Ireland seeks to become major European FinTech and blockchain hub

The Irish government has launched a five-year project with ADAPT Centre called FinTech Fusion, aimed at revolutionising the likes of online payments and RegTech

The government of Ireland has launched a $5.9 million five-year research programme, to be led by the ADAPT Centre.

FinTech Fusion will run until 2022 in Trinity College in Dublin and will focus on innovative technologies like blockchain, online payments, RegTech and their use in the banking and insurance industries.

FinTech hub

Sources close to the project say the government of Ireland intends to position the country as one of the biggest FinTech hubs in all Europe.

“The collaboration between industry and third level institutions in research programmes, such as FinTech Fusion, gives Ireland an early advantage in emerging technologies,” says Paschal Donohoe, the Minister for Finance and Public Expenditure and Reform. “Coupled with our open economy and a strong background in both technology and financial services, this will add to the opportunities already available for the creation of higher value jobs.”

Donohoe says the project is part of his government’s broader effort to invest in research, support innovation and bolster the country’s knowledge and skills by creating a global hub for digital content technologies.

“I look forward to the future innovations coming from the ADAPT Centre as it continues to provide cutting-edge solutions to the problems of our digital age,” Donohoe adds.

Accelerating scientific progress

FinTech Fusion will work to encourage breakthroughs in payment, regulation and insurance technologies by speeding up scientific advancements and enabling data-driven research.

The project’s research programme will address how financial technology is disrupting and transforming businesses from financial institutions to technology firms. FinTech Fusion will seek to take the lead on innovations capable of creating relevant global change in the financial services sector.

FinTech Fusion’s academic researchers will work with more than a dozen companies including Deutsche Börse, Fidelity Investments, Microsoft, Gecko Governance, FINEOS and Zurich.

“ADAPT’s world-leading expertise in content media and intelligence will enable FinTech Fusion to create new solutions for an ever-changing technological and financial world,” says Professor Vincent Wade, Director of the ADAPT research centre. “Partners have a unique opportunity to leapfrog emerging technologies by researching new solutions and develop new paradigms for the FinTech industry.”

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