FinTech Growth Programme Launched in Ireland
The ADAPT Centre, a Science Foundation Ireland (SFI) research centre, has launched a new financial technology programme with funding in excess of €5 million. Fintech Fusion will run from 2018 to 2022. The new programme will involve researchers from three existing SFI Research Centres – ADAPT, Insight and Lero.
The programme will focus on accelerating the development of PayTech (payment), RegTech (regulation) and InsureTech (insurance) technologies. It will address how financial technologies are transforming the way we do business across a number of different sectors.
FinTech Fusion will challenge the way traditional financial services operate through the development of innovations that will increase transparency and efficiency, improve payment systems, and reduce fraud. Businesses simply cannot afford to ignore the advancements in big data analytics, cloud computing, AI (Artificial Intelligence), and Blockchain technologies.
Director of FinTech Fusion at the ADAPT Centre, Prof John Cotter described FinTech as the marriage between finance and technology, stating that the area offers “huge growth opportunities for Ireland both in research reputation and economic impact.”
“In FinTech Fusion we have brought together leading financial and technology researchers with dynamic industry partners to answer valuable research questions. This will create new opportunities for Ireland, our researchers, and our industry partners.” Prof John Cotter, Director of FinTech Fusion at the ADAPT Centre.
Collaborating with Industry
The programme’s academic researchers will work in tandem with a number of companies such as; Microsoft, Gecko Governance, Börse, Fidelity Investments, Zurich and Fineos.
Attending the launch, Minister of Finance Paschal Donohoe TD highlighted the importance of industry and academia working together in research programmes such as FinTech Fusion. In addition to Ireland’s industry-academia collaborations, the Minister also pointed out that Ireland’s open economy and strong track record in the areas of technology and financial services was also helping create high-value jobs for the country. He commented that the Irish Government, through its investment in programmes like FinTech Fusion, is actively seeking to promote research, innovation and the country’s knowledge and skills base.
Director of the ADAPT research centre who is leading the research programme, Professor Vincent Wade, said that… “The fusion of academic and professional expertise will provide a new perspective on disruptive innovation and evolution of business technology.”
With a huge number of world-leading tech and financial companies based in Dublin, coupled with the high concentration of academic institutions, the potential for programmes like FinTech Fusion is vast. With the Irish Government's continued support for innovation, the future of FinTech in Ireland looks promising.
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