The development of financial technology (fintech) is an essential part of the States' digital policy and the leader of a new group set up to help deliver it says this is "an exciting time for Guernsey".
Guernsey’s finance industry generates 44% of the island’s economic output - which is worth £1.2billion a year in wages and profits. Fintech is part of the evolution of the industry and in some cases is enhancing or automating traditional financial services.
Industry leaders say that Guernsey needs to keep up with developments in software and other technology used by financial services if the island is to remain a leader in the sector. This is reflected in the States' priorities and plans.
The States' Digital Framework is a plan which includes joint working between Guernsey Finance and the Digital Greenhouse with support from the States’ information technology partner Agilisys.
The States recently paid for local business leaders to discuss growth opportunities in fintech with experts in the sector at an innovation space in London called ‘Scale Space'.
It was organised through a partnership - known as Smart - between the States and Agilisys. They are working together on a 10-year transformation plan of States’ information technology, which is intended to provide better and smarter public access to online services.
Pictured: Visitors from Guernsey were welcomed to the fintech event in London by Gilles Chemia, Professor of Finance at Imperial College London. Professor Chemia said: “We very much look forward to welcoming the Guernsey Fintech Delivery Group to our new Scale Space location and the opportunity to discuss both emerging fintech trends as well as the potential to drive innovation across the financial services sector more broadly."
The recent event in London was hosted by the Fintech Delivery Group, which has been formed by Guernsey Finance, Locate Guernsey and the Digital Greenhouse.
“This is an exciting time for Guernsey to foster and drive technology, innovation and collaboration, so as a group we are delighted to have the opportunity to visit Scale Space, to participate in the presentations and to meet and hear from leading fintech experts,” said Linda Johnson, who chairs the Fintech Delivery Group.
“I would like to thank the Smart Guernsey partnership for making this visit possible.”
Pictured: Scale Space is a campus in London that houses emerging and growing fintech businesses. It is a joint venture between Imperial College and Blenheim Chalcot.
The event included presentations from cutting edge start-ups, expert panels and discussions about the future of digital banking.
"We are extremely pleased to begin what will be a valuable partnership with Scale Space,” said Lucy Kirby, Director of the Digital Greenhouse.
“Providing opportunities for new and existing businesses to share knowledge and connect into venture building programmes is essential for the continued success of all sectors in Guernsey and we are particularly excited to see how these new collaborations can benefit the growth of fintech in the Island.”
Putting a fintech plan into effect has been identified as one of the next steps in ‘strategic area three’ of the States’ Digital Framework: Innovation, Transformation and Entrepreneurial Growth.
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