It's heartening to note that Minister Eoghan Murphy has really Engaged and is moving Ireland to Warp Speed on Fintech. This is entirely Logical.
In addition to boldly going with Ireland's Fintreckers last month to where few of them have gone before (Asia) he also officially launched the IFS IRELAND banner brand in the United States earlier this week. IFS Ireland is an action under the IFS 2020 Strategy with the goal of positioning Ireland as the destination of choice for specialist financial services and innovation.
Its interesting to note that responsibility within the Irish government for developing the international financial services (IFS) sector here has recently been moved to the Department of Finance from the Taoiseach’s office to provide a “more co-ordinated and streamlined approach” to the Government’s IFS 2020 Strategy, which is designed to create 10,000 net new jobs over the next four years.
In the first IFS 2020 progress report issued under his watch the Minister announced that "Enterprise Ireland and IDA Ireland have been working with stakeholders to prepare strategies for the Payments and FinTech sectors, which should be finalized later in the year."
In a lot of ways Ireland's Fintech industry could be the final frontier in our Knowledge based economy.
We will watch with interest the voyages of the "Starship" IFS2020 and how the new Minister for Financial Services implements its vitally important and welcome five-year mission: to explore strange new worlds, to seek out new financial life and new Fintech civilizations.
Fintech- Ireland is already very successful in this rapidly growing sector, and Enterprise Ireland has a dedicated fintech team managing more than 220 clients. Their technology is facilitating crowd-funding, peer-to-peer lending and mobile payments and giving the general public access to services previously the exclusive domain of financial institutions. There is a long way to go before the market reaches saturation. KPMG and CB Insights say global investment in fintech start-ups doubled between 2014 and 2015 to €12.5bn. It is the hipster philosophy of the tech world, with its commitment to personalised, intuitive, mobile and low-cost services that is driving the interest. This past week, Minister of State for Financial Services, eGovernment and Public Procurement Eoghan Murphy was accompanied by 12 Irish fintech companies on a week-long visit to China, Japan and Singapore.