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Given your background in technology, do you see yourself as a geek or a mainstream entrepreneur who uses technology as a tool? I’m definitely not a geek – there are some really clever people who are geeks, and I don’t have an anorak! I think that I just found the ability to use technology in financial services to do new and quite fascinating things, and luckily the market has accepted some of these ideas. In 2010, I was the UK Entrepreneur of


the Year, and last year we won the Cambridge Innovation Award. I was absolutely amazed that we won that one, considering the high-tech companies we were up against. I’m a Technical Marketeer perhaps, but that’s about as far as I go.


We recently ran an article on whether Jersey could become a centre of IT excellence. What is your take on that? They won’t like me bringing this up, but if you look in the Financial Times supplement for 1999 for Jersey, there is a feature in there saying that IT will be the fourth pillar of the economy. It


was talking about some of the stuff we were doing and what other companies were doing. But nothing’s changed. Because of the current regulatory environment we can’t operate our business in the way we want to from Jersey. But there are other jurisdictions that are starting to wake up to some of the changes. I can go to Malta tomorrow and open a bank there, I can go to Cyprus and do the same. And I know that the UK FSA will give me a banking license.


Doesn’t this go to Jersey’s rule that a bank has to be in the top 500 to be admitted? Yes, and that’s complete crap. What basis of judgement do they take for that? In relation to capital adequacy, if everything goes wrong and we have to shut the shop, can the customers get paid? The regulatory environment that we operate under means we maintain 102 per cent capital adequacy, which means that if we failed operationally as a company, all our customers would get paid in full, on time. I argue there’s not a bank in the Channel Islands


that could make that claim. That said, we’re working closely with the JFSC and political representatives over how some of the stuff we are currently working on, specifically in the areas of e-money, can operate from Jersey.


So what’s next for the company and for you? We’ve recently completed a private equity investment and are looking at a number of acquisitions. We have a significant war chest at our disposal to grow our business and we’ll extend our activities across Europe in the next two years, along with some further international expansion. There will be some major announcements made this year, so watch this space! As for me, I’m very excited by what we


are doing. I’m very fortunate in having built one very successful payment company that is still in operation and to have another one that seems to be forging ahead as well. n


NICK KIRBY is Editor-in-Chief of businesslife.co


Having the right connections in business is important. In more locations than any other offshore !"#$!%&'()*+$,-&$.(&$(/+.+01,$1+2.& 0",3+*"0&4,23+(",%&544!"6-&277",0&$& 7,"08&4",04"*1+3"&$.(&*2/4!"1"& 9.2:!"(#"&27&;),+0(+*1+2.$!&01,".#180<& =>4",+".*"(&4,27"00+2.$!0&+.&18"& right locations. Appleby.


Bermuda British Virgin Islands Cayman Islands Guernsey Hong Kong Isle of Man Jersey London Mauritius Seychelles Zurich


?@=&ABC@?&D=EDF=<&?@=&ABC@?&DF5G=H<THE RIGHT PERSPECTIVE.


Offshore Legal, Fiduciary & Administration Services


February/March 2012 businesslife.co 27 applebyglobal.com


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