Strengthening Fintech Development Ties Between UK and NJ

On Nov 12, 2024

Choose New Jersey, as part of its governor-led mission to the United Kingdom, yesterday facilitated the signing of a Memorandum of Understanding (MOU) between the New Jersey Economic Development Authority (NJEDA) and Investment Association (IA). The MOU, which is designed to strengthen connections between fintech developments in the London and New Jersey/New York global financial centers, was signed by NJEDA Chief Executive Officer Tim Sullivan and Jack Knight, deputy chief executive on behalf of IA.

“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,” said Gov. Phil Murphy. “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 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 tbeneficial business opportunities. It will also promote collaboration between the two parties’ finTech-related platforms: IA’s fintech hub Engine and NJ FAST, a fintech accelerator and Strategic Innovation Center.

“This partnership — including collaboration between our fintech hubs — marks a significant milestone in our efforts to attract investment and drive innovation in New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. “We will create new opportunities for fintech startups, attract capital to innovative startups, and drive economic growth on both sides of the Atlantic.”

NJEDA serves as the state’s principal agency for driving economic growth by supporting high-quality job creation, catalyzing investment, and fostering vibrant, inclusive community development.

“This MOU with the New Jersey Economic Development Authority highlights our commitment to fostering transatlantic connections that drive innovation and opportunity in fintech,” said Jack Knight, deputy chief executive at the Investment Association. “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.”

The IA 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 America.

“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,” said Wes Mathews, President & CEO of Choose New Jersey. “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.”

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