FinTech enquires at the Jersey Financial Services Commission’s (JFSC) Innovation Hub grew by 24% in 2020.
In its latest FinTech and Innovation Report, the JFSC details how it helped 74 businesses with queries about how to develop innovation in financial services and how regulation applies to them in 2020.
The majority of enquiries last year related to RegTech (29%), whereas in previous years the focus was mainly on virtual asset activities. The Hub also saw an increase in businesses looking to develop their solutions in Jersey.
JFSC Director General, Martin Moloney, commented: “2020 presented a number of challenges to both the JFSC and the financial services industry we regulate, but also presented a number of opportunities. As existing businesses implemented their business continuity plans and began working from home, a distinct theme arose regarding digitising or automating existing processes.
“Our Innovation Hub is there to help existing and emerging business models and technology businesses to navigate Jersey’s regulatory regime. We remain committed to open and active engagement with all businesses and stakeholders who are considering operating an innovative business in Jersey”.
In 2021, together with the Government of Jersey, the JFSC will be focussing on developing policy relating to virtual assets and money or value transfer services. The regulator will also continue to collaborate with Digital Jersey, Jersey Finance and other like-minded regulators internationally through the Global Financial Innovation Network (GFIN) and the International Organization of Securities Commissions (IOSCO).
