The financial services sector in Jersey has experienced significant growth and success, with the industry representing more than 40% of the island’s Gross Value Added (GVA). The sector is diverse, with Jersey being renowned for its expertise in areas such as trust and fiduciary, banking, fintech, wealth, fund and asset management. The island has been quick to recognize the opportunities presented by fintech and has worked hard to enable and drive new digital opportunities in the finance industry. Jersey’s finance industry is open for business, and the island’s digital aspiration remains to be the easiest and most efficient place to do business. With an ultra-connected business environment, both the financial and tech sectors are in close proximity to each other, resulting in a strong and innovative environment. The future for finance and fintech in Jersey is bright, with support from Digital Jersey, Locate Jersey, and Jersey Finance, and the island’s key agencies are in constant contact with the fintech community.
Jersey’s financial services sector has achieved record investments, with the value of regulated funds under administration reaching a new high of £488.8bn, up £38.6bn (8.6%) compared with 31 December 2021. The rise was driven by a strong hedge fund sector, which grew by 24% over the year. The consistent growth of the funds sector confirms the appeal of Jersey as a leading international finance center. The island’s banking and corporate sectors have also shown resilience and innovation, attracting high-quality business and supporting global trade and investment flows. The total value of deposits in banks rose by £14.8bn (11%) over 2022 to stand at £148bn, the highest level since 2013. Additionally, 79 Jersey company vehicles were listed on global exchanges around the world, with a combined total market capitalization of £167.4bn. The financial services industry is the largest sector of Jersey’s economy, accounting for more than 40% of the island’s GVA. The government of Jersey has been working to protect the island’s interests in the post-Brexit era, with a focus on the functioning of the Ministry of Justice. The Brexit Residents’ Survey was designed to examine the reasons people move to and from Jersey, including periods of residency in the UK. The survey found that the majority of respondents believed that Brexit would have a negative impact on the island’s economy. The government has been working to mitigate the impact of Brexit on the island’s economy, with a focus on promoting and protecting the island’s interests in the post-Brexit era.
