NJ eyes creation of Fintech Innovation Center

New Jersey has already established itself as a hub for the rapidly growing fintech industry. But should the state do more by creating an official Fintech innovation center?

The New Jersey Economic Development Authority seeks to understand this. On Monday, it issued a request for information seeking information from qualified entities with perspectives on the creation of a physical innovation center dedicated to fintech.

EDA officials said the RFI was seeking to gather information on whether a strategic fintech innovation center would create a unique opportunity for additional economic development, support growth and job creation, and catalyze economic growth. innovation in the state.

The RFI is available here. Responses are expected by June 6.

NJ and fintech: perfect together?

Economic Development Authority CEO Tim Sullivan said New Jersey is on track to become the nation’s hub for the fintech industry, as many of the top financial services firms in the world have already localized their back-office data and technology support operations in the state.

New Jersey offers:

  • A densely populated northeast corridor connected to public transit;
  • First-class digital infrastructure;
  • Highly educated, skilled and diverse workforce;
  • An international gateway with easy access to employees, customers and consumers around the world.

EDA CEO Tim Sullivan said the state not only wants feedback, questions, and recommendations on the potential value of creating a hub of fintech activity in New Jersey, but that the RFI sought to help the state better understand the opportunities and challenges associated with establishing a Fintech Innovation Center, including:

  • Market needs and gaps, potential sites and logistical considerations;
  • Information on potential projects or solutions that present the best return on investment and opportunities for sustainability;
  • National and international models to consider when developing a Fintech innovation center.

“Collecting information on how a fintech innovation center could contribute to economic vitality and quality of life in the state will help us identify best practices and innovative ideas to develop a successful center that has makes sense for New Jersey in terms of its long-term economic competitiveness,” Sullivan said.

NJEDA is seeking responses from qualified entities, including, but not limited to, finance and insurance companies; information technology companies; suppliers within financial services and technology supply chains (eg, product and technology development); post-secondary institutions; relevant industrial or commercial groups; policy and academic researchers; real estate agents; business leaders, employers and entrepreneurs; technical support providers; and municipal or county governments.

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