Annual Report

While it was a year still beset with challenges, from the economic, with high inflation rates, slow growth and rising interest rates, to the geopolitical, with continued conflict in Ukraine and increased instability in the Middle East, we believe our focus on reputation, growth markets, digitisation and sustainability set out in our business plan has proved sound.

When combined with Jersey’s core offering of stability and certainty, it has meant the Island’s finance industry has capably weathered such a tumultuous backdrop; our funds sector has performed well in terms of assets served, bank deposits have remained resilient and our private wealth offering continues to be highly attractive.

In terms of sustainable finance, we have made firm strides in executing our strategy, notably completing our first assessment via the International Network of Financial Centres for Sustainability (FC4S). This will align our vision, to be recognised as a leading international finance centre (IFC) in the sector, with the UN’s Sustainable Development Goals (SDGs). Alongside, we have maintained our focus on keeping pace with an ever-evolving digital landscape, strengthening our capabilities through events such as our Demo Day and collaborative projects, including the launch with Digital Jersey of ProMatch, an innovative new platform that pairs finance firms with digital businesses and entrepreneurs.

In an increasingly competitive international financial services market, we believe the cohesive and collaborative approach taken by the Government of Jersey, the Jersey Financial Services Commission, the team at Jersey Finance, and the finance industry differentiates the Island from its competitors. It is also an approach that I believe will serve us well as we embark on the first year of our new four-year business plan in 2024, especially at a time when we face potentially seismic shifts in the global political landscape. Our vision to be the clear leader for future-focussed global finance has never wavered, and we will continue to keep to that ambition irrespective of the road ahead.

I am incredibly proud of the work the team at Jersey Finance do and I am pleased to endorse the contents of the 2023 Jersey Finance Annual Report.

Maintaining that reputation continues to be vital through all strands of our work at Jersey Finance – driving our ambition to be a leader in sustainable finance; shaping our commitment to be recognised as a centre for innovation and digital adoption; and helping to futureproof our Island’s competitive position as an IFC that is playing a vital and positive role around the world.

This report details how, working with and supporting our Member firms, we have achieved those ambitions in 2023.

To provide a snapshot, last year saw us continue with our comprehensive programme of more than 200 events, taking us to Europe, the Middle East, the US, Africa, China and South-East Asia, where we formally launched our new Singapore presence in March 2023.

The past twelve months also saw us continue to generate thought-provoking research with reports exploring the tokenisation of real assets, the decoding of the digital landscape for ultra-high net worth individuals and mapping the future of the next generation of wealth leaders in the Kingdom of Saudi Arabia, to name but a few.

Recognising that young people are vital to creating a sustainable workforce and to our ongoing success as a dynamic IFC, 2023 also saw us maintain our support of local talent at every stage of their career, from students via our ‘Life in Finance’ and school engagement campaigns to those in, or returning to work through our ‘Reconnect’, ‘Future Connect’ and mentoring programmes.

Undoubtedly, the global landscape over the last year has remained challenging and the assessment by MONEYVAL highlighted the prudence of our long-term focus on being a reputable IFC with high regulatory standards – which remains a core part of our proposition as we focus on the future.

Having engaged with more than 100 organisations both inside and outside Jersey, including business leaders, gatekeepers, policymakers, regulators and politicians, we stand ready and invigorated to press ahead, in line with the ambitions set out in our new four-year business plan.

While the economic and geopolitical landscape is likely to remain complex in the coming years, by working together we can continue to provide a welcome, stable, certain and progressive environment for global investors.

It is with pleasure that I approve our 2023 Annual Report.