the evolution of irish fintech - fintech ireland · ecommerce, emea at first data ... we support a...

www.fintechireland.com www.peteroakes.com [email protected] @fintechireland @oakeslaw

© Fintech Ireland © Peter Oakes

The Evolution of Irish Fintech

Presentation to a European Bank

1

Peter Oakes

Board Director & Advisory Committee

Fintech and Regtech

Fintech Ireland

Thursday 26th April 2018



Thanks to people who have contributed content and directed me to source material

I respect the copyright of third parties when drafting material. If you use material created by Fintech Ireland, please also note our & others’ copyright

The Map, Pie Chart and Survey are located on www.fintechireland.com

This presentation is located at https://fintechireland.com/events.html

Housekeeping

Board Director

Advisory Boards

Fintech

Regtech

Platforms

LawBanking /Finserv

Training

Strategic

Intelligence

Capital Raising

Regulator Advisor

Peter Oakes, Company Board and Advisory Board Member - FinServ,

FinTech, RegTech and Service Providers



1) Fintech Ireland www.fintechireland.com

2) Regtech Ireland www.regtechireland.com

3) Fintech UK www.fintechuk.com

4) Regtech UK www.regtechUK.com

5) UKRegtech www.UKregtech.com

Increasing Regulatory Costs (1/2)Free Platforms



Fintech Ireland Event Collaborators

Dave Anderson, Fintech community organiser and DevOps Transformation Consultant

https://ie.linkedin.com/in/daveandersonireland@supergingerdave @gingertechie

Peter O’Halloran, Vice President & General Manager, eCommerce, EMEA at First Data

https://ie.linkedin.com/in/peterohalloran @p_ohalloran

Alex Lee, Investor and Board Advisor to FinTech firms

https://uk.linkedin.com/in/alexjameslee @AlexLeeFinTech

5© Fintech Ireland / www.fintechireland.com



Fintech Ireland – Origin & by the Numbers

1. Origin of Fintech Ireland

2. Numbers• 177K+ = number of visitors in last year

• 27,441 = number of current average monthly visits in Jan & Feb 2018

• 4,380+ = followers on twitter (10,00 across all twitter accounts)

• 1,100+= number of fintech enthusiasts who subscribe to the email list

• 45 = number of local & international events at which Fintech Ireland has presented

6

© Fintech Ireland / www.fintechireland.com



Fintech Ireland – in one word

7




Where does Fintech Ireland Fit?




• Many Voices

• One Message

We Connect the Dots




We support a number of initiatives to put Irish Fintech on the global map, including

◦ The Fintech 50 (www.thefintech50.com) ◦ we promote the inclusion of Irish Fintech on the annual list

◦ 2017 saw the inclusion of two Irish Fintech - Fenergo and AQ Metrics

◦ 2018 should see even more Irish fintech on the list

◦ The Fintech 20 Ireland: we’re one of the three original stakeholders, together with Irish Tech News & The Fintech 50. Have today confirmed our commitment to the 2017 event this October (www.irishtechnews.com)

Extensive Travel – Across Europe, Asia, USA and Australia

11


International engagement & future development



Two pioneers of Irish Fintech – international & local




Fintech Ireland – Map (1/2) (Dave Anderson)



Fintech Ireland – Map (2/2)

143 firms on Map

Top 3 sectors:

• Payments 36 (25%)

• Regulation 21 (14.5%)

• Accounting 14 (10%)

We are tracking 300

names in total




Regulated Fintech & Regtech (Payments, E-Money, MiFID)

Authorised by Central Bank: 2 x E-money

13 x Payment Services (PS)

1 x MiFID (Regtech)

Authorised in EEA, passport into Ireland: Approx 554 x E-Money & PS

15




Fintech Ireland Survey / Census

We are conducting a Fintech Survey / Census

It is available to all fintech firms in Ireland

https://fintechireland.com/fintech-survey.html

24 questions straightforward questions

Average time it takes to complete = 18 minutes



Financial Services - Employment

50,000 - employed in FinServ

35,000 - employed in international FinServ◦ these employers contribute €2bn per year in taxes

7,000 - employed in Fintech

10,000 - target for increasing direct employment in the international Finserv by 2020

17




Ireland – A Blockchain Leader

18

Funderbeam - Blockchain

Report 2017

Blockchain industry has

grown since 2013 from

funding circa $75mn to

$856mn.

North America has seen the

most funds raised, but

Ireland is reported at 6.26%




Funding Figures - (1/2)

18% of €994 million in funds raised by Irish SMEs in 2017 for Fintech (€179mn)

Source: ©Irish Venture Capital Association (www.ivca.ie)

19




Funding Figures - www.IVAC.ie (2/2)

◦ Deposify €200k

◦ Flender €1.95mn

◦ TransferMate €30mn

◦ YepUp €570k

◦ Rockall €450k

◦ Arex €3mn

20


◦ Fire €4mn

◦ Grid Finance €30mn

◦ Linked Finance €20mn

◦ My Future Now €3mn

◦ Options €100mn

◦ TouchTech Payments €600K

The 2017 figures from the Irish Venture Capital Association note the

following fintech raises:



While we are talking numbers … consider these figures

$153tn in value will be sent cross border in 2018 for B2B transaction $13tn (8.5%) will be processed by non-traditional payment institutions (i.e. banks)

Revolut achieves ‘unicorn’ ($1bn valuation) status following latest funding round Digital banking alternative targets 150,000 Irish customers this year

PayPal processed $132 billion in payments in Q1 2018, up 32% from a year earlier adds 8mn active users, grows mobile volume 52%

Ant Financial said to be in talks to raise US$10b in Temasek-led IPO deal could give Ant a $150b valuation, making it the world’s largest start-up

Money Social / Peer-2-Peer / Message Apps WeChat, Whats App, Facebook, Venmo (PayPal) processed $12bn in volume

Zelle (created by the US top banks) - Bank of America processed $9bn in volume Plynk



Add we not even at the beginning of the evolution

Regulation – PSD2 leads to Open Banking, Emoney, MiFID (e.g. robo-advice), Insurtech, virtual currencies, distributed ledger technology, ICOs

Sandboxes (regulatory and private)

Innovation Hubs & Labs

How would you describe the impact of all of these on traditional banking, insurance & wealth management

We’re in Ireland – got a smart idea for innovation for credit unions? Now there is opportunity!



A couple of closing points1. Chatbots for customer service

2. Machine learning and AI for fraud detection

3. Omni-channel banking and obsolescence of bank branches

4. Biometrics for stronger security

5. Blockchain for digital transactions

Source: ©Dennis Gada – Infosys (https://www.finextra.com/blogposting/15105/five-ways-fintech-is-disrupting-the-financial-services-industry)

All the above will see exponential growth now that we are more deeply connected to digital channels via the internet and of course our smartphones

Question is, is the right term ‘FinTech’ or will it be ‘TechFin’?

And we haven’t touched on the Internet of things in this presentation!



Thank you

https://ie.linkedin.com/in/peteroakes

https://www.linkedin.com/groups/8321352

[email protected]

[email protected]

[email protected]

Ireland: +353 87 273 1434

UK: +44 75 635 26834

24

the evolution of irish fintech - fintech ireland · ecommerce, emea at first data ... we support a...

Documents