Innovation and Fintech support
The JFSC encourages innovation in the financial services industry. We do this 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 to ensure a technologically neutral regulatory regime wherever possible
- Working closely with key stakeholders, including the States of Jersey, industry bodies, and international standard setters to ensure that Jersey is well placed to respond quickly to new innovations in financial services
The JFSC actively monitors Fintech developments and the potential regulatory implications. Some examples of the JFSC's work on Fintech include, amongst others:
- Working with the States of Jersey on the regulation of virtual currencies
- Updating our AML/CFT handbook to provide further guidance to firms looking to use digital systems to satisfy certain customer identification requirements
- Issuing FAQs on crowd funding
- The Application Process for Issuers of Initial Coin Offerings (ICOs) - July 2018
If you want to request assistance, or if you have questions about our general approach to Fintech and Innovation, you can contact us at:
Please note that the JFSC cannot provide legal advice.
Other useful contacts
A number of other agencies in Jersey provide guidance and support to new or innovative businesses.
- Digital Jersey - a Government and member funded development agency tasked with growing the digital economy in Jersey; the agency supports the public and private sector on-island, encourages skills development and markets Jersey as an attractive jurisdiction for inward investment by technology companies.
- Jersey Finance - represents the financial services industry in Jersey and promotes Jersey as an international finance centre of excellence.
- Jersey Business - provides free, independent, confidential advice and support to businesses in Jersey. They work with businesses at all stages of their commercial journey, from start-up through improvement, growth and exit.
- Locate Jersey - promotes Jersey overseas as a place to do business and attract suitable inward investment in terms of businesses and high net worth individuals.
- Jersey Innovation Fund - The Jersey Government operates an innovation fund which provides funding and support to entrepreneurs, start-ups, and established organisations that are seeking to bring innovative products or services to the market.