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WRITTEN QUESTION TO THE CHIEF MINISTER BY DEPUTY M.R. HIGGINS OF ST. HELIER
ANSWER TO BE TABLED ON TUESDAY 18TH JULY 2017
Question
Will the Minister advise Members what studies, if any, have been commissioned by the States of Jersey into the impact of Artificial Intelligence and Fintech on employment in the financial services, accountancy and legal sectors? If he has commissioned any such studies, will he publish them; and if he has not, will he explain why has he not conducted such research due the importance of this sector to the Jersey economy?
Answer
The potential opportunities and challenges that new technology presents for the financial services sector are being considered as part of a Strategic Review led by Jersey Finance. This will identify how the sector might benefit from innovations in areas such as artificial intelligence and Fintech, and how companies can mitigate the impact of digital disruption on their business models. As with the Strategic Review of Financial Services in 2012-13, the key findings will be published and reflected in Government policy for the financial services sector.
Fintech in particular offers tremendous potential to strengthen the financial services sector while simultaneously contributing to the continued growth of Jersey's digital sector. Jersey Finance and Digital Jersey, together with the JFSC, are working to develop and publish a Fintech Strategy for the Island so we can ensure that Jersey captures the opportunities that exist.