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FinTech enquiries on the rise for the regulator

FinTech enquiries on the rise for the regulator

Thursday 06 February 2020

FinTech enquiries on the rise for the regulator

The number of enquiries to the regulator about FinTech have more than tripled in the past three years.

The finding came in the first FinTech and Innovation Report by the JFSC, which says it has now helped more than 100 businesses with queries about how to develop innovation in financial services and how regulation applies to them.

The majority of enquiries have focused on crypto-currencies, initial coin offerings and security token offerings, but other enquiries are also on the increase. Last year alone, the JFSC engaged with 52 businesses, with 30% asking about trading platforms and exchanges.

JFSC Director General, Martin Moloney, says the increased interest in FinTech can partially be linked to the regulator taking a proactive approach with local agencies.

“The work we are doing in the FinTech space really gained momentum in 2019 and will continue to do so in 2020," he commented. "We believe that Jersey companies increasingly understand that improving their technology enables them to meet their regulatory requirements, while enhancing their customers’ experience.

"Equally we are now proactively engaging with businesses at an early stage and we are working closely with Government, Digital Jersey and Jersey Finance on emerging technologies. For example, our Fintech lead now bases herself at the Digital Jersey Hub one day a month offering on-hand informal support to start-up businesses.

The full Fintech and Innovation Report can be read here.

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