'Big Data' Presents Big Opportunity For Jersey

"Technology is as much about helping traditional industries to modernise as it is about the digital sector."

That's one of the key messages given out at Digital Jersey's Annual Review.

200 people turned out to Cineworld for the event on Tuesday morning, which took place as an in-person event for the first time since 2019.

During the event, industry speakers made the case for positioning Jersey as a centre for data stewardship - overseeing organisations' data similar to how the island is already established as an international finance centre.

Rachel Harker, Digital Jersey's Technology Development Consultant, said she had been working with experts who see it as an opportunity for the island:

"We are living through the data revolution. By 2025 the world will be generating 175 trillion gigabytes of data each year.

It’s impossible to imagine that amount of data, but we do understand its worth because the most valuable companies in the world are digital data-driven businesses like Facebook, Amazon and Google."

She said it's a valuable service which Jersey is well-positioned to benefit from:

"All businesses want to drive efficiencies and make better decisions and they can do that through data. This represents a huge opportunity for Jersey.

We steward a trillion dollars of financial assets in Jersey. That can be matched with data stewardship. With our internationally respected legal system and judiciary and the trusts and foundation experts who serve the financial sector, Jersey could pivot its skills and develop a data stewardship sector."

Could data stewardship be the next big economic opportunity for Jersey?

John Taysom, the co-founder of Privaitar - a UK-based data privacy company - said there have been previous instances where being the first to step up and having an environment ready to operate in has benefited local economies:

"Delaware is the second smallest state in the USA, but it has 70% of the Fortune 500 companies registered there because it was the first to develop a business-friendly legal environment.

Artificial Intelligence will be in some form of everything we do going forward, and AI needs data. We need an ethical framework for AI to work for us and whether you or someone else does it, it will happen. So, Jersey has an opportunity in data trusts. The Island is big enough to be meaningful but small enough to be manageable."

Also during this week's event, Digital Jersey CEO Tony Moretta talked through some of the island's innovation highlights from the last 12 months - including the launch of 'Jersey for Fintech', a partnership to encourage firms that develop technology for the financial services industry to relocate here.

Digital Jersey's Tony Moretta

He said despite the Covid-19 pandemic, last year was still the most successful yet for attracting new digital talent and seeing businesses relocate here:

"[We have] never had a stronger pipeline of prospects who are looking to move here, bring their companies, and provide revenue and jobs for the economy."

2021 also saw the launch of Springboard, a home-grown crowdfunding platform for good causes - as well as Digital Jersey working with Andium Homes to install damp sensors to help reduce problems for tenants.

Mr Moretta also announced a new 'matchmaking tool' in collaboration between Jersey Finance and Digital Jersey members:

"We are working to match up Jersey Finance members who have projects they need doing with Digital Jersey members who can support them. A kind of local procurement platform."

He said if the project is a success, it will be expanded to other sectors.