UK fintech company Flagstone has received regulatory approval from the Jersey Financial Services Commission for a new business on the island, Flagstone International.
The cash deposit platform of Flagstone, which is headquartered in London, enables clients to move money between the deposit products of multiple banks after a single onboarding journey.
Its new business, which will open offices in Jersey later this year, will initially launch to clients of Intertrust Group (Jersey) before working with other clients and expanding into other jurisdictions.
Flagstone International has also partnered with HSBC Channel Islands and Isle of Man, which will provide operational services and support for the new business.
Andrew Thatcher (pictured), Co-Founder of Flagstone and CEO of Flagstone International, commented: "Research shows there is a tremendous opportunity to offer our platform to international clients. The inertia of cash stuck in low-interest-bearing accounts due to the time required to open new accounts is far-reaching."
Paul Eva, Head of Private Wealth, Intertrust Group, said: "We have been talking to Flagstone about the development of their solution for the international market for some time. We believe their service will solve a key issue common to many clients in offshore territories around the world."