The Technological Undercurrent: Channelling the Rise of Offshore Finance in the Channel Islands

Olly Duquemin
Guernsey, Jersey
15th April 2024
IT Support

The Technological Undercurrent: Channelling the Rise of Offshore Finance in the Channel Islands

In this article, Resolution IT’s CEO, Olly Duquemin, delves into the multifaceted ways in which technology has shaped the rise of offshore finance in the Channel Islands.

The Channel Islands are renowned not only for their picturesque cliffs and beaches, but also for their pivotal role in the world of finance. Despite their size, Guernsey and Jersey have emerged as prominent players in the offshore finance industry, attracting businesses and investors from around the globe.

According to the respective financial services commissions of each island, as of April 2023, the value of regulated funds under administration in Jersey reached a record high of £488.8bn and £289bn in Guernsey. The finance sector is the highest contributor to the economy and employment market for both islands, contributing to 38% GVA in Guernsey, and 40% in Jersey.*

The evolution of the offshore finance industry in the Channel Islands is intricately intertwined with advancements in technology. Over the years, technology has catalysed the growth of this sector, enabling it to adapt, innovate, and thrive in an increasingly interconnected world. Technology plays a crucial, and often overlooked, role in the Channel Islands’ economic success.

Fintech and Regtech Innovation

The convergence of finance and technology, often referred to as fintech, has sparked a wave of innovation in the offshore finance industry. From blockchain-based solutions for transparent transactions to artificial intelligence-driven risk assessment models, fintech innovations are reshaping the landscape of offshore finance in the Channel Islands, making processes more efficient, cost-effective, and transparent.

The finance sector’s mounting regulatory demands have spurred the emergence of regulatory technology, commonly known as regtech. This regtech ecosystem offers specialised software solutions tailored for tasks like client onboarding, due diligence, KYC, tax reporting, and investment risk management. By leveraging these technologies, businesses can streamline compliance processes, enhance risk monitoring, and deliver added value to their clients.

Global Connectivity and Digital Infrastructure

A robust digital infrastructure forms the backbone of any financial centre, and the Channel Islands have invested significantly in this aspect. High-speed internet connectivity, state-of-the-art data centers, and secure communication networks are essential components that facilitate seamless transactions and communications in the offshore finance industry.

Technology has transformed the Channel Islands into globally connected hubs for finance and investment. Video conferencing and digital collaboration tools facilitate seamless communication and collaboration between clients, financial institutions, and regulatory bodies across different time zones and geographical locations.

Data Analytics and Predictive Modelling

Leveraging big data analytics and predictive modelling capabilities, offshore financial institutions can gain valuable insights into market trends, customer behaviour, and investment opportunities. By harnessing the power of data, decision-makers in the Channel Islands can make informed strategic choices and optimise their operations for maximum efficiency and profitability.

Reputation Protection

As concerns regarding data security and compliance continue to escalate globally, technology plays a pivotal role in ensuring that offshore financial centres adhere to stringent regulatory standards. Cutting-edge technologies such as intrusion detection systems, behaviour analytics, and threat intelligence platforms are deployed to detect and mitigate cyber threats, safeguarding the integrity of financial systems and preserving client trust.

Many organisations invest in cyber security certifications such as ISO 27001, SOC 2, and Cyber Essentials. Cyber security awareness training for all staff is another effective approach to protecting data by reducing human error, a factor that contributes to 95% of cyber security breaches according to IBM’s 2022 Cyber Security Intelligence Report.

To further protect the reputation of financial services in the Channel Islands and ensure businesses are doing all they can to prevent cyber attacks and data breaches, the Guernsey Financial Services Commission (GFSC) has issued cyber security rules for financially regulated businesses to adhere to, and Jersey is soon to follow suit.


The rise of offshore finance in the Channel Islands is a testament to the symbiotic relationship between technology and finance. By harnessing the power of technology, the Channel Islands are poised to remain at the forefront of offshore finance, offering a compelling blend of stability, sophistication, and technological prowess to investors and businesses worldwide. At a company level, firms that embrace technology and invest in digital transformation stand to differentiate themselves from competitors, accelerate their growth, and increase their profitability.

Olly Duquemin

As a founding partner of Resolution IT, Olly has been fundamental in growing the business from three to over 75 in the intervening 16 years, including opening offices in Dubai and Jersey. With extensive IT experience and a range of technical qualifications, he is responsible for business strategy and driving the direction and offerings of Resolution IT, including cyber security, digital transformation and cloud solutions.

Committed to making award-winning Resolution IT a great place to work with and for, Olly is passionate about great customer service, making sure his team are seen as trusted advisors who operate as an extension of their clients’ businesses.

Olly is also involved with a number of advisory roles, in particular in the charitable and educational sector and is a supportive presence in making IT an attractive and exciting career proposition for young people.

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