Economic development
November 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 the Investment Association ( AI). The MoU, which aims to strengthen links between fintech developments in the global financial centers of London and New Jersey/New York, was signed by Tim Sullivan, CEO of NJEDA, and Jack Knight, Deputy Managing Director at AI name.
“Through this exciting partnership, we will continue to strengthen the deep economic and cultural ties between New Jersey and the United Kingdom while opening new opportunities,” said Governor Phil Murphy. “By bringing together talent, capital and cutting-edge ideas, we will propel New Jersey’s innovation economy forward and solidify our state as a global leader in fintech.”
The partnership will aim to attract capital to various New Jersey industries, facilitate the expansion of New Jersey- and UK-based financial technology companies into their respective markets, and develop relationships between financial institutions in both regions to explore mutually beneficial business opportunities. It will also foster collaboration between the two parties’ finTech-related platforms: IA Engine’s fintech hub and NJ FAST, a fintech accelerator and strategic innovation center.
“This partnership – including collaboration between our fintech hubs – marks an important milestone in our efforts to attract investment and drive innovation in New Jersey,” said NJEDA CEO 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 is the state’s lead agency responsible for driving economic growth by supporting high-quality job creation, catalyzing investment, and fostering vibrant, inclusive community development.
“This memorandum of understanding with the New Jersey Economic Development Authority underscores our commitment to fostering transatlantic connections that drive innovation and opportunity in fintech,” said Jack Knight, Deputy CEO of the Investment Association . “By facilitating access to capital, technology and expertise in both markets, we enable a dynamic exchange that supports the growth of fintech in the UK and New Jersey, ultimately benefiting businesses and consumers.
The IA is the UK’s trade body and industry voice for UK investment managers, representing 250 firms and £9.1 trillion in assets under management. The investment management sector supports 124,800 jobs in the UK, including 13,100 in Scotland, and is the second largest in the world, after America.
“We are excited to facilitate this MOU as part of our economic mission in the UK, strengthening the connections that will propel fintech growth in New Jersey and the UK,” said Wes Mathews, President and CEO of Choose New Jersey. “Our role is to establish strong connections that drive collaboration between New Jersey’s innovation ecosystem and international partners. By forging these strategic connections, we are paving the way for shared progress and new opportunities in fintech.
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