Interesting piece by John Kennedy in the Innovation Enterprise Network.
John points out that although the Irish authorities have clearly identified FinTech as a Government priority, launching its 5 year "International Financial Services Strategy 2020" - targeting the creation of 5,000 new jobs in the FinTech sector by 2020, that we need to work hard to join the dots, and to ensure that our tax, regulatory and investment strategys all align.
On an industrial policy level, decision makers need to move fast to ensure that Ireland keeps its edge as a global fintech R&D hub. Investment in innovation and collaborative activities and hubs is critical and a combination of Ireland’s R&D tax credit regime and the Knowledge Development Box need also to be examined. Another area that needs to be paid attention to is the level of venture capital investment going into fintech – only €16m out of €400m in venture capital has been invested in fintech companies over the last three years.