JFSC joins global financial network

Wednesday 06 February 2019

The Jersey Financial Services Commission has joined an international group of 29 financial regulators and related organisations set up to share experiences and approaches to dealing with emerging technologies.

Spearheaded by the Financial Conduct Authority, the JFSC is now a member of the Global Financial Innovation Network (GFIN).

It is intended to offer businesses a way to work with financial regulators to scale new products, services and business models, and give them ability to test different innovations simultaneously in multiple countries, allowing real-time insight into how a product or service might work in a particular market.

Pictured: JFSC's Director of Policy said the move sends a "clear message" that the island is open to FinTech.

Mike Jones, JFSC Director of Policy commented: “By joining the GFIN, we are sending a clear message to Jersey and the international community and re-emphasising our existing position that we are open to FinTech. Being part of the network will allow us to further understand the technologies that are being developed and trialled, not just in the Island but elsewhere, and we will seek to support these businesses and their new ideas where we can, providing it’s in the public’s best interest.”

To mark the launch of the GFIN, the member regulators are inviting tech firms to take part in a pilot to test their innovations across different jurisdictions. Businesses wanting to take part in the six month trial will need to ensure that their proposed activities meet the eligibility criteria for the jurisdictions where they want to test.

Mer Jones added: “This trial is for GFIN members as much as it is for businesses. We’re looking for companies who are flexible and can provide us with feedback on their experiences. They in turn will benefit from the opportunity to test and compete in a regulated space. All this will help inform our work and the network’s in the future.”