Regulation, Brexit and FinTech top the agenda at FIBI International Banking Conference 201722nd June 2017
The Federation of International Banks in Ireland (FIBI), which is affiliated to Banking & Payments Federation Ireland (BPFI), today held its flagship international banking conference ‘International Banking, The New Normal’ at The Westin Hotel, Dublin. Against a backdrop of significant political and regulatory change in Europe and the US, today’s conference brought together industry leaders from across the international and domestic banking and financial services sector to discuss what the ‘new-normal’ looks like for international banking operations in light of on-going regulatory change, new technologies and the continued uncertainty posed by Brexit.
Speaking on the issue of regulation, Colin Moreland, FIBI Chairman and Managing Director, Citi, questioned the ability of Ireland to compete fairly for new FS business in a European environment where the interpretation and application of regulation can be inconsistent:
“There seems little doubt but that Irelands Financial Services Sector will see an expansion of business activity as a result the UKs decision to leave the European Union. The Central Bank has been consistent in their position for many years stating that they do not have a mandate to promote Ireland as a location for international financial services. But the question arises as to how Ireland can compete fully and effectively with other jurisdictions where regulators have such a mandate? And, notwithstanding the good work undertaken by the IDA, what can we do collectively in the medium term to address this comparative deficiency in our position against other jurisdictions.”
Mr Moreland also addressed the challenges posed by innovation and new technology and how the industry can best tackle this:
“Brexit notwithstanding, we find ourselves operating in an environment that is ever changing and ever more competitive. From a business perspective all of us are confronted with the challenge, to one extent or another, of harnessing innovation for the benefit of our operations and our customers. For some it may even be a question of are we first and foremost a bank or a technology company. For others that may be a step too far. Either way, the growing consensus across the banking and fintech worlds points to collaboration as the basis on which new technology can be harnessed for the benefit of banks and customers alike.”
Note: The Federation of International Banks in Ireland (FIBI) is the principal voice of the international banking and financial services sector in Ireland. FIBI is affiliated to Banking & Payments Federation Ireland (BPFI).
Contact: Jillian Heffernan, Head of Communications, BPFI
Ph: 01 4748835 / 087 9016880