FinTech project aims to boost efforts to become Europe’s technology capital
The ADAPT Centre for Digital Content Technology will lead the new five million euro programme.
The government’s vision of Ireland becoming the tech capital of Europe has received a boost thanks to a five million euro (£4.4 million) programme which will look at how financial technology is transforming business.
Minister for Finance Paschal Donohoe announced details of the financial technology (FinTech) research programme.
The ADAPT Centre for Digital Content Technology will lead the new FinTech Fusion project, which hopes to advance innovations in Blockchain and FinTech research.
The academic and industry research partnership launched on Friday in Dublin will encourage breakthroughs in payment, regulation and insurance technologies by funding data-driven research.
Coupled with our open economy and strong background in both technology and financial services, this will add to the opportunities already available for the creation of higher value jobs Minister for Finance Paschal Donohoe
FinTech Fusion says the programme will address how financial technology is transforming business in finance and technology, along with the retail and wholesale financial sector.
Speaking at the launch, Mr Donohoe said: “The collaboration between industry and third level institutions in research programmes, such as FinTech Fusion, gives Ireland an early advantage in emerging technologies.
“Coupled with our open economy and strong background in both technology and financial services, this will add to the opportunities already available for the creation of higher value jobs.
“The investment in ADAPT, from Science Foundation Ireland, is part of the Irish Government’s wider effort to invest in research, support innovation and build Ireland’s knowledge and skills, creating a global hub for digital content technologies.”
Professor John Cotter, director of FinTech Fusion at the ADAPT Centre, said the research could have huge economic benefits for the country.
“The marriage between finance and technology offers huge growth opportunities for Ireland both in research reputation and economic impact,” he said.
“This funding allows us to take advantage of these opportunities. This will create new opportunities for Ireland, our researchers, and our industry partners.”
The announcement comes just days after Taoiseach Leo Varadkar told a Data Summit in Dublin that Ireland was well on the way to becoming Europe’s tech capital.
During the summit, Mr Varadkar added he wants to keep Ireland at the forefront of technological developments.
Science Foundation Ireland will provide two million euro (£1.77 million) of the funding for the new research programme, with the balance coming from research agreements with industry partners bringing the total project in excess of five million euro.
FinTech Fusion’s academic researchers will work with more than a dozen companies including Deutsche Borse, Fidelity Investments, Microsoft, Gecko Governance, FINEOS and Zurich to develop innovations that will have the potential to impact economies, markets, companies and individuals.
The research programme will run for four years from 2018 to 2022.