update on the fintech ecosystem in ireland€¦ · 29/03/2019 · irish financial services –by...

Peter Oakes

Founder, Fintech Ireland

Board Director – Regulated Fintech &

Finserv / Advisory Board – RegTech &

Fintech

29th March 2019

Update on the Fintech

Ecosystem in Ireland

© Fintech Ireland

www.fintechireland.com

Copyright / Re-Use of Material

• Slides may not be reproduced without written permission

• We respect the copyright of others (and reference same in this material) and ask that anyone making use of these slides and the information with do the same

• If you wish to take photos of slides, to tweet etc, feel free to do so but use @fintechireland in body of tweet. Wse will ‘like’ and/or ‘RT’ where we can!

• all part of the fintech community support

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© Fintech Ireland


Fintech Ireland – Peter Oakes, Founder

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Board Director Advisory

Boards

Fintech

Regtech

Platforms

LawBanking /Finserv

Training

Strategic

Intelligence

Capital Raising

Regulator Advisor

© Fintech Ireland


Director (INED), Susquehanna

International (Ireland), Fintech /

Regulated MIFID options market

maker

www.sig.com

Director (NED), TransferMate

Global Payments, Fintech /

Regulated PSD2

www.transfermate.com

Director (INED), Optal Financial

(Ireland), Fintech / Emoney B2B

www.optal.com

Strategic Consultant Finserv,

Fintech & Regulation, Clark Hill

Solicitors

www.clarkhill.ie

Advisory Board, Corlytics, Regtech

/ Regulatory Intelligence

www.corlytics.com

Advisory Committee, Kyckr,

Regtech, CDD/KYC Solutions

www.kyckr.com

Advisory, Deposify, Fintech /

online escrow

www.deposify.com

Advisory Committee, The Mizen

Group, Regtech / Compliance

Management & Data

Investigation Platforms &

Advisory

www.mizengrp.com

Founder, Fintech UK

www.fintechUK.comFounder, Fintech Ireland


Involved with set up of

a new EU bank

authorised in December

2018

Peter Oakes

[email protected] / [email protected]

Phone IRL: +353 87 273 1434 / UK: +44 75 6352 6834

www.peteroakes.com / www.fintechireland.com / www.fintechuk.com

BOARD DIRECTOR | ADVISORY BOARDS | EX-CENTRAL BANKER &

REGULATOR| CHIEF RISK / COMPLIANCE | FINTECH | REGTECH |

PAYMENTS | EMONEY | THE FINTECH50 | LAW | FUND RAISING

The Team – Dave Anderson, Peter O’Halloran & Alex Lee, Ambassadors

• Dave Anderson, Fintech community organiser and ‘Product Guy’ Supply Finance

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

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

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

• Alex Lee, Investor and Board Director & Advisor to Finserv & Fintech firms

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

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© Fintech Ireland


Connected to the Fintech Ecosystem

• Tracking 350 ‘fintech’ companies – names, executives, business type

• 110 companies have completed the Fintech Ireland Survey• https://fintechireland.com/fintech-survey.html

• 1,300 subscribers to Fintech Ireland• https://fintechireland.com/get-involved.html

• 1,070 Members of the Fintech Ireland Linkedin Group• https://www.linkedin.com/groups/8321352/• https://www.linkedin.com/in/peteroakes/

• 5,000+ Twitter followers @FintechIreland• 13,000+ total twitter followers across all Fintech handles

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© Fintech Ireland


About Fintech Ireland

• Came about in 2013

• ‘Formalised’ in 2014

• Network

• Events (60 to date / 3,000+ people)

• Contributions to Government ‘calls’ for feedback

• Mentoring

• Flying the Irish Fintech / Regtech Flag (inward and outward)

• We make noise!

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© Fintech Ireland


28/03/2019 Stephen Ingledew of Fintech Scotland, Emma Shiel

of Scottish Enterprise & Peter Oakes of Fintech Ireland. Standing

where Fintech Ireland was conceived in 2013 (Stephens Green

Hibernian Club)

Broader Engagement - Fintech Ecosystem Strategy

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© Fintech Ireland


"FinTech Ireland are particularly active in the start-up scene, advancing Ireland’s unique ability and leveraging its capacity to become and

remain a global centre for FinTech." page 40, Irish Government's IFS2020 Action Plan 2018

"What strategies or action measures have been most successful in the Government's IFS2020 Strategy to date?

Where do the opportunities for future growth lie and what are the new areas for development in enhancing Ireland's IFS sector?

What are the risks and challenges facing Ireland's IFS sector today and into the future?”Fintech Ireland (Peter O’Halloran & Peter Oakes) response on Public

Consultation, November 2018

Copyright: Irish

Government

Broader Engagement - Local & International

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© Fintech Ireland


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Fintech Ireland Map – The Sectors

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© Fintech Ireland

www.fintechireland.comhttps://fintechireland.com/news.html

177 firms on Map

• Payments 25%

• RegTech 18%

• Credit & Lending’ 10%

• Others 9%

• Funds & Trading 7%

• FinOps 6%

• Accounting 6%

• Currency & FX

• Savings & Investing 4%

• Crypto & Blockchain

4%

• Platforms 3%

• Insurance 3%

Irish Financial Services – by the numbers

• 10,000+ firms providing financial services (“finserv”) in Ireland and overseas regulated by the Central Bank

• 4th largest exporter of finserv in the European Union

• 250 of the world’s largest finserv players are here• including half of the world’s top 50 banks• 17 of the top global 20 banks

• €4.2 trillion total funds AUA (13,914 administered: 7.3K Irish & 6.6K o/s)

• 45,000 people employed directly in international finserv• 7,000 work in fintech

• €2.1 billion contribution to exchequer in taxes each year

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© Fintech Ireland


Irish Financial Services – by the numbers

• 10,000+ firms providing financial services (“finserv”) in Ireland and overseas regulated by the Central Bank

• 4th largest exporter of finserv in the European Union

• 250 of the world’s largest finserv players are here• including half of the world’s top 50 banks• 17 of the top global 20 banks

• €4.2 trillion total funds AUA (13,914 administered: 7.3K Irish & 6.6K o/s)

• 45,000 people employed directly in international finserv• 7,000 work in fintech

• €2.1 billion contribution to exchequer in taxes each year

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© Fintech Ireland


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© Fintech Ireland


CalQRisk

White Horse Insurance

W2 Consulting

IGNITE/University College Cork

GreyGarde Solutions

Global Shares

Rubicon Centre CIT

Technically Write IT

Treasury Solutions

UCC

Trustap

Aspira

Global Shares

Fexco

ViClarity

Harbinger Technologies

Fortress Payments

Fund Recs

ServisBot Limited

ArcLabs Research &

Innovation Centre

Waterford Institute of

Technology

Sedicii

Kyckr

Cashbook

Cpl

IDA Ireland

Limerick Chamber

Metis Ireland

University of Limerick

First Data

Kennedy Insights

Extract from Fintech Munster Event 26/02/2019 Start of (indigenous) Fintech Munster Map?

Regulated Fintech & Regtech (RoI only)

• Authorised by Central Bank:

• 7 x E-money (Reg 9)

• 12 x Payment Services (PS) (Reg 18 Transitional)

• 266 Credit Unions are entitled to provide payment services (Reg 25(1)(c))

• 1 x MiFID (Regtech)

• 1 x Account Information Service Providers

• Authorised in EEA, passport into Ireland:

• Approximately 554(?) x E-Money & PS

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© Fintech Ireland


Investment

• Estimated that banks, globally, invested $261bn in technology and innovation in 2018• Citigroup, $8bn a year technology budget is 11% of

its $73bn in revenue• JP Morgan, $11bn technology budget is 12% of its

$111.5bn in revenue• and has announced plans to use blockchain

technology to expedite dollar-based payments for its corporate banking clients

• Fintech, global investment, $39,6bn in 2018

• Enterprise Ireland invested €23mn in start-ups in 2018• 15 new Fintech HPSUs and a further 5 Fintech start-ups

were supported under a dedicated CSF fund

• In 2018, IVCA reported VC investment in Ireland dropped to €740mn (from €994mn)

• €34mn invested in Fintech & IoT in 2018?

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© Fintech Ireland


Fintech Investment – 2017 €179.8MN (Irish SMEs) (18%)

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© Fintech Ireland


http://www.ivca.ie/wp-content/uploads/2018/03/IVCA_Venture_Pulse_DATA_SHEET_Q417_Publish.pdf

Copyright/Source: Irish Venture Capital Association www.ivca.ie

Fintech Ireland Survey

• We are conducting a Fintech Survey / Census

• For all Fintech firms in Ireland

• 110+ responses (little marketing)

• 24 straightforward questions

• Average time it takes to complete = 15 minutes

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

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© Fintech Ireland


Fintech Ireland Survey – Questions (1/2)

• In which part of Ireland are you located?

• What sector within Fintech does your company operate?

• How many employees does your company have?

• Is your company expecting to hire in the next 12-18 months?

• Gender Balance - Management Level• Female - 30%• Male - 70%

• Revenue – last year, this year, next year

• Investment Raised?

• Investment Required?

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© Fintech Ireland


Fintech Ireland Survey – Questions (2/2)

• Is Ireland an easy place to raise investment?• Strongly Agree & Agree – 26%• Strongly Disagree & Disagree – 22%• Neither Agree or Disagree – 52%

• Would you like us to connect you to investors? 80% – YES

• Top 5 Regions for Expansion?

• Key Challenges –• Brexit• Funding• Finding/Retaining Talent• Access to Bank Accounts (corporate & safeguarding) • Cyber Security • Government Support• Competition• Getting Authorised• On-Going Regulation• Other

• Freeform feedback

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© Fintech Ireland


Has Ireland enjoyed a Brexit bounce?

• Continual references in media to 100+ ‘applications’ received by Central Bank of Ireland• not sure how those numbers are calculated

• seems to include additional permissions to existing licences too

• However ‘100’ seems to be a magic number – including being the number of firms which have opened offices in Dublin

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© Fintech Ireland


Copyright Image: Irish Times

Brexit bounce? Change in Authorisations – Non-Funds*

21© Fintech Ireland


Type March 2016 March 2018 March 2019 UP / DOWN since

2016

Register of Credit

Institutions (s. 9

authorised)**

22 19 19 DOWN

MiFID 95 87 96 UP

Life Insurance

Undertakings

59 58 55 DOWN

Non-Life Insurance

Undertakings

131 131 134 UP

Reinsurance

Undertakings & SPVs

76 63 63 DOWN

Payments Institutions 12 13 12 No change

Electronic Money

Institutions

1 2 7 UP

*CBI Authorised firms only, i.e. no passporting figures ** Excludes 5 x Asset Covered Securities Act s. 9 Banks

Thank you

Peter OakesNon-Executive Director & Adviser

https://www.linkedin.com/in/peteroakes/ - always

happy to connect, just include a note in the message!

Join the Mailing List – https://fintechireland.com/get-

involved.html

Join the Fintech Ireland -

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

© Fintech Ireland


update on the fintech ecosystem in ireland€¦ · 29/03/2019 · irish financial services –by...

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