Audrey Crummy
Deputy Director, Financial Services Ireland Group, Ibec
Today, the financial services industry is a major contributor to the Irish economy, employing more than 103,500 people, spread across a uniquely diverse range of sectors.
In the space of just three decades, Ireland has developed into a world-class financial services hub. We are the leading global centre for aircraft leasing. Nearly half of Europe’s cross-border life insurance is written from Ireland. We are the third-largest funds domicile globally. Ireland’s ability to add value for financial services firms and help them to achieve success is proven.
Digitally powered fintech growth
The outlook for growth in jobs and activity in the sector is positive. Firms are navigating global economic uncertainty, but the last six years have demonstrated incredible resilience. Key growth drivers, like the digitalisation of the sector, remain unchanged. Customers and clients of financial services firms expect a strong digital offering, and that has meant that every firm in the industry has now become a fintech firm as they seek to deliver for their customers.
Ireland’s workforce, with its deep pool of knowledge, skills and technical expertise, is well placed to help firms of all sizes achieve their fintech ambitions. This includes harnessing the extraordinary potential of AI, with its capacity to accelerate innovation and further enhance customer offerings and experiences.
The Fintech Hub will be vital in enhancing
Ireland’s competitiveness and building
on the progress that has been made.
Ireland poised for fintech leadership
Similar strategic opportunities attach to the EU Savings and Investment Union, which aims to empower European consumers with more choice and flexibility to deploy their savings across EU borders. Ireland can be at the centre of this project because of the breadth and capability of the firms located here.
This strong track record of delivery will help to underpin future investment by the sector in Ireland. Other jurisdictions are hungry for this investment, and we must remain laser-focused on our competitiveness as a jurisdiction. We believe a National Fintech Innovation Hub is a critical next step, offering space to grow firms at all stages of their fintech journey. Ireland can be a centre of excellence for collaboration and knowledge-sharing, and the Fintech Hub will be vital in enhancing Ireland’s competitiveness and building on the progress that has been made.
