The Chairman of industry body Financial Services Ireland (FSI), Joe Heneghan, has welcomed the Irish government’s commitment to supporting a national fintech hub.
The announcement was made during the FIS annual dinner which saw the attendance of Minister of State Jennifer Carrol-MacNeill. Ireland’s government appears to be eyeing up an expansion of fintech as a segment of the country’s economy.
Heneghan said: “The digital revolution of financial services is here and every firm in the industry is now a fintech firm. Ireland can be at the forefront of fintech and we believe that the establishment of a dedicated physical space would be a pivotal part of that. But fundamentally, I believe it would deliver jobs, growth and investment for Ireland.”
Additionally, the dinner also discussed the publication of the Individual Accountability Framework (IAF) Standards and Guidance by the Central Bank of Ireland – essentially introducing a regulatory sandbox for the fintech sector.
Addressing the CBI’s decision, Patricia Callan, Director of the FSI, added: “While the CBI’s innovation hub was a welcome initiative, the industry believes that expanding Ireland’s capacity to innovate would ensure the competitiveness of Ireland in the global fintech landscape.
“A sandbox would represent a ‘level shift’ in the financial services industry, enabling more flexibility for firms to experiment in a safe space. It’s a clear indication of the increasing strength of Ireland’s ecosystem that enables innovation in financial services.”
Overall, the dinner served as a melting pot for both industry leaders and stakeholders who joined forces to capitalise on the Irish fintech sector’s growth potential.
Heneghan concluded: “As consumer appetite for digital services continues to grow, every firm operating in financial services is now a fintech firm. Ireland can be at the forefront of fintech, and we believe that establishing a dedicated physical space will be a pivotal part of that. We envision the fintech hub to be a vibrant centre for innovation, collaboration, and growth, open to everybody in the industry.
“Such a hub would not merely be a testament to our commitment to the digital evolution in financial services. It would serve as a tangible, bustling ecosystem, where new-age fintech firms can engage with established industry leaders, exchange ideas, and where regulators and state agencies can listen to firms’ experiences and share their perspectives in return. The space would give firms access to a dynamic community of industry peers, providing learning opportunities.”