Northern Ireland has the highest concentration of fintech employment in the UK, thanks to a “thriving” regional fintech sector, a new report has found.
According to the Northern Ireland Fintech Ecosystem Report 2020, one in five people working across the financial and tech sectors in Northern Ireland are working in fintech. Whitecap Consulting – which produced the report – found that that equates to up to five times the gross added value than other regions of the UK.
“The findings and recommendations within this report are broad and far-reaching,” said Andrew Jenkins, HM Treasury fintech envoy for Northern Ireland.
“In several aspects they support what many of us within the sector have known for some time – that we have something very special in Northern Ireland; a blend of world-class technology capabilities, and exceptional people passionate about seeing the fintech sector continue to grow and thrive.”
The report was compiled over the course of three months, and highlighted the region’s strength in regtech and compliance, tradingtech, insuretech, cybersecurity and AI and advanced analytics.
It described Northern Ireland as “a uniquely located country with an exceptionally high concentration of fintech employment within a thriving and highly tech-focused financial sector, which is fed by an outstanding education system and is supported by an evolving fintech ecosystem with strong links to the UK, Ireland and US”.
“We have been keenly following the evolution of fintech across the UK and are delighted to see the ecosystem taking shape across Northern Ireland,” said Charlotte Crosswell, chief executive of Innovate Finance.
“The region plays a significant role in the UK economy and one which is recognised for developing strong links to the wider tech industry, as well as an increased presence in financial services.”