Why I’m confident ABOUT JERSEY'S FUTURE AS A CENTRE FOR DIGITAL INDUSTRIES By Senator Philip Ozouf, Assistant Chief Minister responsible for digital industries For me, the digital industry is the natural evolution of an innovative
Jersey. The Chief Minister has asked me to place a large amount of focus on the digital industry, because the technologies that are being developed in Jersey have huge economic potential, both for our local markets and for the world at large.
Ultimately, this industry will revolutionise the way we bank, the way we invest and the way companies raise money. It will dramatically change how we monitor our health and the life-choices we make. It will lead to new products, new services, and many new opportunities. And the exciting thing about combining new technology and a free market, is that the evolution of this area is uncertain and no- one can predict exactly how these new forms of technology will develop.
I am pleased to see the presence of some exciting financial technology (known as fintech) products in Jersey. For example it’s clear that there are some strong opportunities in anti-money laundering, with apps that can carry out your customer due- diligence through the customer’s smart phone, no matter where they are located. These innovations are designed to make our finance industry more efficient and responsive, whilst promoting the highest standards of regulatory compliance.
Governments also have a role to play. It’s up to us to create the best environment in which the digital industry can flourish. This is exactly why I am pleased to support Digital Jersey, who in my view must continue in their hard work to act as an accelerator for this digital economy. 2016 will be a fast moving year for Digital Jersey, under the leadership of their new CEO Tony Moretta, as they focus on developing key industry clusters of tech-excellence and encouraging entrepreneurs with innovative tech-ideas to set up in Jersey.
Linked to Digital Jersey’s support is the work of the Jersey Innovation Fund, which has been designed to provide funding and support to innovative new projects. These projects must have the potential to deliver a net economic benefit to Jersey, usually through means of employment. The maximum amount of JIF funding support offered is £500,000; they have
attracted around 50 applications to date and released about £2.5 million of funds so far. Over half of those that we have supported are digital initiatives and there is a healthy pipeline of applicants, including a number of fintech products and services. This is excellent work and has my full support.
Very much linked to this is the growing interest in using Jersey as a testbed for all
sorts of innovative technologies, many of which are designed to make our lives better in the fields of health and education. A local grouping of business leaders and healthcare professionals have banded together to try to create a testbed in Jersey for the latest in medical technology. These are important developments and should be encourged.
Building a digitally enabled jurisdiction requires lots of smaller parts to come together. Earlier this year I announced a policy on virtual currencies, as a stepping stone along that path for Jersey. The purpose of the policy is to outline Jersey’s commitment to creating an environment that encourages confidence and innovation in the digital sector, whilst protecting the Island from the most prominent money laundering and terrorist financing risks that are presented by virtual currencies in their current form.
We need to continue on this journey and put in place the fundamental building blocks that will enable Jersey’s future economic growth and productivity. Underlying all of this is our fibre infrastructure and I would like to emphasise the fundamental importance of the Gigabit Jersey project. Fibre is as vital as the road network, and it will enable huge benefits to many aspects of our lives in the years ahead. Jersey is already at the very top of the global league tables in terms of fibre connections.
A Digital Jersey Page 5
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