We encourage innovation in the financial services industry by:
Providing help for innovative businesses to understand how the regulatory framework applies to them and their proposed products and services
Listening to and engaging with industry, considering relevant policy (where appropriate) to foster the development of innovative products or services
Working towards a technologically positive regulatory regime
Working closely with key stakeholders, including the Government of Jersey, industry bodies, and international standard setters, to ensure that Jersey is well placed to respond quickly to new innovations in financial services.
Conducting research into emerging technologies that impact the industry, including surveys that highlight the barriers to adoption around digital ID. In 2021, we commissioned RT Associates to produce a report on the Regtech landscape in Jersey and, in 2023 we commissioned another report on the use of Regtech in identifying and preventing financial crime.
We actively monitor Fintech developments and the potential regulatory implications. Some examples of our work on Fintech include:
Collaborating with Digital Jersey on Fintech innovation
Researching and testing our very own AI chatbot and policy guidance
Exploring the tokenisation of real world assets
Exploring artificial intelligence and how the various models can support financial services
Working with the Government of Jersey on the regulation of virtual currencies (VASPs)
Updating our AML/CFT/CPF handbook to provide further guidance to firms looking to use digital systems to satisfy certain customer identification requirements
Issuing enhanced FAQs and guidance notes
Delivering industry engagement and working groups to stimulate innovative regulatory change.