Fintech Report

Ireland for Finance 2022 action plan published

The Department of Finance has published its 2022 action plan for the implementation of the Ireland for Finance strategy, the fourth of its kind since the publication of the strategy in 2019. The strategy aims to develop Ireland’s international financial services sector up to 2025.

2022’s action plan seeks to address five key themes: sustainable finance; fintech and digital finance; diversity and talent; regionalisation and promotion; and operating environment. Under sustainable finance, the priority is said to be the implementation of the Sustainable Finance Roadmap, published by Sustainable Finance Ireland in October 2021.

Actions from the roadmap that are to be undertaken as part of the action plan include: the establishment of an international sustainable finance centre of excellence; the acceleration of access to sustainable finance knowledge and skills; the development of a sustainable fintech strategy; the establishment of a public-private climate and sustainable finance group; and the assessment of the viability of a climate funding platform.

Five measures are given priority status in the fintech and digital finance sector. These include the implementation of the second phase of the Department of Finance’s Fintech Steering Group and the development of education resources in order to support people engaging with fintech. A not-for-profit organisation, the InsurTech hub, will be funded along with a website to support the development of insurance technology services, and two programmes of activity will be delivered, to support native fintech companies’ growth in international markets and to raise global visibility of Ireland as a fintech hub.

In order to guarantee the creation of new jobs in the sector, the Government pledges to launch the Women in Finance Charter under the theme of diversity and talent. It will also complete the study commissioned by the Expert Group on Future Skill Needs on the international financial services sector and review the International Financial Services apprenticeship programme.

The Government aims to achieve further regionalisation and promotion of Ireland as a location for industry through continued promotion of the European Financial Forum, led by IDA Ireland and the Department of Finance. Lastly, in order to improve the operating environment, the Department will continue its engagement at the European level to assess proposed directives and regulations, liaise with other government departments and offices, and negotiate and liaise with the finance departments of other member states to advance and protect Ireland’s interests.

In his foreword to the action plan, Minister of State with responsibly for Financial Services, Credit Unions and Insurance Seán Fleming TD states that on top of these key themes, fintech is a priority for the plan: “Ireland is strongly placed to benefit from strong bases in both the finance sector and the technology sector in our economy. Our fintech sector is broad, including not only new so-called ‘disruptive’ start-ups but many financial services firms that are highly ‘tech enabled’.”

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