Irish banking federation sets up cross-sector Fintech Foresight Group

Irish banking federation sets up cross-sector Fintech Foresight Group

Banking & Payments Federation Ireland (BPFI) has established a Fintech Foresight Group to harness new technical developments from the startup ecosystem and help to inform policy under the Government’s financial services strategy, Ireland for Finance.

BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.

The new Fintech Foresight Group brings together banking representatives with global technology companies, indigenous fintech companies, third-level institutions, public sector representatives and international experts.

Reporting to the Minister of State for Financial Services, Michael D’Arcy, the Group has been tasked with informing government policy on how best Ireland can position itself on technological developments to 2025 and beyond. It will be responsible for delivering specific actions including working with government agencies to increase linkages and encourage collaboration between the international financial sector sector, technology firms, the education sector and government.

Minister Michael D’Arcy, comments: "By bringing these stakeholders together, we can aspire to increase the collaboration necessary to drive the development of fintech. Having an open conversation is also very important, allowing us to discuss where we see developments, trends, and opportunities in fintech in the coming years, ensuring that we have continued success in this area."

Under the programme, BPFI will convene a series of workshop exploring global technology trends influencing financial services and the opportunities created by bank/fintech collaboration.

Richard Walsh, BPFI’s head of digital and payments strategy says: “Fintech has now moved centre stage in financial services and we are seeing an increasing interest in collaboration between the start-up fintech firms and the more established domestic and international banks. BPFI and its affiliate, the Fintech & Payments Association of Ireland (FPAI), are excited to be able to utilise our unique position as representatives of these two important sectors to help drive these collaborations across the wider financial services sector."

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