25 May 2024

Innovation key as Jersey looks to the future

| The European |

For Jersey, our forward-thinking approach, commitment to innovation and focus on the highest levels of governance means that we are ready to make a clear and positive contribution to global investment and trade.

Today, our financial services workforce is as big as it has ever been, having grown to almost 14,000 people. This is vital when it comes to offering diverse expertise and demonstrating substance. In addition, our funds sector now administers in excess of £320bn of assets, an all-time high, and we have seen a steady rise in the number of fund managers using Jersey to access EU investor capital.

With Jersey mediating around £1.3tn of global assets, around 50% of new business attracted to Jersey now comes from outside Europe, and we continue to enhance our reach – Jersey became the first IFC to open an office in the Dubai International Finance Centre last year, and there are plans to establish an office in New York this year.

However, we are not complacent and continue to bring innovative products to market. For instance, we are enhancing our environment for philanthropy, and in January this year launched a new International Savings Product for employees working overseas.

Meanwhile, Jersey is recognised by global authorities including the OECD, IMF and World Bank as a leading jurisdiction when it comes to combatting financial crime. In recent months we have bolstered our financial crime framework further and brought in new legislation to reinforce our commitment to demonstrating international standards on economic substance.

We are making real progress in the digital space too – it is significant that global crypto-exchange Binance chose to set up an operation in Jersey last year. Our ambition is to be the best jurisdiction in the world to do business with remotely in a digital world, and we believe that, through proactive regulation, a robust digital infrastructure and a focus on digital talent, we are well placed to realise that.

As investors continue to look for stable centres that offer specialist expertise, our focus is on working with our partners to provide services that address market and societal needs and to facilitate trade and investment with a broad range of markets. We do that by offering access to deep pools of talent, housing a strong regulatory framework, and being ‘best in class’ for digital and physical infrastructure.

It is a bold strategy that will enable Jersey to differentiate itself as an innovative centre on the global stage.

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