Jersey ‘gaining edge over its competitors’
THE ‘innovate and collaborate’ attitude of Jersey’s finance industry is giving it an edge over rival offshore centres, the body representing the sector has said.
During Jersey Finance Ltd’s annual review a key theme that arose was the development in recent years of closer working relations between the sector and partner organisations such as the government, the Jersey Financial Services Commission and Digital Jersey.
Speakers at the event, which was attended by 300 delegates at the Radisson Blu Waterfront Hotel, also stressed the value of innovation, including increased use of information technology.
A statement released by JFL say that ‘innovate and collaborate’ was the key message of the review.
Jersey Finance chief executive Joe Moynihan said that Jersey Finance’s main priorities this year would include continuing to develop growth in markets such as Africa, the US, the Far East and the Middle East, and harnessing digital and fintech advances to create a ‘one-stop-shop’ service for clients.
‘It’s certainly a time of global upheaval and geopolitical uncertainty, but this has in fact provided Jersey with an opportunity to reach out and offer its expertise and flexible product offering to stakeholders across the globe who desire stability and strength,’ said Mr Moynihan.
‘The coming year will build on this reputation as well as looking to further innovate and digitise our offering as an industry, making business swifter and easier for international clients.
‘We’re seeing growth in the funds market and have several funds masterclasses taking place in London and internationally, and our private-wealth industry is experiencing strides through our unique family office offering, which is attractive to clients worldwide.’
Speakers at the event also highlighted challenges Jersey would soon face, including meeting commitments on ‘economic substance’ – proving that registered companies have a real working presence in the Island – and a regulatory assessment by anti-money-laundering body MONEYVAL.
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