The U.K. and Irish governments have placed great emphasis in attracting investment to both the IFSC in Dublin and Silicon Roundabout in London. Irish Minister of State Simon Harris has unveiled a new strategy for the IFSC aimed at creating 10,000 additional jobs over the next five years. And the plan puts a major focus on driving employment among FinTech companies.
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Speaking to CNBC from the Payments Ireland FinTech event in Dublin this week, Harris said: "Fintech is central to Ireland's recently published International Financial Services strategy. It embodies great change. Not only for our established and successful financial services' sector, but also for our burgeoning ICT (information and communications technology) sector. Harnessing the oncoming wave of disruptive technologies is, I believe, an opportunity Ireland is well placed to build on and benefit from"
One thing that sets the industry apart from many others is how it managed to not only remain robust and weather dwindling domestic demand, but actually grow during a period of recession.
"The FinTech sector in Ireland has really started to accelerate over the last 18 months. Ireland and in particular, Dublin, can now credibly be listed as a growing centre of FinTech. Irish FinTech companies are also starting to be noticed internationally. They are winning very significant international clients," Anna Scally, a partner at KPMG in Dublin, told CNBC.
"Irish FinTech companies are being noticed by international acquirers. Global Payments are going to have a global centre of excellence for certain of their activities here in Dublin."