Ireland Adapt-s to fintech with €5m research programme
Ireland’s Adapt Centre has launched a €5 million research programme to build a fintech ecosystem in the country.
Called Fintech Fusion, this is an academic and industry research partnership launched today (21 September) in Dublin.
FinTech Fusion “gives Ireland an early advantage in emerging technologies”
The plan is to encourage breakthroughs in payment, regulation and insurance technologies by enabling data-driven research.
Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, says FinTech Fusion “gives Ireland an early advantage in emerging technologies” and “coupled with our open economy and strong background in both technology and financial services, this will add to the opportunities already available for the creation of higher value jobs”.
The Adapt Centre will need to adapt to a lot of tech as it will be dealing with artificial intelligence (AI), mobile applications, cloud computing, big data analytics and distributed ledger technology (DLT).
It says blockchain-based frameworks can reduce human intervention and fraud, but the role of regulatory compliance will require “state-of-the-art tools for risk prediction and mitigating costly threats”.
In addition, these new technologies are “putting pressure on the business models of traditional financial services and how banks and companies react to this disruption will define their future success”.
FinTech Fusion’s academic researchers will work together with more than a dozen companies including Deutsche Börse, Fidelity Investments, Microsoft, Gecko Governance, Fineos and Zurich.
