Economic Development

Input for Creation of Fintech Innovation Center Sought

The New Jersey Economic Development Authority (NJEDA) today issued a Request for Information (RFI) seeking insight from qualified entities with perspectives on the creation of a physical innovation center dedicated to financial technology (fintech) in New Jersey. The RFI seeks to collect information on whether a fintech strategic innovation center would create a unique opportunity for further economic development, sustain job growth and job creation, and catalyze innovation in the state. The RFI can be found at Responses are due by June 6.

The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, solutions, and responses that provide insight into the scope and characteristics of technology-driven financial innovation, generally referred to as fintech, and the potential value in creating a center for fintech activity in New Jersey.

Additionally, this RFI seeks to better understand the opportunities and challenges associated with establishing a fintech innovation center, including market need and gaps, potential sites and logistical considerations; information on potential projects or solutions that present the best return on investment and opportunity for sustainability; and national and international models that should be considered when developing a fintech innovation center.

“The creation of new innovation-centric spaces is an important element of Governor Murphy’s efforts to build New Jersey’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Gathering insights into how a fintech innovation center could contribute to the economic vitality and quality of life in the state will help us identify best practices and innovative ideas for developing a successful center that makes sense for New Jersey in terms of its long-term economic competitiveness.”

New Jersey is well on track to become the nation’s central location for the fintech industry, considering many of the world’s leading financial services companies have already located their back-office data and technology support operations in the Garden State. New Jersey offers a strategic location at the heart of the densely-populated and transit-connected Northeast Corridor, next to Philadelphia and New York City; it provides best-in-class digital infrastructure; it’s home to a highly-educated, skilled, and diverse workforce; and it serves as an international gateway with easy access to employees, clients, and customers across the globe.

The NJEDA is seeking responses from qualified entities including, but not limited to, finance and insurance companies, information technology companies, suppliers within the Financial Services and Technology supply chains (e.g., product and technology development), post-secondary educational institutions, relevant industry or trade groups, policy and academic researchers; real estate developers; business leaders, employers and entrepreneurs; technical assistance providers, and municipal or county governments.

Responses to the RFI are due no later than 11:59 EST, on Monday, June 6, via e-mail to: [email protected]. The subject line of the e-mail should state: RFI Response-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center.

All questions concerning this RFI must be submitted in writing no later than 11:59 EST, on Monday, May 9, via e-mail to: [email protected]. The subject line of the e-mail should state: QUESTIONS-2022-RFI-OET-PFS-146 – New Jersey Financial Technology Innovation Center. Answers to questions submitted will be publicly posted on the Authority’s website on or about Monday, May 23, at: as Addendum.

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