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Strategy paper positions Guernsey's fintech sector

21 July 2015

PwC, in association with Guernsey's Commerce and Employment Department, have released a strategy document to guide the future of the fintech sector in the Island.

The paper looks to position Guernsey so that it is well placed to take advantage of opportunities in the current digital age.

In order to understand those fintech opportunities and to ensure that Guernsey has the appropriate infrastructure in place to, Commerce and Employment, through the Finance Sector Policy Unit, engaged PwC to carry out research on the sector and Guernsey's infrastructure. The project included analysis of the local and international environment within the fintech sector to identify key market attributes and future direction and the involvement of local and off-Island industry experts and stakeholders.

Commerce and Employment said it recognised the significant opportunities fintech presents within, and complementing, the existing finance industry and its role in maintaining and enhancing Guernsey's position as a key international finance centre.

Commerce and Employment Minister Kevin Stewart, 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, commented: "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, and well-established track record as a trusted location and our long-term credibility as an international finance centre 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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