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As detailed in the Jersey Finance publication 'Jersey for Innovation in Finance: Ready to Support Global Success', many firms are constrained by ageing technology, non-real-time systems, technology with limited interoperability or complicated systems arising from multiple mergers and acquisitions. It is no surprise then that the level of enquiries received by our Innovation Hub has steadily increased.
Firms contacting the Innovation Hub are generally earlier-stage start-ups or more developed Reg-Tech firms whose activities have not required authorisation.
In 2019 we noticed increased engagement by existing regulated firms hoping to solve some of the issues outlined above through the adoption and use of technology.
Of the queries received in 2019, the majority have been received directly by our Innovation Hub, Registry or Authorisations Units. There have also been referrals from a number of other Jersey-based businesses.
27% of enquiries have established, or are in the process of proceeding to establish, a Jersey incorporated structure and/or are applying for Regulatory licences.
This percentage is higher than the figures reported by most innovation hubs around the world. The reason for this could be that in Jersey, through Law Firms and other regulated businesses, the concept of ‘Jersey PLC’ has emerged whereby local businesses are also mindful of what types of business would be good for the island – often only putting forward the best cases.
Working together, an informed ‘triage’ system has emerged, where Jersey-based representatives or service providers as well as Digital Jersey, Jersey Finance and the Government of Jersey have assisted with screening, sense checking and steering the innovative business to the relevant process, resulting in quality businesses establishing in Jersey under the appropriate licensing regime.