Industry update

Jersey, GFIN, and the practical future of financial regulation

By Alan Ainsworth, Executive Director of Policy, Innovation and Marketing & Communications

Recently, Jersey had the privilege of hosting the board meeting and annual general meeting of the Global Financial Innovation Network (GFIN).

GFIN is a network of more than 90 financial regulators established to support cross‑border cooperation on innovation.  When you’re an international finance centre at a time of rapid change, these networks are an invaluable way to get up-to-speed with best practice, and learn from worldwide experts.

Two panel speakers seated on stage, holding microphones and speaking during a conference session, with chairs, a screen, and wooden double doors visible behind them.

The meeting brought together 27 delegates in person, from as far afield as Taiwan, the Seychelles and British Columbia, with over 50 joining online.

The programme in Jersey moved quickly from ‘big themes’ into the details regulators and industry are grappling with right now:

  • digital assets: deep dives into tokenised money, such as tokenised deposits, stablecoins and Central Bank Digital Currency (CBDC), and real-world asset tokenisation.  One interesting takeaway was that token money isn’t a new thing, we've used it for centuries in the form of banknotes
  • AI: how regulators are adopting AI responsibly and safely, together with insights from the Cambridge Centre for Alternative Finance (CCAF) on global AI adoption - of interest to me was the relative pace of adoption between industry and regulators
  • data and digital: how public and private sector need to work together to develop standards, schemes and interoperable identity and KYC solutions - this was particularly noteworthy given Jersey’s specific need to simplify and reduce the cost of KYC 

The quality of the presentations and panels was world-class, with Jersey-based experts more than holding their own. This was an opportunity to position Jersey on a global stage and local contributors nailed it. Thank you to my Jersey Financial Services Commission colleagues, Jill Britton, David Eacott, Lee Sabiston and Thomas Shaw. Big shout outs to Peggy Gielen, Senior Legal and Technical Manager;  Dilmun Leach, Partner at Walkers; Ari Kyriazi, Senior Manager at Apex; Ian McDonald, Director at Financial Intelligence Unit.

Seated attendees at a conference, listening attentively during a session in a formal meeting room with rows of chairs and tables.

Hosting isn’t just about getting people in a room, although the Royal Yacht did us proud. It’s also a statement: that Jersey intends to be present in the global conversation about how regulation evolves as financial services become more digital, more data‑driven, and more borderless. As Deputy Elaine Millar said, ‘International regulatory cooperation is not a “nice to have”; it’s essential if we are to shape effective regulation in a world that is increasingly global and digitally‑driven.’

For me, the biggest benefit of this event was one of learning. AI and digital assets could be significant contributors to Jersey’s financial services future, and these conversations have accelerated our understanding so that we can better support business.  Given the pace and scale of change, we need to be intentional about where we’re focussing our efforts - networks like GFIN help us do that.

Thank you to everyone who travelled to Jersey (and those who joined virtually), and to colleagues across the JFSC and our local partners who made everything run smoothly.