, in most cases, the activity of crowdfunding would not be regulated by the JFSC.

Find out about P2P lending rules in Jersey.

Did You Know?

An estimated £8.2bn has been lent by UK P2P lenders between the start of 2015 and 2018.

Q is for...


We are proud to work with the States of Jersey, Digital Jersey, Skills Jersey, institutions from Jersey’s education system, and private sector firms as part of the Digital Skills Partnership, which works together to make Jersey’s workforce future proof. The Digital Skills Partnership has identified software engineering, maths/logic, emerging technologies, data structures/algorithms, programming, and digital creativity as the digital skills of the future. Individuals in Jersey can undertake qualifications in these skills with courses available to school leavers, career changers, redeployed staff, and those seeking to upskill knowledge.

Find out about careers and qualifications in finance.

Did You Know?

Jersey has a dedicated Digital Skills Strategy which provides a road map that spans both employers and education, creating clear objectives, and laying the foundations for a successful local digital-tech workforce.

Regulatory Technology (Regtech)
R is for...

Regulatory Technology (Regtech)

Regtech is the term used for new software and technologies which help financial services firms meet their regulatory requirements. Currently, the main uses for regtech are in the areas of regulatory reporting, risk management, compliance, and as part of anti-money laundering controls. Examples of regtech in use by Jersey firms are electronic identity tools, which use advanced analysis as part of client KYC checks, as well as the use of APIs to assist in the fight against money laundering and global tax evasion by submitting beneficial ownership information to the Islands regulator the Jersey Financial Services Commission.

Find out about regtech collaboration in Jersey.

Did You Know?

KPMG estimate that by 2020 regtech is expected to make up 34% of all regulatory spending.

S is for...


A fintech or regulatory sandbox refers to a collaborative approach to developing regulatory frameworks, business models, or innovative software between a financial services firm and a regulator. Not all sandboxes are created equally, with many aligned to the predominant financial services sector in a particular country. For example, a country with a large retail banking sector may focus on development of personal finance regulation with strict sandbox criteria whereas a country focused on cross-border international finance may work closely with firms to apply bespoke conditions of activity. For many years, the Jersey Financial Services Commission has worked with applicants providing innovative products, to apply appropriate conditions or restrictions to ensure adequate consumer protection without stifling innovation. 

Find out what Jersey is doing.

Did You Know?

Since 2016, Jersey has had a regulatory sandbox approach for financial services and it has operated an innovation hub, providing targeted help and support to innovative businesses. 

Jersey Finance - Collaberation
DJ Xchange
T is for...


With its advanced digital infrastructure Jersey is the ideal testbed for financial services and technology companies. Complimenting the Island’s regulatory sandbox approach, the Digital Jersey Xchange is a dedicated Internet of Things lab and research centre focused on the latest innovations in the technology space.  

Find out what Jersey is doing.

Did You Know?

Sony are just one of the world leading technology companies who have used Jersey’s testbed infrastructure to innovate.

U is for...


Unicorns are start-up companies that have achieved a valuation of over $1bn. Valuations are normally made during venture capital funding rounds. There are currently estimated to be 260 global unicorns, with 15 of these in the UK. Worldpay, a global leader in payments processing was founded in Jersey in the mid-1990s. With a current market valuation of just under $10bn Worldpay could be considered as Jersey’s first fintech unicorn. 

Did You Know?

In 2018, a new tech unicorn was created every 3.8 days in China. Since 2008, Jersey Finance has had a presence in China. To find out more about our activity in this market, contact An Kelles, Business Development Director – Greater China. 

V is for...

Venture Capital

Venture capital is funding by investors into to start-up and high-growth companies, where investors receive an equity stake in the business or ‘venture’. Jersey has a substantial venture capital and fund offering, with some of the world’s largest venture capital fund managers are choosing Jersey. 2017 Monterey reports highlight $91bn of Jersey’s funds under administration relate to venture capital or private equity investments. 

Find out what Jersey is doing.

Did You Know?

Jersey structured entities have invested in companies such as Facebook, Deliveroo, RevolutSkype, Slack, and Spotify.

W is for...

Wealth Management Technology (Wealthtech)

Wealthtech is a subset of fintech that focusses on the private wealth and asset management industry. Technologies such as artificial intelligence can use market and client data to provide wealth managers with recommendations that better meet their client needs and risk appetite. Online only services such as robo advisors, digital brokers, and micro investment platforms are examples of wealthtech, which are opening up the investment market to a new set of clients. We continue to work with wealth management firms and the wider financial services industry to ensure the technology expectations of the next generation of wealth management clients are met. A wealth technology focussed working group collaborated to identify five future wealthtech priorities: immediacy of information, communication channels, robust information security, risk management tools, and data responsibility.

Find out what Jersey is doing.

Did You Know?

According to estimates by BI Intelligence, in the United States alone, the robo-advisor market will manage a trillion dollars by 2020 and $4.6 trillion by 2022. 

Wealth Management Technology (Wealthtech)
Man Laptop and Charts
X is for...

X – exchanges

Virtual currency exchanges are services that allow individuals to convert one type of cryptocurrency to another type of cryptocurrency, or from cryptocurrency to a conventional currency such as US Dollars, Euro or Sterling. In 2016, Jersey provided regulatory clarity on the treatment of virtual currency exchange businesses becoming one of the first jurisdictions in the world to do so. 

Find out what Jersey is doing.

Did You Know?

Digital Jersey have signed a memorandum of understanding with Binance the world’s largest virtual currency exchange to deliver training and other initiatives to support the growing blockchain ecosystem in Jersey.

Y is for...


Younger demographics such as Millennials or Generation Z are often cited as the key users of digital financial services. Research suggests the majority of younger clients prefer self-service channels such as mobile banking or apps to manage their money and are often keen to undertake their own research on finance products. Younger clients are more likely to be influenced by and use social media to engage with their financial services provider. Millennials in particular, are more open to changing their financial service provider, and are more likely to use non-traditional financial services providers than previous generations.  

Did You Know?

Almost 90% of millennials check their smartphone within the first 15 minutes of waking.

Zombie Accounts
Z is for...

Zombie Accounts

Zombie accounts are effectively dormant accounts that financial services firms are still required to maintain. The advance of fintech has seen many consumers transfer financial relationships to providers for services such as foreign exchange, payments, or investment management while retaining an unused account with their previous provider ‘just in case’. Another variant of a zombie account is where a consumer continues to pay a salary into a bank account but transfers the money out to another bank or fintech, again the account sees little activity and is essentially dormant.