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Cross-sector Fintech Foresight Group to drive development of fintech under Government’s financial services strategy

20th August 2019

Banking & Payments Federation Ireland leads new collaborative group with representation from banking, technology, academia and government

Banking & Payments Federation Ireland (BPFI) today convened a special cross-sector working group tasked with driving the development of  fintech and informing policy  under the Government’s financial services strategy, Ireland for Finance.

Chaired by BPFI, the Fintech Foresight Group brings together representatives from domestic and international banks, global technology companies, indigenous fintech companies, third-level institutions, public sector representatives and international experts.

Reporting to the Minister of State for Financial Services, Michael D’Arcy TD and the IFS Joint Committee, the Group has been tasked with informing government policy on how best Ireland can position itself on technological developments to 2025 and beyond. It will be responsible for delivering specific actions including working with government agencies to increase linkages and encourage collaboration between the IFS sector, technology firms, the education sector and government.

Addressing the group today, Minister Michael D’Arcy, TD, Minister of State for Financial Services said: “It is fantastic to have such a diverse mix of people involved in this Fintech Foresight Group, with individuals from financial services, technology companies, academia, and the public sector. By bringing these stakeholders together, we can aspire to increase the collaboration necessary to drive the development of fintech. Having an open conversation is also very important, allowing us to discuss where we see developments, trends, and opportunities in fintech in the coming years, ensuring that we have continued success in this area.

I look forward to seeing the insights and proposals that result from these sessions. I would also like to thank the BPFI for hosting these workshops.”

Also speaking Richard Walsh,  BPFI’s Head of Digital and Payments Strategy said “Fintech has now moved centre stage in financial services and we are seeing an increasing interest in collaboration between the start-up fintech firms and the more established domestic and international banks.  BPFI and its affiliate, the Fintech & Payments Assocation of Ireland (FPAI), are excited to be able to utilise our unique position as representatives of these two important sectors to help drive these collaborations across the wider financial services sector. Through our extensive engagement cross-industry we look forward to successfully delivering a set of of actionable and concrete insights that will add real value to what is proposed in the Ireland for Finance strategy.

Today’s workshop is one in a series of sessions in which members of the Fintech Foresight Group will assess current global trends influencing financial services; and evaluate how well Ireland is positioned to exploit these trends and what future opportunities Ireland should pursue by leveraging these technologies. The Group’s conclusions will deliver actionable insights for policy formation ensuring the Government’s IFS strategy can capitalise on emerging opportunities and remain relevant to the rapidly changing IFS ecosystem. The workshops are being facilitated by Consult Hyperion who offer advisory services, technical consultancy and software development services to clients across the world.  They have over 30 years of experience in helping clients explore opportunities created by changes in the technology and regulatory landscapes.

 

For further information contact Jillian Heffernan, Head of Communications, BPFI, 087 9016880 or jillian.heffernan@bpfi.ie

About BPFI: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

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