Ireland's tech deregulation bodes well for regtech development
The regulation technology industry is expected to grow rapidly and total U.S. $6.46 billion globally by 2020.
The agility and flexibility enabled by regtech solutions will facilitate operational excellence and can also be extended to other activities within the organizations to promote a better understanding of the marketplace and clients.
These advantages have been acknowledged by regulators who are increasingly working with regtech providers. Such collaboration will further encourage standardization and better risk management.
The Irish government has taken a favorable posture toward this innovation.
Earlier this year, the Central Bank of Ireland announced plans to launch a fintech innovation hub, with the intention of engaging with all firms that are delivering innovation across the financial services sector.
Irish regtech startups benefit from a uniquely vibrant and collaborative ecosystem, as well as the opportunity to develop, test and deploy solutions that work for global players.
This resulting regulatory expertise is leveraged by Irish regtech companies such as Kyckr, Corlytics, Governor Software, Fenergo and MyComplianceOffice, to help leading funds, banks and insurance companies worldwide deal efficiently with compliance, while also making better, data-driven management decisions.
Ireland’s unique ecosystem is home to major operations for nine of the world's top 10 tech companies, and its homegrown SMEs are the most innovative in the European Union.
Ireland is also the fourth-largest exporter of financial services in the EU and has developed a global reputation within the investment and funds industry, with over 40% of global hedge fund assets being serviced in Ireland. Ireland’s status as a financial hub is further evident in the fact that over 250 global financial services leaders have established a presence in the country.