FinTech in its broadest sense simply means using technology to offer improved financial services. Most readers will have apps on their phone to access their online banking, credit cards and perhaps other financial services. This is a basic example of what FinTech is and ultimately, the goal of any new technology should be to improve the service offered. In a financial services context this tends to mean higher speed, higher security, higher certainty and (I appreciate some may be sceptical!) lower prices for the end consumer.

Jersey is looking to expand its offering in the digital sector more broadly as well as financial technologies. If we can play a part in improving the financial services offering for customers globally this can only be a good thing.

2018 was an excellent year for the advancement and development of the digital sector in Jersey and 2019 already looks set to continue on the same trajectory. We are only 6 weeks into the new year and the Island has already seen a number of exciting events and developments.

Launch of the Global Financial Innovation Network and Cybercrime Law

The Global Financial Innovation Network (GFIN) is an international network of 29 financial regulators and related organisations committed to supporting financial innovation. The GFIN seeks to provide a single conduit for innovative firms to interact with regulators in multiple jurisdictions, helping them scale new ideas on the world stage whilst more easily navigating the regulatory landscape.

As a launch member, the Jersey Financial Services Commission (JFSC) will be taking part in a pilot scheme for firms wishing to test innovative products, services or business models across more than one jurisdiction. Pilot tests are expected to run for a 6 month period starting from Q2 2019, unless the relevant regulators agree to extend them.

Whilst this pilot scheme obviously benefits firms looking to test innovative products, it is also an excellent opportunity for different regulators to collaborate and share experience of innovation in respective markets which is a core function of the GFIN. It is excellent news for Jersey and demonstrates to the world that our regulator is fully supportive of FinTech initiatives.

The States of Jersey have also adopted the Cybercrime (Jersey) Law. This is designed to implement a series of amendments to other legislation to provide local authorities with sufficient powers to deal with increasingly sophisticated technological crime and ensures Jersey compliance with international standards and treaties in this area.

While compliance may be seen as boring compared to the exciting opportunities to change the world which some promise from FinTech, being able to demonstrate that Jersey is a well-run and regulated jurisdiction is core to our ability to attract serious FinTech players.

Launch of the Digital Jersey Xchange

As was made clear at last year’s Jersey Tech Week, the digital sector in Jersey is not limited to financial services and there are an increasing number of opportunities in other areas where the Island offers a great testbed. Building on this, the Digital Jersey Xchange, known as DJX, opened in late January and will serve as sanctuary for those looking to research, develop, test and launch their digital products and services, particularly in the area of the Internet of Things.

Jersey Data Protection Week

The increased use of technology inevitably leads to innovative businesses using and storing an increased amount of user data. Jersey has long recognised the importance of effective data management and compliance with international standards on data protection.

To support this aim, and to mark International Data Protection Day on 28 January, the Jersey Office of the Information Commissioner put on a full week of events with a number of high profile speakers covering topics from cyber-security, breach reporting and individuals’ access rights.

A recurring theme of conversation amongst those present was the concern over the impact of a “no deal Brexit” on the ability of local businesses to freely exchange data with clients, suppliers and group companies in the UK. Like all things Brexit, the way forward remains unclear but a number of steps businesses can take were identified to ensure the continued free flow of data should the worst come to pass.

With all this in just the first few weeks, and much more still to come, 2019 is well on its way to being the best year for the growth of the digital sector in Jersey in many years. We are looking forward to working with our contacts in Jersey and further afield in order to assist in these exciting developments. We have launched a Global Technology and Innovation Guide covering all our jurisdictions (including Jersey) and we do see global opportunities for Jersey and other international finance centres to play a core role in FinTech and improved financial services more widely.


Twitter LinkedIn Email Save as PDF
More Publications
5 Jan 2022 |

Trustee Knowledge Series: Advanced Paper Six: Overview of protectors 'ad serviendum ac protegendum”

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

25 Nov 2021 |

Regulatory Approach to ESG across the Crown Dependencies

New requirements may require investment products to display a label reflecting their sustainability ...

24 Nov 2021 |

'Jersey's Relationship with India: Political, Commercial and Cultural Connections'

Jersey First for Finance has recently published a guide entitled ‘Jersey’s relationship with Ind...

18 Nov 2021 |

Trustee Knowledge Series: Advanced Paper Five - Trusts with Reserved Powers

Appleby Private Client & Trust Partner David Dorgan has authored and distributed a series of Tru...

11 Oct 2021 |

Trustee Knowledge Series: Advanced Paper Four: The proper law and place of administration of trusts and courts with exclusive jurisdiction

Over the next twelve months, Appleby Private Client & Trust Partner David Dorgan will author and...

7 Oct 2021 |

Jersey: an evolving global platform: Jersey First for Finance 2021

This article, taken from Jersey ~ First for Finance ‒ Celebrating 60 Years of Finance 1961-2021 wa...

4 Oct 2021 |

Navigating the Jersey M&A landscape (2 of 3)

This is the second of a series of three articles, each dealing with topics to be considered when buy...

Contributors: Andrew Weaver
22 Sep 2021 |

Minute Writing Training

Trustees are under a statutory duty to keep accurate records of their trusteeship, but what does tha...

15 Sep 2021 |

Navigating the Jersey M&A landscape

This is the first of a series of three articles, each dealing with topics to be considered when buyi...

Contributors: Andrew Weaver
2 Sep 2021 |

Duties of Trustees

The relationship of trustees to beneficiaries is viewed as fiduciary, meaning there are certain equi...