Between the massive presence of global FinTech leader Fiserv in Berkeley Heights and the creation of NJFast in Hoboken, a FinTech accelerator led by Stevens Institute of Technology, Prudential Financial and venture capital firm Plug and Play, New Jersey has shown that’s all-in on FinTech in the U.S.
On Monday, the Murphy administration showed how eager it is to expand that presence to Europe and around the globe.
N.J. Economic Development Authority CEO Tim Sullivan held a roundtable discussion with the London-based Investment Association before signing a Memorandum of Understanding designed to strengthen connections between FinTech developments in the London and New Jersey/New York global financial centers.
The partnership will focus on attracting capital to various industries in New Jersey, helping facilitate the expansion of New Jersey and UK-based FinTech firms to each other’s markets, and developing relationships between financial institutions in both regions to explore mutually beneficial business opportunities.
It also will promote collaboration between the two parties’ FinTech-related platforms: IA’s FinTech hub Engine and NJ FAST, which anchors one the state’s strategic innovation center.
Gov. Phil Murphy obviously was thrilled.
“Through this exciting partnership, we will continue to strengthen the deep economic and cultural ties between New Jersey and the United Kingdom while unlocking new opportunities,” he said. “By bringing together talent, capital, and cutting-edge ideas, we will propel New Jersey’s innovation economy forward and cement our state as a global leader in fintech.”
The partnership will connect New Jersey to a global giant.
The Investment Association is the United Kingdom’s trade body and industry voice for UK investment managers, representing 250 firms and £9.1 trillion assets under management. The investment management industry supports 124,800 jobs in the UK, including 13,100 in Scotland, and is the second largest in the world, after the U.S.
Engine, the IA’s FinTech Hub and accelerator, was set up in 2018 to fuel the adoption of technology within investment management. IA officials said Engine aligns with the group’s overall mission to make investment better — better for clients, so they achieve their financial goals; better for companies, so they get the capital they need to grow; and better for the economy, so everyone prospers, IA officials said.
That’s why the two groups already are discussing future meetings on both sides of the pond. And why Jack Knight, the deputy chief executive at the Investment Association, said his group is eager to do more with New Jersey.
“This MOU with the New Jersey Economic Development Authority highlights our commitment to fostering transatlantic connections that drive innovation and opportunity in FinTech,” he said. “By facilitating access to capital, technology, and expertise across both markets, we’re enabling a dynamic exchange that supports FinTech growth in the UK and New Jersey, ultimately benefiting businesses and consumers alike.”
Sullivan couldn’t agree more.
“This partnership — including collaboration between our fintech hubs — marks a significant milestone in our efforts to attract investment and drive innovation in New Jersey,” he said. “We will create new opportunities for fintech startups, attract capital to innovative startups, and drive economic growth on both sides of the Atlantic.”
It’s the type of agreement that Choose New Jersey aims for when planning economic mission trips for the governor, CEO Wes Mathews said.
“We are thrilled to facilitate this MOU as part of our economic mission in the UK, strengthening ties that will propel FinTech growth in New Jersey and the UK,” he said. “Our role is to build strong connections that drive collaboration between New Jersey’s innovation ecosystem and international partners. By forging these strategic bonds, we’re paving the way for shared progress and new opportunities in FinTech.”
