fintech report
Minister of State Seán Fleming TD: Ireland for Finance Ireland for Finance is the whole-of-government strategy to develop the international financial services sector in the export of financial services products, writes Minister of State with responsibility for Financial Services Seán Fleming TD. The strategy is a key element of the long-standing government commitment to enhance Ireland’s economic standing as a place of talent, innovation, and experience in international financial services. The industry has gone from strength to strength, through a dedicated partnership approach between the public and the private sector. This dates back to the origination of the International Financial Services Centre in the late 1980s. Since then the sector has developed into an important pillar of the Irish economy. Direct employment in the portfolio of firms in international financial services from both the Industrial Development Agency (IDA)
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and Enterprise Ireland stands at a record 52,000 people. Significantly, 30 per cent of these jobs are outside of Dublin. This sector contributes substantially through payroll taxes, VAT, and corporation tax to services in Ireland. When combined with the many indirect jobs in the provision of professional services that the international financial services sector supports, the levels of opportunity for people that the industry is creating has never been greater. Ireland is a specialist centre for international financial services, one with deep industry expertise in defined areas, such as investment funds, asset administration, aircraft leasing, fintech and payments.
Over time the sector has also proven itself resilient over a number of different testing economic cycles. While Brexit has been a significant challenge on many fronts for Ireland, it has proven to be a benefit to Ireland in international financial services. Many firms chose Ireland more so than any other destination in the EU to relocate from the UK to maintain access to the single market. This has broadened the reach of the already strong investment funds sector and has made new opportunities possible for large cross border international banking and insurance firms. The attraction of Ireland for those firms is closely linked to the strong enterprise
