Mercer Times

In a recent development, New Jersey's leading nonprofit business attraction organization, Choose New Jersey, facilitated the signing of a Memorandum of Understanding (MOU) between the New Jersey Economic Development Authority (NJEDA) and the Investment Association (IA). This agreement aims to enhance connections between FinTech developments in London and the financial centers of New Jersey/New York. The MOU was signed by NJEDA Chief Executive Officer Tim Sullivan and Jack Knight, Deputy Chief Executive on behalf of IA.

New Jersey Governor Phil Murphy commented on the partnership, 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 combining talent, capital, and innovative ideas would advance New Jersey’s position as a leader in fintech.

The collaboration seeks to attract capital to various industries in New Jersey and facilitate market expansion for FinTech firms based in both regions. It also aims to foster relationships between financial institutions to explore mutually beneficial business opportunities. Additionally, it will promote cooperation between IA’s FinTech hub Engine and NJ FAST, a FinTech accelerator and Strategic Innovation Center.

“This partnership — including collaboration between our fintech hubs — marks a significant milestone in our efforts to attract investment and drive innovation in New Jersey,” said NJEDA Chief Executive Officer Tim Sullivan. He highlighted that this initiative would create new opportunities for fintech startups and drive economic growth across the Atlantic.

Jack Knight from IA remarked on their commitment to fostering transatlantic connections through this MOU: “By facilitating access to capital, technology, and expertise across both markets, we’re enabling a dynamic exchange that supports FinTech growth in the UK and New Jersey.”

The Investment Association represents 250 firms with £9.1 trillion assets under management in the UK. Wes Mathews from Choose New Jersey expressed enthusiasm about facilitating this MOU as part of their mission in the UK: “Our role is to build strong connections that drive collaboration between New Jersey’s innovation ecosystem and international partners.”

Reporters seeking more information can contact Natalie Hamilton or Ingrid Austin or visit choosenj.com/UKMission for additional details.