Ireland has an extensive background in the field of financial services and technology (fintech), Dublin being the main hub for companies operating in this sector. As mentioned by the Fintech & Payments Association of Ireland (FPAI), the fintech sector is comprised of numerous activities, such as: innovation in the financial services sector, payments, foreign exchange, big data or cybersecurity.
Companies operating in the fintech industry are sustained by the local government through several programs and, as a general rule, the sector is not regulated by a specific rule of law, but certain regulations do apply for some activities, which will require a prior authorization issued by the Central Bank of Ireland (CBI). Our team of Irish lawyers can assist foreign businessmen with legal advice on the CBI requirements.
Fintech sector in Ireland
According to the data provided by the FPAI, the fintech sector represents an important employer on the Irish market. Companies operating as financial services providers employ approximately 40,000 employees, while companies related to technology operations employ 100,000 persons. At the end of 2015, companies providing fintech services employed 8,000 persons, which represented an increase of 7% compared to the previous year.
The following video offers a short presentation on the fintech companies in Ireland:
Traditionally speaking, Ireland is recognized at a global level as one of the most important financial centers in Europe and this had a positive effect on the multinational companies interested to invest on a foreign market. More importantly, Ireland also has a skilled workforce that can meet the needs of companies operating in the fintech sector. Our team of lawyers in Ireland may provide in-depth information on the regulations regarding employment in this country.
Such companies also provide services in the following sectors:
Programs for fintech companies in Ireland
The sector is sustained in Ireland through several funding programs, such as:
•Competitive Start-up Fund, addressed to specific fintech sectors, such as banking, security, artificial intelligence or the internet of things;
•Innovative High Potential Start-up Fund, provided by Enterprise Ireland.
Investors are invited tocontact our law firm in Ireland for other relevant aspects regarding the registration of a fintech company. Our attorneys can offer advice on other programs designed to further develop the activities of fintech businesses on this market.
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