By  Esther Surden 

New Jersey is home to many innovative financial technology (fintech) startups and companies like Cross River (Fort Lee), DriveWealth (Jersey City), BlockFi, (Jersey City) Celsius (Hoboken), Buckle (Jersey City) and BillTrust (Lawrenceville). Our universities including Stevens Institute of Technology, Princeton, NJIT, Rutgers and others are involved in fintech research and offer courses in the topic to students.

It used to be that fintech referred to high-frequency stock trading or innovations that led to workers being able to access their pay earlier or even tap and go credit cards. Now fintech innovations are around cryptocurrencies, blockchain, fractional stocks and credit cards that offer bonuses in bitcoin. In truth, the world of fintech has changed dramatically over the last ten years.

As fintech is a ripe area for innovation and New Jersey is in the thick of it, the New Jersey Economic Development Authority (NJEDA) wants to know your perspective on the creation of a physical innovation center dedicated to financial technology (fintech) in New Jersey.

The NJEDA’s request for information (RFI) seeks to collect information on whether a fintech strategic innovation center would create a unique opportunity for further economic development, sustain job growth and job creation, and catalyze innovation in the state.

The RFI can be found at https://www.njeda.com/bidding/#OET. Responses are due by June 6, 2022.

The NJEDA is interested in receiving comments, questions, recommendations, facts, information, ideas, solutions, and responses that provide insight into the scope and characteristics of technology-driven financial innovation, and the potential value in creating a center for fintech activity in New Jersey.

Additionally, this RFI seeks to better understand the opportunities and challenges associated with establishing a fintech innovation center, including market need and gaps, potential sites and logistical considerations; information on potential projects or solutions that present the best return on investment and opportunity for sustainability; and national and international models that should be considered when developing a fintech innovation center.

“The creation of new innovation-centric spaces is an important element of Governor Murphy’s efforts to build New Jersey’s innovation economy,” said NJEDA Chief Executive Officer Tim Sullivan. “Gathering insights into how a fintech innovation center could contribute to the economic vitality and quality of life in the State will help us identify best practices and innovative ideas for developing a successful center that makes sense for New Jersey in terms of its long-term economic competitiveness.”

The NJEDA is seeking responses from qualified entities including, but not limited to, finance and insurance companies, information technology companies, suppliers within the Financial Services and Technology supply chains (e.g., product and technology development), post-secondary educational institutions, relevant industry or trade groups, policy and academic researchers; real estate developers; business leaders, employers and entrepreneurs; technical assistance providers, and municipal or county governments.

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