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1. Introduction1. Introduction
A FinTech Strategy for Ireland
A FinTech Strategy for Ireland 1. Introduction
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A Fintech Strategy for Ireland
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1. Introduction
ContentsContents 2
Foreword 2
FPAI FinTech Working Group 4
Executive Summary 6
1: Introduction 7
2: Vision for FinTech in Ireland 12
3: Ireland within a Global Industry 13
4: Key Recommendations & Priorities for Ireland 14
Foreword by Brian McCabe Head of EMEA Product &
Innovation at State Street and Chairperson of FPAI
FinTech working group
With an entrepreneurial culture, a positive
business climate and, thanks to the IDA, the
presence of world leading multinationals,
we have the potential to achieve success. In
addition, where our success in the 1980s and
1990s in high technology industries rested
on Foreign Direct Investment, the FinTech
industry now holds out the exciting prospect
of achieving success through established
foreign and indigenous firms and indigenous
dynamic start-up companies working
together. Ireland’s global position in asset
services, pharmaceuticals and status as
destination of choice for the world’s cutting
edge technology companies – shows that
this aspiration is very achievable. Given the
level of disruption across the FinTech space
ones ability to build products and great
businesses that can satisfy a global appetite
requires different thinking, or at least requires
one to branch outside the usual paradigm. In
an industry in which capital and critical mass
are crucial, the funding environment for start-
up and growing companies is a key priority.
Ensuring access to the best possible skills,
from Ireland and abroad, is also essential
to so that the industry both benefits Ireland
in terms of employment while attracting key
talent from, and forging strategic links with,
deep pools of activity around the world. The
prospect of achieving an EU wide market
for financial technology – that benefit SMEs
looking for finance, consumers seeking faster
and cheaper ways to do business, savers
and pensioners – is particularly exciting, but
challenging also.
Ireland’s position within the Euro is, combined
with our strong links to America and Asia, a
particularly strong asset in our favour. Brexit,
whilst there is still a lot to play out before
we fully understand the true impact, and it
is true that it has brought a large degree of
uncertainty to businesses and their future
planning there may also be opportunities for
Ireland to step forward. As the UK review how
they may operate and interact with the EU in a
post Brexit environment we already see large
financial institutions considering their options
which include establishing some form of
entity in other EU states. Ireland should be
seen a good alternative here, being the only
English speaking country in the EU in a post
Brexit scenario, plus a strong asset servicing
environment and capability will also be a
differentiator for us. Globally the success
of locations like Singapore, Israel and Hong
Kong serves as a reminder that Ireland can
never be complacent about the challenges
it faces to rise to international prominence in
this demanding industry. At the same time,
the very rapid uptake of mobile technology
in the developing world offers tremendous
potential for Irish companies to achieve
rapid growth in new markets. Most of the
ingredients for success are present in Ireland.
What is now needed is a dynamic strategy,
will to close gaps that exist between Ireland
and our peers and to ensure both industry
and government focus on the most promising
areas of growth. The views set out in this
paper are those of the FPAI, its members and
other interested parties. It is intended that the
output from this paper will be an input into
the Government’s overall FinTech strategy.
We would like to thank those that have
contributed to the production of this
document; a document that is testimony to
what is required and possible, demonstrating
close collaboration amongst industry players
and competitors alike.
Welcome to the first ever strategy report on the future for Ireland’s
FinTech industry. Given the rapid pace of change in both finance
and information technology, it is likely to be the first of several
such reports. From a well-established core of excellence in
areas such as payments technology, asset servicing and aircraft
leasing, Ireland’s unique blend of talented entrepreneurs, world
leading high technology and financial services companies and
welcoming business environment is blending with a growing
hunger for new and more innovative types of financial services
that deliver greater efficiency and cost savings but increasingly
also exciting and new types of consumer value. The result of
this is that the success of firms in the payments eco-system
is now being complemented by firms that are growing rapidly
in foreign exchange, regulatory technology and online lending.
Their progress is the tip of the iceberg in terms of what Ireland
can accomplish.
A FinTech Strategy for Ireland
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FPAI FinTech Working Group
FPAI FinTech Working Group
The production of this document has been initiated by the FinTech and Payments
Association of Ireland (FPAI) and managed by Financial Services Ireland (FSI), Ibec and
EY on behalf of the IFS 2020 FinTech Working Group.
Leading professional services firms EY and Deloitte have been a key driving force behind
the production of this document – contributing resources, conducting analysis, and
providing planning and editing services throughout.
IFS 2020 FinTech Report & Group Steering
Brian McCabe (Chairperson) State Street
Marc Coleman & Aisling Mc Niffe (Secretariat) FSI
Jonathan Ryder & J’aime Moses EY
David Dalton & Cillian Leonowicz Deloitte
David Tighe Bank of Ireland
Aman Kohli Citi
IFS 2020 FinTech Working Group1
1 Also includes members of the Central Report Steering Group listed above. Contributors listed alphabetically.
Billy Hanley Enterprise
Ireland
Brett Meyers Currency Fair
Cecilia Ronan & Vikram Paranjpe Citi
Deirdre Giblin NCI
Derek Butler Grid Finance
Furio Pietribiasi Mediolanum
Geraldine Gibson & Claire Savage Aqmetrics
JB McCarthy & J Hayes UCC
Joe Dunleavy Pramerica
Systems Ireland
Ltd.
Joe Redmond Fexco
John O’Connor William Fry
John Paul McKenna Ulster Bank
Keith Fingleton IDA
Kevin Loaec & Paul Williams Chainsmiths
Kieran Fitzpatrick Barracuda FX
Marc Murphy Fenergo
Morgan Lynch FPAI
Peter O’Mahony Linked Finance
Phil McCarthy Credit Suisse
Sinead Barry Accenture
Lesley Tully Bank of Ireland
A FinTech Strategy for Ireland 1. Introduction
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1. Introduction
Executive Summary The “IFS2020 – a Strategy for Ireland’s Financial Services Sector 2015-2020”
sets out the Irish Government’s vision for the future of Financial Services in
Ireland and presents a five year strategy to further develop Ireland as a global
leader in the sector. This document sets out a new strategy and vision for
FinTech in Ireland.
Our vision is for Ireland to support and foster a vibrant, globally-orientated FinTech hub that is synonymous with; the development of cutting-edge technology; the design of great products and solutions, and the Growth of Globally scalable FinTech firm; Making Ireland a FinTech destination of choice.
At the outset this document aims to set the scene with a definition of FinTech
and an overview of FinTech in Ireland and Globally – setting out key investment
statistics which demonstrate the significant growth in FinTech which has taken
place.
We then examine the key success factors or attributes of a well-functioning
FinTech eco-system and analyse Ireland within each, showing the current
status across Talent; Capital; Policy; Demand and Technology. This is set within
a global context with key characteristics of other competing jurisdictions also
highlighted.
Finally we look to draw out Ireland’s key competitive advantages and provide a
set of recommendations across six key categories:
1. Stronger FinTech Eco-System
2. FinTech’s Talent pipeline of the Future
3. Financial Technology and Regulator engagement model of the future
4. FinTech’s Capital Injection
5. FinTech Brand – Driving Demand
6. Technology Capability
1: Introduction
What is FinTech:
FinTech can be defined as ‘Organisations combining innovative business models
and technology to enable, enhance and disrupt financial services’1. It can
represent many things but at its most basic FinTech represents the intersection of
finance and technology.
Key strands of FinTech activity include:
• Established multinational and indigenous firms pioneering research and development in new technology to deliver existing or new financial services.
• “Disruptor” companies – often start-ups – exploiting information technology platforms to service consumer products such as payments.
• Information technology companies using strong market presence and financial strength to enter the financial services arena.
• Third level education institutions that fuse research in financial services and information technology.
• Technology collaboration centres which provide a bridge between research, education and industry by conducting applied research of commercial interest to specific sectors (e.g., CeDAR, GRCTC, Insights).
FinTech Globally:
The FinTech sector is growing globally in terms of investment, employment and
the number of FinTechs, but it is far from mature.2 In 2015 FinTech start-ups,
broadly defined, attracted $13.8 billion in venture capital funding worldwide3.
This is more than double the amount attracted in 2014 and encompassed
approximately 650 deals of which just over one fifth4 took place in Europe. This
volume of activity reflects not only the impact of recent global recovery, but a
deeper structural and more lasting shift towards new technology.
1 EY, UK FinTech: On the cutting edge2 UK FinTech: On the Cutting Edge, EY, 20163 The Pulse of FinTech 2015 in Review, a Global Analysis of FinTech Venture Funding KPMG, 20164 Accounting for just over one tenth of funding volume (KPMG)
A FinTech Strategy for Ireland 1. Introduction
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1. Introduction
FinTech in Ireland:
Today in Ireland there are approximately
40,000 people employed within financial
services, and a further 100,000-plus
working within technology5. According
to the IDA and Enterprise Ireland
approximately 8,800 people were
employed in FinTech in Ireland at the end
of 2015, a rise of 7 per cent on a year
before and 40 per cent up on 2008.
While Ireland does not possess a large
domestic market for FinTech services, nor
does it possess the size and institutional
concentration of Financial Services
activity similar to London or the United
States, it does boast a very suitable mix
of IFS and High Technology companies
along with a good entrepreneurial culture
and talent pools, that may enable Ireland
to grow into a strong and well-functioning
eco-system. Furthermore, Ireland post-
Brexit will serve as the EU’s only native
English speaking country. This could be a
key differentiator for Ireland
Temporary disruptions are expected, but
as evidenced by the strong growth of
Ireland’s international financial services
sector during the crisis years of 2009-
20126, sectors that are well positioned
can survive and grow in challenging
economic environments.
5 Irish Times, July 9th 20156 [Cite FSI industry statistics report]
FinTech Globally 24bn 2015 – double the amount from 2014 Total of 650 deals – only a quarter of these in Europe
30
25
20
15
10
5
02013 2014 2015 2016F
USA Europe Asia RoW*
40,000 people employed within financial services.
100,000-plus working within technology.
8,800 people were employed in FinTech in Ireland at the end of 2015, a rise of 7 per cent on a year before and 40 per cent up on 2008.
69 per cent of financial service companies say they are “putting FinTech at the heart of their business”.
47 per cent say they already have a mobile phone app for their products and a further 20 per cent are developing one.
approximately 25 per cent of established financial service providers expect to lose over one fifth of their business to FinTech rivals by 2020.
A FinTech Strategy for Ireland
A FinTech Strategy for Ireland 1. Introduction
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1. Introduction
Industry awareness, impact and response:
Financial services both globally and in Ireland are already considering the impacts of
FinTech. According to PwC 69 per cent of financial service companies say they are
“putting FinTech at the heart of their business”. Some 47 per cent say they already have
a mobile phone app for their products and a further 20 per cent are developing one.
However, while many financial institutions are embracing FinTech as an opportunity,
competing players in the marketplace and limited availability of required skills creates
threats to consider. According to a recent PwC report approximately 25 per cent of
established financial service providers expect to lose over one fifth of their business to
FinTech rivals by 2020. According to a recent FSI report both established and FinTech
firms face pressure on skills availability and regulatory knowledge to meet growing
demand.
The FinTech Eco-system:
A well-functioning FinTech eco-system is made up of five key eco-system attributes or
success factors7:
Attributes Description
Talent The availability of technical, Financial Services and entrepreneurial talent
Capital The availability of financial resources for all constituents of the eco-system; start-ups, scaling and established companies
Policy Government policy across FinTech, regulation, tax and sector growth initiatives
Demand End-client demand across consumers, corporates and financial institutions (FIs)
Technology Both emerging and established sources of product development
A strong eco-system acknowledges each of these areas, both in the current marketplace
and in future development planning. Section 3 of this document analyses Ireland’s eco-
system across each of the 5 key attributes or key success factors.
7 Adapted from EY, UK FinTech: On the cutting edge
Figure 2 Ireland’s FinTech “Eco-system” mapped by the “5 attributes”: Talent, Capital, Policy, Demand, Technology.8
FinTech founded on the island of Ireland - Ireland’s FinTech Map v0.5 Dave Anderson 2016
8 Adapted – The FinTech Eco-system, ‘UK FinTech: On the Cutting Edge’, EY 2015
AcademiaEntrepreneurs
Technology Firms
Traditional FI’s
Consumers
Corporates
Government
Regulators
Established
Emerging
IPO Investors
Govt Investment
VC Investors
Talent
CapitalDemand
Technology Policy
FinTech
Attributes
Stakeholders
A FinTech Strategy for Ireland
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2. Vision for FinTech in Ireland / 3. Ireland within a Global Industry
12
2. Vision for FinTech in IrelandTo continue the development and enrichment of Ireland’s FinTech eco-system the FPAI
FinTech Strategy Review Team propose that, as a nation, we progress efforts towards
the achievement of the following vision:
Making Ireland a FinTech destination of choice.
The key enablers of this vision are Technology, FinTech firms and strong product development capabilities.
The Development of cutting-edge technology;
The Design of great products and solutions; and,
The Growth of globally scalable FinTech firms
1
2
3
13
3: Ireland within a Global Industry
Jurisdiction Analysis
Ireland has good reasons to see FinTech as an industry where it can provide the same quality of
world leadership as provided by other small nations like Singapore and Israel, provided careful
thinking goes into the preparation and positioning of Ireland’s FinTech offering.
UK: • Global financial hub with a wealth of talent and
expertise • Supportive and progressive government and regulatory
regime• Effective FinTech network, including a bridge with
Singapore
USA: • Very strong STEM workforce, especially on
west coast• The best funding on a global level, and the most
consumer and FI adoption of any country
Germany: • Fast growing and dynamic market with
increasing activity in InvesTech in increasing years
The Netherlands: • English is de facto a second language• Asia ties, due to old colonial history• High and increasing share of entrepreneurs, and strong
development of start-up hubs
Israel: • Highest density for start-ups per capita in the
world• World-leading tech talent and entrepreneurial can-do
attitude• Supportive policy environment for start-ups and tech
companies• Well-connected diaspora supporting investment
Singapore: • Preferred gateway into Asian market • Supportive regulatory environment• Strong local and innovative banks
Sweden: • Strong start-up ecosystem - five unicorns
produced • Community of high-tech early adopters• Strong government and social security
France: • Supportive regulatory environment emerging• FinTech start-ups can benefit from being
situated close to large global companies and potential clients within Paris
Hong Kong: • Very accessible due to wide use of the English
language, and its legal framework (Common Law) • Simple and low tax system (17% income tax)
Ireland's Competitive Advantage
✔ An Island nation - Ireland has achieved success in the export of high value products (ICT, pharma and medtech) - FinTech takes this strategy to a higher level, offering even faster growth in high value added services
✔ Positive reputation in EU, US and globally - Our presence in the EU is essential and Ireland is well positioned to develop partnerships, leveraging Team Ireland (the IDA, Enterprise Ireland and Ireland’s diplomatic networks) to tap into rapidly growing markets (India, China, Indonesia for example)
✔ Strong entrepreneurial culture - With a quarter of a million small and medium sized firms, Ireland’s entrepreneurial culture is strong and increasingly well supported by government . Ranked within top 10 on the 2017 Global Entrepreneurship index (GED)
✔ Unique blend of world leading Technology and IFS firms - Ireland is the global technology hub of choice, with 9 of the world’s top 10 technology companies located here and one of Europe’s leading locations for financial services
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A FinTech Strategy for Ireland
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4. Key Recommendations & Priorities for Ireland
4: Key Recommendations & Priorities for Ireland
This section strongly reflects the foregoing chapter’s emphasis of the need for a greater
support and collaboration within the entire eco-system. The recommendations are listed
in order of Eco-System, Talent, Capital, Policy, Demand and Technology
• Leverage the Irish international diaspora
and network with support from key
international FinTech ambassadors to drive
opportunities into Ireland
• Enhance and develop our capabilities
around the core Product Development
lifecycle, thereby maximising the
opportunity for all constituents (nationally
and internationally) of the FinTech eco-
system to engage and contribute to its
success e.g. pre-start-up, start-ups,
scaling, indigenous and MNC’s
Improving the FinTech eco-system and
collaboration across this is a key requirements
of all constituents, both public and private.
There are a number of activities that can
accelerate its development. These activities are
centred on promoting growth across the eco-
system through increased collaboration both
domestically and internationally.
FinTech’s Talent pipeline of the Future
Improving the underlying attractiveness and
pipeline of talent into the FinTech sectors
is a key current and future requirement for
the country and the financial sector. The
availability of appropriately skilled talent is
essential for growth of the FinTech sector.
Additional measures can increase the
availability of multi-disciplinary talent in Ireland
as well acting as increasing the attractiveness
of Ireland as a location for this talent.
A Stronger FinTech Eco-system
The case for establishing a strong
FinTech eco-system, one that is well
supported and encourages collaboration
between all constituents has never been
more compelling. Start-up’s, scaling,
indigenous and MNC’s are all looking
to achieve the same goal; build great
products for their customers. Given the
level of disruption across the FinTech
space one’s ability to build products,
great businesses that can satisfy a global
appetite requires different thinking, or at
least requires one to branch outside the
usual paradigm. Ireland, given it is a small
island nation has a natural advantage
over most and so our ability to create
a highly functioning eco-system is well
within our abilities and grasp.
The term eco-system is an obtuse term
and can mean many things to many
people depending on which part of the
system you are focused. It’s important
that Ireland looks to break-down this term
into something more tangible, allowing
the different constituents to better engage
and contribute to the overall eco-system.
The core of this strategy is to improve
Ireland’s ability to support and enable
businesses to build better products
and ultimately better businesses. The
schematic below is a representation of
the key building blocks and constituents
involved in this.
Ireland needs to balance its aspirations
to do great things in the FinTech space
with a healthy dose of common sense,
leveraging its current strengths to best
support its aspirations:
• Leverage Ireland’s USP as being a
small, globally connected and creative
people
• Play to our strengths; Exporter of
services and capabilities
• Be known as a great place to build
and incubate/new product for the
export market
• Emphasising Ireland as a crucial
Product solution to global FinTech
enterprises with the slogan ‘Have
Ireland in your toolkit!’
Research Design Build Test Export
Pre Start-up
Start-up
Scaling
Indigenous
MNC
Talent
Capital
Policy
Demand
Technology
Eco-system
Eco-system Support & Collaboration
• Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland
• Set-up of a Corporate Alliance Programme
• Installation of FinTech Ambassadors in key markets
• Better connect Ireland’s FinTech landscape through physical and virtual locations
FinTech’s Talent pipeline of the Future
• Develop a world class skills program with the Dept. of Education
• Promote greater gender diversity through educational channels and targeted events and initiatives
• Improve success rates of our start-ups
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A FinTech Strategy for Ireland
17
Financial Technology / Regulator engagement model of the future
Balancing consumers protection and
prudential stability with the needs of innovation
will be a key pillar in the future success model
of Ireland’s FinTech sector. A regulatory
policy that encourages the development of
FinTechs in order to drive competition and
increase innovation in finance is a core pillar
of a successful future eco-system, without
undermining consumer protection and
prudential stability.
FinTech’s Capital Injection
Supporting the growth of a new and
embryonic sector such as the Irish FinTech
sector requires an additional capital injection
to encourage greater investment generally,
support growing start-ups and encourage
existing large companies to invest or invest
more. The FinTech sector in Ireland is small
and to enable it to grow further and keep pace
with other jurisdictions it requires an additional
capital injection (150% on current levels) in the
form of investment, incentives and grants.
FinTech Brand – Driving Demand
Building a central banner brand for Ireland’s
FinTech eco-system is a key pillar in the overall
marketing strategy for the country.
Technology Capability
Ireland’s capability across the FinTech
technology arena is at the core of our strategy.
To promote and build greater capability in
core enabling technologies with a focus on
establishing ourselves as a centre of excellence
in specific technology application areas/themes
such as Reg Tech and Blockchain.
Financial Technology / Regulator engagement model of the future
• Establish a Regulator FinTech Policy that provides industry with a framework of engagement for the FinTech sector in Ireland.
FinTech’s Capital Injection
• Further enhance our Taxation and Grant environment
• Increased level of Venture Capital invested into Ireland
• Establish a Capital/Fundraising advice service for start-ups
FinTech Brand – Driving Demand
• Make Irish FinTech brand synonymous with being a place that enables the building of great products and businesses
• Develop jobs strategy for middle-office capabilities
• Promote further and develop a strategy that positions Ireland as a place to come and road-test/trial/pilot new products
Technology Capability
• Create a ‘Technical’ advisory group under the FinTech and Payments Association of Ireland
• Spotlight on Ireland’s Technology centres & hubs to better influence and create opportunities across the sector.
• Create a strategy and roadmap to promote and build Ireland as the CoE for RegTech, Blockchain and Payments.
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Funding required to advance initiative
Key Priorities
Below sets out the key priorities, a sub-set of
the recommendations described previously
and categorised into 4 focus areas.
Building a strong FinTech Foundation
1. EstablishmentofaFinTechAdvisoryPanelundertheFinTechandPaymentsAssociationofIreland(C)
Utilise, enhance and expand the skills and expertise of the FPAI, its membership to be the central go-to industry FinTech body in Ireland that advise companies and agencies in key FinTech areas such as Regulation, Funding and Business Development.
2. Connect Ireland (C)
Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C)
Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local chambers and sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C)
Development of Mentoring Programmes; to entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve an increase in the volume of start-ups.
2. Establish regulatory engagement policy
Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encouragemoreentrepreneursandinvestorsthroughgrantandtaxincentives(P,C)
Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development and collaboration in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
Growing & Supporting our Start-up community
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
4. Key Recommendations & Priorities for Ireland
18
A FinTech Strategy for Ireland
Expanding the footprint of larger organisations into new areas of development
1. Technologycentres&hubs:assess,promote,improvecapabilitiesanddriveutilisation(P,C)
Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C)
Collaboration grants to incentivise large organisations to develop more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiatives.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise (C)
Develop compelling incentivise and propositions to encourage MNC’s to locate more middle/front office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C)
Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Aspire to be a global leader in selected areas
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Building a strong FinTech Foundation
Growing & Supporting our Start-up community
Expanding the footprint of larger organisations into new areas of development
Aspire to be a global leader in selected areas
1. Establishment of a FinTech Advisory Panel under the FinTech and Payments Association of Ireland (C) Utilise the skills and expertise of the FPAI membership to advise start-up and scaling Fintech companies in the areas of Regulation, Funding and Business Development.
2. Connect Ireland (C) Create a physical location for FinTech start-ups to encourage networking, co-working and product development. This can be purpose built, or an enhancement of existing capabilities. Encourage the development of Regional FinTech Hubs – linking with University research centres. Develop a Virtual community e.g. web portal to connect farthest reaches domestically and internationally
3. Establish FinTech Ambassadors in key markets (C) Ambassadors will encourage country to country collaboration and explore market opportunities for Irish fintech companies in key territories. Ambassadors will work with local Chambers and Sponsors to arrange events, host trade missions, and encourage two-way entry and expansion.
1. Improve success rates of start-ups (P, C) Development of Mentoring Programmes to: entice seasoned experience into the start-up space; to teach strategic selling into large corporations; and to achieve increased volume.
2. Establish regulatory engagement policy Agree a industry engagement framework with the CBI and DoF which is managed through FinTech liaison officers and the provision of FinTech clinics. Clinics to assess the need of a graduated regulatory approach to start-up companies and new product development.
3. Encourage more entrepreneurs and investors through grant and tax incentives (P, C) Review optimal taxation and grant models from perspective of key constituents; Entrepreneur, Start-up, Scaling, Investor, Large organisation, and how these compare to international FinTech Centres. Theme grants to encourage development in key areas of interest e.g. BlockChain, Reg Tech, AI, etc.
1. Technology centres & hubs: assess, promote, improve capabilities and drive utilisation (P, C) Increase the utilisation and governance of existing Tech Centres, or establish a new dedicated FinTech Tech Centre.
2. Taxation & grants: promote, improve, incentivise and encourage new development through collaboration (P, C) Collaboration grants to incentivise large organisations to development more in Ireland e.g. utilisation of an existing capability i.e. Tech Centre, Research centre or the development of a new collaborative initiative.
3. Middle-office capabilities: move up the value-chain, advance into new areas of expertise. (C) Develop compelling incentivise and propositions to encourage MNC’s to locate middle more office roles in Ireland as automation increasingly replaces back office functions.
1. Make Ireland a centre of excellence for RegTech, Blockchain & Payments (P, C) Assess requirements necessary to build CoE for Reg Tech, Blockchain and Payments e.g. talent, capabilities, infrastructure.
Key Priorities
Below sets out the key priorities, a sub-set of the recommendations described previously and categorised into 4 focus areas. Funding required to advance initiative
C: New capability being formed
P: Promote/Awareness/Event/Repackage
Large impact and return expected
Making Ireland a FinTech destination of choice that supports and fosters a vibrant, globally-orientated FinTech hub synonymous with:
Recommendations
FinTech employeesin Ireland
Ireland’s Strengths
2015
2014
2008
1Development of cutting-edge technology 2 Design of great
products and solutions 3 Growth of globally
scalable FinTech firms
of FS firms place FinTech at the heart of their business
of FS providers expect to lose 1/5th of their business to FinTech rivals
8,800 at the end of
7% increase on
40% increase since
Stronger FinTech eco-system
FinTech talent pipeline for the future
TalentEntrepreneurial culture,
Solid track record
FundingCorporation tax,
Access to government grantsGlobal diasporaCollaborative people, Globally connected
Emerging specialities e.g. RegTech, Payments
and Blockchain
Proximity & mix of global companiesTop global Tech and
Financial companies located in Ireland e.g. Google, Facebook,
Linkedin, Citibank, StateStreet
FinTech/regulator engagement model
FinTech capital injection
Continued growth in technology capabilities
A FinTech brand to drive demand
69%
25%
2020
Vision
by
A FinTech Strategy for Ireland
20
A Fintech Strategy for Ireland