Innovation: FinTech Centre of Excellence Project
Nurturing Innovation in Ireland's Financial Technology Landscape
The most notable business achievements stem from collaborative endeavours. The proposal to build a FinTech Centre of Excellence (FTCoE) is an initiative led by the Ireland South East Financial Services cluster, supported by the Enterprise Ireland REISS feasibility grant.
This project seeks to establish a cutting-edge Fintech Centre of Excellence in the IDA Business & Technology Park, Kilkenny with a purpose-built facility adjacent to international financial services and fintech firms including CluneTech, TransferMate, Immedis, Taxback International, State Street and Carne Group. The FTCoE aims to serve the needs of the start-up / scale up financial services and fintech sector regionally, nationally, and internationally.
The opportunity for collaborative growth:
The Central Bank of Ireland Innovation Hub allows FinTech firms to engage with the Central Bank of Ireland (CBI) outside of existing formal regulator/ firm engagement processes. Today, CBI have set out an ambition to implement an innovation sandbox with a thematic approach.
Such regulatory sandbox innovation hubs have revolutionised the way in which traditional regulatory frameworks interact with rapidly evolving technological advancements. These hubs provide a safe space for startups and established companies to test their innovative products and services in a controlled environment, while still adhering to regulatory requirements. They have become a crucial element in fostering a culture of collaboration between industry players, regulators, and other stakeholders.
At Ireland South East Financial Services Cluster, we believe that innovation is at the core of what our cluster members do best. With a dynamic blend of the entrepreneurial spirit of a start-up and the vast resources of a global corporation, we are seeking groundbreaking solutions to address challenges and redefine the landscape of the financial services industry. The proposed FinTech Centre of Excellence (FTCoE) presents a unique and timely opportunity to embrace the CBI ambitions and develop a dedicated space to incubate and accelerate innovative financial products and services. Our ambitious plans aim to nurture the next generation of fintech leaders by exposing PHD FinTech students to entrepreneurship, enabling them to bridge the gap between academia and industry, and equipping them with the skills to drive future advancements in financial technology.
The FTCoE stands out by offering a comprehensive support system through our cluster, including mentorship and collaborative training programmes. This concept envisions a dynamic hub that not only nurtures innovation but also accelerates the success of emerging ventures in the rapidly evolving landscape of financial technology.