Spotlight on Guernsey – Aston's New HQ

Most new businesses shouldn't work.

If entrepreneurs thought long enough, they would realise that if there is a significant need for a service, a business will already exist to meet that need. However, we found a rare situation in Guernsey where a new enterprise could satisfy a largely unfulfilled demand.

Therefore, our decision to open a business in Guernsey was easy. We had the means and ability to provide solutions that would support the island and meet a largely unfulfilled demand.

Guernsey has a robust and dynamic financial ecosystem and an innovative regulatory environment. Aston found itself in the fortunate position of being able to complement those strengths.

Our story is unusual, we couldn't have known and didn't expect it would lead to us becoming the first money service business to move to the island and Guernsey has emerged as the ideal jurisdiction for our ambitious growth plans.

A Thriving Financial Services Ecosystem

The island's impressive variety of financial services businesses meets the needs of a global audience. For example, Guernsey's investment funds industry has assets under management of over £280 billion. It is the number one location for London Stock Exchange-listed funds outside the UK, and local professionals frequently advise on some of Europe's largest funds.

Another success story for the island is insurance. For example, Guernsey is the leading European domicile for insurance captives, with over 100 years of experience in this sector. The respect for Guernsey's captive's expertise is shown in the FTSE100 – 40% of which have a captive domiciled on the island. But again, it's a global story, with the sector attracting business from Asia and Australia to South Africa and the Americas.

The island is a vibrant marketplace for financial activities, making it ideal for the partnerships and collaborations vital to our growth and innovation.

A Hub of Financial Innovation

Guernsey has always been able to respond to opportunities and introduce innovative financial products and services. Being in a jurisdiction open to innovation is essential to us; we want to pave the way for new efficiencies and new ways of doing things grounded in improving our clients' experience.

We believe collaboration feeds innovation, and Guernsey makes it easy to connect with like-minded people and organisations. The supportive culture is open-minded to our mission to lead in the fast-evolving payments arena.

We like the balance of innovation and substance. Guernsey created the Protected Cell Company structure, launched a world-first regulated green fund, and recently, a fund with an AI-powered investment strategy chose the island as its domicile.

At the same time, Guernsey was also an early adopter of the OECD's Common Reporting Standard and was whitelisted by the EU and OECD in 2019. It continues to meet international standards for tax transparency, countering financial crime and risks like cyber security.

Supportive Regulatory Framework

The regulatory environment in Guernsey also reflects balance. It is designed to uphold high standards in international compliance while also encouraging growth and innovation. The Guernsey Financial Services Commission (GFSC) is known for its balanced and forward-thinking regulatory approach, ensuring that financial practices align with global compliance standards yet remain conducive to business development.

For Aston, the GFSC's reputation and regulatory framework mean stability and credibility—essential factors for a company handling cross-border transactions and international payments. But we also value the regulator's readiness to discuss new ideas and ways of working. We welcome their challenge, which we see as crucial to improving financial services.

Strategic Proximity to the UK Financial Markets

When Miles Celic, Chief Executive Officer at TheCityUK, visited Guernsey last year to meet with industry leaders and Guernsey Finance, he said: "Guernsey is a fantastic place, and I love coming here. Alongside that, there's a really close relationship, not just between our organisations, but between Guernsey and the UK as international financial centres. It's a symbiotic relationship, and I consider Guernsey and the UK to be two pillars of what I call the British family of financial centres."

Without a doubt, Guernsey's geographical and regulatory proximity to the UK offers unmatched advantages. With the UK being one of the world's leading financial markets, Guernsey serves as a strategic base that provides Aston with the necessary connectivity and alignment with major economic activities in this region.

Research conducted by Frontier Economics recently highlighted Guernsey's finance sector's contribution to the UK economy.

The report noted that Guernsey-based funds channel significant investment into the UK economy and currently hold UK assets worth £57 billion.

Interestingly, while foreign direct investment in the UK has fallen in recent years, Guernsey-based funds' capital investment in UK assets has increased by 14% per year since 2020.

Investment funds aside, the report estimates that UK FTSE 100 companies may collectively save almost £100 million per year by using Guernsey captive insurance structures.

Aston's choice to establish itself in Guernsey demonstrates a strategic alignment with our business objectives and the island's numerous advantages, including its robust financial ecosystem, innovative regulatory environment, and access to a varied client base.

We believe this move has positioned Aston for substantial growth and success in the very competitive and fast-moving world of financial services.