Jersey cemented its reputation as a forward-thinking fintech hub last week as Digital Jersey hosted Transforming Finance in the Digital Age at the Royal Yacht, where Moneybrain founder Lee Birkett unveiled the innovative ‘Digital Pound’.
Having relocated to Jersey in 2023 with support from Digital Jersey, Moneybrain offers a crypto wallet and payment platform that empowers users to send and receive funds with unprecedented efficiency. The newly launched Digital Pound—a type of stablecoin—provides a more stable alternative to volatile cryptocurrencies like Bitcoin by tying its value to fiat currency.
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Highlighting its benefits, Lee described the Digital Pound as “a better, more efficient pound,” designed to slash excessive card fees and streamline payments for island businesses. He explained:
“People can have an account with us, they can save with us, they can borrow with us, but more importantly for the Jersey economy they can have a payment where it only costs them a penny to pay each other.”
Fintech: The Future of Finance
Tony Moretta, CEO of Digital Jersey, underscored the island’s growing role in attracting and supporting fintech innovation:
“Our role is both to support local companies in Jersey – we have a lot of really successful local fintechs – but we want to attract them as well… we are attracting new fintechs because that’s the future of the finance industry.”
Tony also noted Jersey’s evolving stance on digital currencies, emphasising the importance of solutions like stablecoins in overcoming payment challenges for local businesses:
“The more options that we have, the better.”
The launch of the Digital Pound showcases Jersey’s ability to lead in fintech innovation, with Digital Jersey continuing to provide the platform and support to turn ambitious ideas into reality.
