Each year, the number of FinTech enquiries we receive grows and 2020 was no exception.
As businesses deployed their business continuity plans and began working from home in response to the Covid-19 pandemic, a distinct theme arose around digitising or automating existing processes.
There was also an increase in the number of enquiries from existing businesses wishing to know more about leveraging technology to meet their regulatory obligations.
In 2020, we received 33 direct enquiries to the JFSC and continued to receive referrals from other Jersey-based businesses. The re-launch of the JFSC website towards the end of 2019 made it even easier for businesses to communicate directly with the Innovation Hub.
When compared to other Innovation Hubs, in 2019 we reported an above-average percentage of enquiries leading to Jersey incorporated structures and/or regulatory licence applications.
In 2020, this trend continued with 30% of enquiries leading to structures being incorporated and/or applying for regulatory licences. Due to the nature of the enquiries, this figure also includes businesses that continued with their existing regulatory licences.
We also received a number of enquiries whose status we have categorised as ‘unknown’. This category describes any queries that are under still review (for example those received via the Global Financial innovation Network (GFIN))
