A new partnership has been established between the New Jersey Economic Development Authority (NJEDA) and the Investment Association (IA) to enhance FinTech development ties between the United Kingdom and New Jersey. The Memorandum of Understanding (MOU) was signed in London as part of a mission led by Choose New Jersey, a nonprofit organization focused on business attraction.
Governor Phil Murphy expressed optimism about the collaboration, stating, "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 emphasized that this initiative aims to position New Jersey as a leader in fintech by merging talent, capital, and innovative ideas.
The agreement aims to attract capital to industries in New Jersey and facilitate market expansion for FinTech firms based in both regions. It also seeks to foster relationships between financial institutions across these areas for mutual business benefits. The collaboration will focus on promoting platforms such as IA’s FinTech hub Engine and NJ FAST, a FinTech accelerator.
Tim Sullivan, CEO of NJEDA, remarked on the significance of this milestone: "This partnership — including collaboration between our fintech hubs — marks a significant milestone in our efforts to attract investment and drive innovation in New Jersey."
Jack Knight from IA highlighted their commitment to fostering transatlantic connections: "This MOU with the New Jersey Economic Development Authority highlights our commitment to fostering transatlantic connections that drive innovation and opportunity in FinTech."
The IA represents UK investment managers with 250 firms managing £9.1 trillion assets. Wes Mathews from Choose New Jersey expressed enthusiasm for facilitating this MOU during their economic mission in the UK.
Reporters seeking further information can contact Natalie Hamilton or Ingrid Austin or visit choosenj.com/UKMission.
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