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2019 timeline

In addition to liaising with over fifty unique Innovation Hub enquiries, below are some of our achievements and highlights of 2019 that have positively impacted our engagement with innovators:

January

We became a member of the Global Financial Innovation Network, a group of global regulators committed to:

  • collaborating and sharing experiences of innovative financial services products and services in respective markets;
  • providing a forum for joint Regtech work; and
  • providing firms with an environment in which to trial cross-border solutions.

February

The window opened for pilot cross-border testing of products and services in GFiN members’ markets.

  • We received three applications within the GFiN application period, and two further applications some months later. The JFSC was unable to support these tests and this was communicated to firms on a case by case basis, outlining the reasons for this decision.

We launched an internal blog for JFSC staff as part of an initiative to upskill staff.

We agreed to visit the Digital Jersey Hub one day a month to provide support to businesses who wanted to discuss various regulatory touch points informally.

March

We began considering what further Supervision Technology (Suptech) initiatives could be explored by the JFSC.

Our Director of Policy and Risk presented at the Jersey Finance Limited’s annual Fintech event.

April / May

We attended the Innovate Finance Conference and GFiN annual meeting in London, meeting all the members and observers of the network and discussing the ways how the network will collaborate in future.

As part of the amendments to the AML Handbook (in line with the amendments to the Money Laundering (Jersey) Order 2008), we provided clarity to Industry on the application of E-ID to identification measures.

June

Our Executive Board agreed our Fintech Strategy.

We continued exploring elements of Suptech focussing on data and engagement.

July

We began facilitating a round-table with Industry participants exploring what opportunities may be available to Jersey to become ‘the easiest IFC to do business with remotely in a digital world’, focussing on multiple and mutual on-boarding and screening of clients.

Our Board of Commissioners agreed our Fintech Strategy.

August

We attended the FCA’s Techsprint in London.

We began looking at how FATF Recommendation 15 may be impacted on Jersey’s regulatory regime in relation to Virtual Asset Service Providers.

September

We agreed our Fintech Next Steps for 2020 and beyond.

October

We established a sub-committee of the Executive Board who will be responsible for discussing any application received which exhibits a number of higher risk factors as well as being subject to the Sound Business Practice Policy.

November

We attended Singapore Fintech Festival in Singapore.

We confirmed our commitment to GFIN.

December

We launched our new website.

We launched Phase I of our new Risk Model.