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Guernsey Targeting FinTech Financial Services Opportunities

by Jason Gorringe, Lowtax.net, London
24 July, 2015

Guernsey's Commerce and Employment Department has released a new strategy document, prepared by PwC, to guide growth in the financial technology sector in Guernsey.

FinTech is a general term used for any technology applied to financial services. This includes technology employed by financial services organizations and new consumer products, where technology is the key enabler.

The Department said the report will guide Guernsey's efforts to support the growth of a modern and highly competitive financial services industry in the territory. It will seek to ensure that there is appropriate infrastructure to allow financial services firms to take advantage of FinTech opportunities.

Deputy Stewart, Guernsey's Minister of Commerce and 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, said: "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 center 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."

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