On Friday, September 21, this year, the Irish government rolled out a €5 million financial technology (fintech) project aimed at researching and developing solutions that are associated with blockchain tech for a 5-year period. The project is dubbed FinTech Fusion and will be handled by the ADAPT Centre for Digital Content Technology.
The launched project will operate until 2022 at Trinity College in Dublin and will take aim at innovative technologies such as regulation technology (RegTech), Blockchain technology online payments and their application in the banking and insurance sectors. Hence, the government mints to shape the nation as one of the biggest fintech hubs in the all Europe.
Paschal Donohoe, the current Minister for Finance and Public Expenditure and Reform, revealed that the program would also enable interconnection between the nation's academic faculties and industry. He 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 minister added.
Paschal mentioned that the effort is part of the government's bigger strategy to invest heavily in research, embolden innovation and underprop Ireland's knowledge by creating a world hub for digital content technologies.
The academic researchers at FinTech Fusion will work hand in hand with more than 10 firms, including FINEOS, Microsoft, Gecko Governance, Zurich, Deutsche Horse and Fidelity Investments.
Professor Vincent Wade, director of the ADAPT, also revealed that:
“ADAPT's world-leading expertise in content media and intelligence will enable FinTech Fusion to create new solutions for an ever-changing technological and financial world. Partners have a unique opportunity to leapfrog emerging technologies by researching new solutions and develop new paradigms for the FinTech industry.”
Science Foundation Ireland will also commit €2 million to this project, and the other portion will be put aside from research deals with the sector partners.
In June 2018, the Irish Blockchain Expert Group (IBEG), an IDA Ireland-backed group, rolled out a portal where individuals could receive information on Blockchain technology and startups could get support.