What would be the biggest win for the Tech industry in Jersey in 2016?
Ogier partner Sara Johns joins a panel of experts sharing their views one of the Island’s growing industry sectors in this month’s Connect magazine.
Sara Johns, partner, Ogier: "The biggest win for Tech in Jersey in 2016 would be…”
There are two (related) answers:
…Fintech, or financial technology, is where finance meets software – i.e. where software is used in the provision of financial services. Fintech companies - often start-ups - use technology to disrupt the way traditional finance companies do business in areas as diverse as money payments and transfers, investment and wealth management, fundraising, and combating financial crime. This is fundamentally changing business models we have known for several generations.
In 2014, global investment in Fintech companies tripled from $4bn to over $12bn in one year – so this is big business. Given Jersey’s long-standing reputation as a leading international finance centre, the States and business community have recognised the opportunities Fintech potentially offers.
The biggest win in 2016 would be for Jersey to make significant strides towards establishing itself at the forefront of the Fintech space. Ensuring our legislative and regulatory framework keeps pace, appropriately and proportionately, with the change that technology brings, continuing to welcome Fintech businesses, building on clusters already developing in the island, will all be key to making this happen.
Also key will be…. redefining what we mean by success.
Our blue-chip international reputation in the finance world is built on minimising risk; rightly so. But to embrace change, to try something new and develop from it, involves recognising the success in failure. The Tech industry knows this. Without compromising its risk thresholds, Jersey’s finance industry must consciously embrace this by challenging itself to adapt to potential new horizons in the modern business world.