Monday 20 July 2015
PwC, in association with the Commerce and Employment Department (CE), have released a strategy document to guide the future of the FinTech (or financial technology or sometimes referred to as Digital Finance) sector in Guernsey and to ensure that Guernsey is well positioned to take advantage of the opportunities in this sector.
The current digital age brings with it new challenges and opportunities for the finance sector. FinTech is a general term used for any technology applied to financial services. It can encompass many areas, from technology used in existing financial services organisations, new consumer products, to new entrants competing with existing players. It can be any innovation within the financial services sector where technology is the key enabler.
C&E recognises the significant opportunities FinTech creates for Guernsey within, and complementing, the existing finance industry and its role in maintaining and enhancing Guernsey's position as a key International Finance Centre. C&E is keen to understand the opportunities for the Island and going forward to ensure that Guernsey has an appropriate infrastructure which allows FinTech opportunities to enhance the Island's economy.
The Department, through the Finance Sector Policy Unit (FSPU) engaged leading advisory firm PwC to carry out this work on the sector and the Island's infrastructure. The project involved various stages including analysis of the local and international environment within the FinTech sector to identify key market attributes and future direction. A number of local and off Island industry experts and stakeholders were contacted and have collaborated with PwC on this initiative.
Deputy Stewart, Minister, Commerce & Employment said,
"I am delighted with the in-depth analysis which PwC have undertaken on behalf of the Department so that we can more fully understand the FinTech sector and opportunities for the Island. This collective piece of work has highlighted that Guernsey is already doing much in this area and that if some key areas, as identified in this report, continue to be addressed, then the Island is well placed to take advantage of and become an even more important player for FinTech, where new and established businesses can flourish".
Nick Vermeulen, PwC Partner at the helm of this project, added:
"A really positive message to take away is that our analysis confirms Guernsey is already perfectly placed as an extremely attractive location for the FinTech sector. Businesses should be confident that this solid foundation for FinTech here is principally due to Guernsey's existing regulations, expertise, well-established track record as a trusted location and our long-term credibility as an international finance centre of excellence. We're excited by the substantial level of new opportunities identified for Guernsey in FinTech and the potential this sector has to transform our local financial services and technology industries here on the Island. Now that the strategy has been published, it's crucial that we keep the momentum going and fully embrace these exciting opportunities."
