CEO of Jersey Finance Joe Moynihan explains why the jurisdiction is a key player in the global investment community’s response to the coronavirus crisis
Jersey’s resilience and the added certainty this can offer investors remains a positive differentiator for our jurisdiction. This was clearly demonstrated through the quick reaction by the Government of Jersey, the Jersey Financial Services Commission (our regulator) and our industry to ensure that we could continue to meet the needs of our international client base, despite the challenges posed by the global pandemic. Through successful collaboration and adaptability, we have all the enablers in place to support future business innovation and growth.
We continue to grow relationships and client networks in our key growth markets of Africa, the US, Far East and Middle East. And by working with our partners, we are harnessing the rapid evolution of digital and fintech developments to create a “one-stop-shop” approach for clients. Our modern and sophisticated legal framework, as well as a diverse range of products and services, offers an attractive proposition for investors worldwide.
Jersey’s highly skilled workforce of almost 14,000 employees continue to innovate, developing products and services to enhance the futures of investors and positively impact both local and global economies.
The Covid-19 pandemic has indeed sharpened our focus. The need for impactful, secure investment flows will be more important than ever over the coming years in order to rebuild infrastructures, communities and businesses.
International finance centres like Jersey can work more closely with the global community, governments and investors to do what they do well – get investment to where it is needed most, securely and efficiently. The fact that around 60 million people worldwide benefit from having their pension funds administered through Jersey, that Jersey helps distribute around $76bn in foreign direct investment to global markets annually, and that Jersey is playing host to a growing base of ESG and impact funds each year should only underline the role it can have in meeting global needs in both the short- and long-term.
These are unprecedented times, but Jersey’s finance industry has the opportunity to really demonstrate what it excels at and reflect on what it stands for – connecting people and bringing about positive change. In that context, Jersey has both the responsibility and the capability to play a vital part in the road to recovery, at home and globally.