Ireland is fast becoming a global centre for harnessing the FinTech opportunity.
Harnessing the FinTech opportunity
Irish firm Future Finance named in KPMG/H2 Ventures Global Fintech 100
Irish student loan finance company Future Finance was ranked 34th in the leading 50 fintech firms around the globe, in this year’s KPMG/H2 Ventures Fintech100 report, with rankings based on innovation, capital raising activity, size and reach. Chinese fintechs continue to dominate the Leading 50 list with three of the five top fintechs originating in China. Global competition continues to expand with fintechs originating from 36 countries, up from 29 countries in 2017. US fintechs topped the Fintech100 with 18 fintechs placed followed by 12 placed from the UK and 11 from China
FinTech and Payments Association of Ireland
As one of its founding members, KPMG works closely with the FinTech and Payments Association of Ireland (FPAI) to position itself as a key contributor to the government’s International Financial Services Strategy (IFS 2020) and lead the way in creating the structures and dialogue needed to support the Fintech and Payments ecosystem.
Ireland – A Hotbed of FinTech Innovation
As reported in The Irish Times ‘Focus on Fintech’ feature - a number of factors are combining to encourage FinTech innovation in Ireland. According to Anna Scally – Head of Technology, Media and Telecommunications at KPMG in Ireland, “We have 30,000 people working in financial services and another 100.000 plus in technology. This gives us a critical mass in the two sectors.” This favourable environment is also referenced by Darina Barrett – Head of FS Markets at KPMG who highlights the fact that “Ireland is a compelling location for FinTech given our position as an international financial services centre for 25 years.”
The FinTech Opportunity
Ireland is fast becoming a global centre for harnessing the FinTech opportunity. Its vibrant, dynamic technology sector, well established global Financial Services centre and proactive eco-system has provided the perfect fit for international FinTech companies seeking to expand and grow. The country’s unique combination of talented people with strong technology and finance backgrounds and proactive government support has enabled a wave of start-up companies to prosper and develop their potential in a highly pro-business environment.
Anna Scally leads KPMG Ireland’s initiatives around FinTech and works closely with her global colleagues in positioning Ireland as the European gateway for the FinTech industry. In a recent interview with CNBC, Anna Scally said: ‘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 and are also being noticed by international acquirers.’
FinTech is a core component of IFS 2020, the Irish Government’s strategy for developing Ireland’s financial services sector and it is clear that Ireland is well positioned to provide the kind of support required by the sector. Anna Scally says; ‘The Irish Government has recognised the strengths Ireland has in the FinTech area and the opportunities it presents for economic growth and jobs. FinTech features as a key plank of the Governments International Financial Services Strategy - IFS 2020. That means there is real focus on the opportunities in FinTech and that will help to ensure that the ecosystem and environment for FinTech companies will continue to be supported and strengthened.
How KPMG can help
We’ve been drivers of the FinTech agenda in Ireland from the start. We know technology and financial services and have a long track record of working with fast growth companies and ambitious entrepreneurs. At every stage of your development we have the experience, expertise and the global reach to help make your FinTech ambition a reality.