November saw the publication of the Q3 progress report on the implementation of IFS2020, the Irish Government’s Strategy for Ireland’s international financial services (“IFS”) sector. Among other things, IFS2020 identifies Ireland as one of the leading countries in Europe for FinTech venture investment with a five-year compound growth rate for FinTech financing that is twice the global average and twice that of Silicon Valley.
One of IFS2020’s key objectives is to provide a supportive eco-system to stimulate increased innovation in financial services generally and in FinTech in particular (see our related briefing here). It is clear from the Q3 progress report that there has been a number of developments in this regard over the past months. These include the September launch of the new Fintech and Payments Association of Ireland, which, according to the progress report, will provide a focal point for industry to engage with the public sector in the development of IFS2020 objectives relevant to the FinTech and Payments sub-sectors. Other developments include a forum event in Frankfurt at which speakers from the Central Bank of Ireland and the European Central Bank discussed the policy and regulatory challenges of innovative financial services.
Notable upcoming developments include in particular the inaugural European Financial Forum (“EFF”) which the Government will host in Dublin Castle on 27 January 2016 and which is being organised in association with the Financial Times. The Forum is entitled "Building the Future of European Financial Services" and is intended to facilitate discussion and debate on the current and future challenges and opportunities in the IFS sector. Among other things, the EFF’s Agenda includes a panel discussion on digital disruption, innovation technologies, new players and transformed business models and a breakout session on Fintech and Payments.”
You may access the Q3 Progress Report here.
You may access the website for the EFF here.