By James William
The funds sector has matured and developed into a more sophisticated market than it was 10 years ago. Technology advances and product innovation in new asset classes has deepened the funds industry, creating more complexity as a result. At the same time, over the last decade, demands on jurisdictions have risen in terms of the level of support that needs to be provided, in terms of substance and effective oversight. Guernsey has always been cognisant of this and has evolved in step with those changing times.
Changes in Guernsey’s population management law introduced last year have made it easier for people to come and base themselves in Guernsey. “We have excellent cybersecurity as well as physical security on the island,” adds Smith. “It is a very safe place to live. I’m not suggesting we need tens of thousands of people, but we could accommodate a few thousand more people quite easily. It’s a question of attracting key people who are able to take advantage of our flexible entrepreneurial environment.”
Crucially, as well as attracting talent, Guernsey also has a good number of people living on the island who are able and willing to invest in fintech start-ups.