a fintech strategy for ireland · 3 the pulse of fintech 2015 in review, a global analysis of...

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.


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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


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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)


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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.



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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


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2. Vision for FinTech in Ireland / 3. Ireland within a Global Industry

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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

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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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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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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



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


















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4. Key Recommendations & Priorities for Ireland

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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.
















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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


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A Fintech Strategy for Ireland

a fintech strategy for ireland · 3 the pulse of fintech 2015 in review, a global analysis of...

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