Parish Group has several clients involved within the FinTech sector. Notably Parish Group are the first corporate services provider in Guernsey to successfully register a Payment Processing Company under The Registration of Non-Regulated Financial Services Businesses (Bailiwick of Guernsey) Law, 2008 as amended which is now operating under Parish Group’s administration in Guernsey.
Parish Group is ideally placed to manage FinTech business coming to Guernsey. We work with predominantly entrepreneurial style clients who operate trading businesses to enable them to get the best out of the opportunities in Guernsey and our services. We recognise that FinTech style businesses are fast paced and innovative and this is our preferred style of working too.
FinTech encompasses existing financial services technology as well as new products and services. FinTech is applied to methods and solutions used by traditional financial services businesses to streamline and modernise their processes as well as emerging technologies which seek to disrupt traditional industries. Broadly FinTech can be split into four areas:
- Payments and Currencies – technologies used to make payments in new ways e.g. ApplePay and also includes Cryptocurrencies such as BitCoin.
- Software – new processes and programs designed to improve and streamline back and middle office processing to make businesses more efficient.
- Platforms – online systems to allow users to perform a variety of tasks such as comparisons of financial products and also peer-to-peer lending.
- Data and Analytics – technology which gathers and analyses information to enable users to improve services and become more targeted and therefore improve sales/efficiencies.
Guernsey is an excellent choice for FinTech business due to its established trust and credibility as an existing financial centre, no capital gains tax or VAT on capital expenditure, the ability to be flexible with laws and regulation and access to capital – Guernsey is a world leader in private equity funds and listings. The regulator, the Guernsey Financial Services Commission, is renowned for being approachable, accessible and open to new ideas. Guernsey is recognised by the EU as having adequate data protection regulations, has resilient and secure data connectivity, progressive intellectual property legislation, a vibrant economy and is ideally placed between the UK and Europe.