In May the European Parliament put forward a position paper on regulation of FinTech in the EU. The European Commission is now conducting a public consultation which will lead to an EU strategy on FinTech, preparing Europe for the next phase of innovation in financial services.
MEP Brian Hayes is a member of the European Parliament’s Economic and Finance Committee which is advocating for a coordinated approach to FinTech that creates a level playing field for large financial institutions and innovative start-ups, as well as ensuring good consumer protection and prudential supervision for financial services across the EU.
On Friday 14th July Brian hosted an event at the European Parliament offices in Dublin entitled ‘Regulating FinTech: the Way Forward’. Speakers at the event were the Minister for Financial Services Michael D’Arcy TD, Neil Ryan, COO Quaternion Risk Management; Derek Butler, CEO Grid Finance; Camille Blackburn, Central Bank of Ireland, and Ruth McCarthy, Director of the FinTech and Payments Association of Ireland and CEO of Fexco Corporate Payments.
The panel discussed regulatory responses to FinTech services at EU and domestic level, as well as examining opportunities within the FinTech ecosystem in Ireland. Ireland has a strong FinTech environment with a number of start-ups developing new products and services as well as established names in finance and technology conducting their R&D here.
Ruth noted that the strong networks in Ireland make it much easier for Irish businesses to share ideas and explore new innovation in a collaborative way. Strong networks, good government supports and the presence of major innovators are enabling Ireland to stay at the cutting edge, and these factors will help Ireland to achieve its IFS2020 target for job creation in financial services. Fexco employs over 700 people in Kerry and promotes collaboration and networking across financial services in Ireland through its membership of the FPAI and participation in IFS2020, as well as extensive engagement with third level institutions and Enterprise Ireland.
At the European Parliament event Minister Michael D’Arcy stressed the importance of job creation in financial services both for Dublin and the regions. The Minister urged businesses to make their presence known and to raise their profile within the communities where they operate, as financial services will be a key employer across Ireland into the future. On the same day, the Minister confirmed that regional employment is a key goal for IFS2020 and encouraged local authorities to support the growth of industry clusters within the regions