Irish central bank launches fintech hub
THE CENTRAL Bank of Ireland is set to launch a fintech innovation hub as part of its plans to attract firms post-Brexit.
The bank said it would also start an industry engagement programme as it looks to maintain pace with the evolving fintech and regulatory landscapes.
The creation of the fintech programme was announced by Derville Rowland, director general financial conduct at the Central Bank of Ireland during a speech at Cork University last week (April 20).
“This new Central Bank unit will focus on engagement, sharing and listening, and will be a two-way street,” said Rowland.
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“It will give firms a way to engage with us outside of more formal regulatory interactions, such as in the authorisations process.”
The launch follows a report into fintech activity in Ireland that found that the absence of an accessible point of contact for firms was viewed by the industry as an inhibitor to innovation.
The bank also said these plans were key to maintaining the view of many tech firms and banks that Ireland is an ideal location for post-Brexit relocation and passporting.
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The Central Bank said it also intends to host a series of fintech roundtables starting later in 2018.
“The centrepiece of our new industry engagement programme will be FinTech Roundtables hosted by the Central Bank starting later in 2018, said Rowland.
“Given the pace of change in the fintech space, we understand the importance of holding these roundtables regularly.”
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