Ireland-UAE Fintech Collaboration to Drive National Financial Services Transformation Journey

Dubai, United Arab Emirates:– Leading Irish Fintech companies will be in Dubai to participate in the Irish Fintech Innovation Showcase event organized by Enterprise Ireland, the Irish Government’s trade and innovation agency in conjunction with the Commercial Bank of Dubai (CBD) and Dubai International Financial Center (DIFC).

With a roster of high-level speakers from across the UAE financial industry, including Dr. Bernd van Linder, CEO of Commercial Bank of Dubai, F. Christopher Calabia, CEO of Dubai Financial Services Authority, Salmaan Jaffery, Director of Business Development at DIFC, the event will also feature keynote addresses from Irish Minister Darragh O’Brien TD, Minister for Housing, Local Government and Heritage and Irish Ambassador to the UAE, Aidan Cronin.

Minister Darragh O’Brien TD is visiting the United Arab Emirates as part of a series of 60 global business events organized by Enterprise Ireland to coincide with St. Patrick’s Day to boost business collaboration with international partners. The series of global events will mark the positive impact that Irish businesses are having across the world. As well as providing innovative solutions to global challenges, Irish businesses employ nearly 1.2 million people worldwide.

Linked to this, Enterprise Ireland has also launched a new international campaign “Ireland: Innovation at the Edge” which highlights the unique conditions at play in Ireland that have led Irish businesses to be among the most innovative in the world and for the world. Irish export economy. to perform well throughout the pandemic.

At the launch of Enterprise Ireland’s series of global events and international campaign, Tánaiste (Deputy Prime Minister) and Minister for Enterprise, Trade and Employment, Leo Varadkar, said: “As global economies emerge from the pandemic, putting two difficult and disruptive years behind us, this provides an opportunity to renew and rebuild valuable relationships with our trading partners.

“I am honored to launch Enterprise Ireland’s international campaign ‘Ireland: Cutting Edge Innovation’. This campaign is also about what Ireland offers as a country to our entrepreneurs. We are a small open economy, a country on the edge of the Atlantic and at the heart of the European Union, a bridge between Europe and the United States, where the giants of technology meet the most creative minds in the world, where cutting-edge research and industry work hand in hand.

Welcoming the Irish Fintech Innovation Showcase in Dubai, Irish Minister Darragh O’Brien TD said, “I am delighted to be here in Dubai to showcase Ireland’s extensive fintech capabilities. Through our collaborative approach, Irish businesses are partnering with leading financial institutions across the world to drive well their financial services technological transformation.The UAE is a key priority for the Irish fintech sector which has extensive expertise and innovative products to help meet the growing demand for global cutting-edge solutions that we are seeing in the country.

Irish fintech innovation can underpin UAE’s financial services transformation boom

Globally, fintech is outpacing other finance subsectors in terms of growth. Over the next three years, the global fintech market is expected to grow at around 20% per year to reach a market value of $305 billion by 2025.

Having identified fintech development as a national priority, the UAE is among the countries leading the way in embracing technological innovation that is transforming the financial services of tomorrow.

To achieve this national priority, collaboration will be key to realizing the UAE’s ambitions and is demonstrated by today’s event, the Irish Fintech Innovation Showcase, which brings together a range of partners in this joint agenda.

Highlighting the region’s largest innovative ecosystem, Commercial Bank of Dubai (CBD) showcased its recently launched CBD Digital Lab, the first initiative by a UAE bank to establish an R&D facility in the DIFC InnovationHub.

Dr Bernd van Linder, CEO of Commercial Bank of Dubai, said: “We are delighted to host and support Enterprise Ireland at the CBD Digital Lab. This initiative aligns well with our commitment to support our clients’ ambitions and helps support the growing FinTech ecosystem in the UAE. I am especially excited to see new ideas and innovations from Irish FinTech partners and leverage their knowledge and expertise for the benefit of residents of the UAE.

Several major Irish fintech players are already operating in the region with others in late-stage discussions that will lead to the potential adoption of their fintech solutions in the UAE and across the region.

With the Enterprise Ireland team on the ground in the UAE and the wider region, Fintech has been singled out as a priority opportunity for major growth. Stephen Twomey, Senior Market Advisor for FinTech at Enterprise Ireland MENA, said: “The FinTech scene in the UAE and across the Middle East is both vibrant and thriving, with plenty of opportunities for Irish companies to bring their world-leading solutions to support the region’s financial sector. Irish FinTech is well received in this region for its innovative technology and ability to solve complex problems. Through collaborations such as these at the Irish Fintech Showcase event with Commercial Bank of Dubai and DIFC, to name a few, it will lead to more and more Irish fintech innovations making part of the transformation of the financial services sector in the region.

Ireland is respected around the world as a Fintech innovation engine

As a global hub for financial services and technology, Ireland is a major source of fintech innovation, with knowledge and expertise valued around the world. This reputation as a powerhouse for Irish fintech innovation is due in part to decades of R&D funding provided by the Irish government to create an innovation ecosystem, as well as being a global tech hotspot with eight of the top 10 global software companies headquartered in Europe. in Ireland. The country’s concentrated tech industry spawns a rich flow of talent and world-class start-ups.

Combine that with the fact that Ireland is home to over 250 of the world’s largest financial services firms and serves over 40% of all global hedge fund assets. This makes Ireland the fourth largest exporter of financial services in the European Union.

Enterprise Ireland is proactive in helping its Fintech sector thrive and compete globally. The state agency currently supports more than 200 Irish fintech companies and is the second largest fintech investor in the world by number of deals. So it’s no surprise that six Irish fintech companies feature on the global Regtech 100 list.

Leading Irish fintech innovators take part in Dubai Showcase

The nine leading Irish fintech companies present at the Irish Fintech Innovation Showcase offer cutting-edge solutions in the areas of payments, retail banking technology, compliance, identity management and network management.

  • CR2: A world-leading provider of digital banking platforms, we offer the widest range of physical and digital banking channels today.
  • daon: An innovator in the development and deployment of biometric authentication and identity assurance solutions worldwide. Daon has pioneered methods to securely and conveniently combine biometric and identity capabilities across multiple channels with large-scale deployments that span payment verification, digital banking, wealth, insurance, telecommunications and securing borders and critical infrastructure.
  • DX-Compliance: By helping banks, FinTechs and payment providers continuously monitor risk and detect the threat of money laundering to ensure compliance and reduce fines, Dx Compliance does this by dramatically improving the status quo in alerts generated, data collected and workflows to investigate and report to relevant authorities.
  • Fexco: Having invested in technology to develop and deliver the best solutions to meet client needs, Fexco processes more than 14 billion euros in transactions per year in the foreign exchange, treasury, digital tax and financial sectors. government-backed funding. Fexco has developed in-depth expertise in governance and risk management, as well as long-lasting relationships with international financial institutions and banks.
  • Fund receipts: Develops cloud-based reconciliation software for the global funds industry. Fund Recs products help fund administrators, custodians, fund managers and audit firms reconcile complex data.
  • Intuition: A leading global knowledge solutions company, with offices located around the world, Intuition has developed and deployed award-winning products and services to many of the world’s largest enterprises and public sector organizations for more than 30 years. Intuition helps businesses use knowledge effectively.
  • My ex : The world’s largest and oldest DCC (Dynamic Currency Conversion) provider and a leader in online multi-currency pricing. They are deploying next-generation multi-currency card payment solutions for merchants, payment processors and banks around the world.
  • Dive: The one stop shop for businesses. Swoop is here to simplify and speed up the process for companies to access grants, debt and equity.
  • TransferMate Global Payments: Global B2B payments technology company, enabling businesses to send and receive cross-border payments faster and easier than ever.

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About Enterprise Ireland

  • Enterprise Ireland is the Irish government’s agency for trade and innovation.
  • We invest in the most innovative Irish companies at all stages of their growth and connect them to international clients across multiple sectors.
  • Our aim is to establish successful and long-term business relationships between international companies and Irish partners.
  • With 40 offices around the world, including the United Arab Emirates (Dubai and Abu Dhabi) and Saudi Arabia (Riyadh), Enterprise Ireland’s teams of industry experts consult with international companies to understand and solve their business needs.

About Enterprise Ireland’s global campaign

For reference, please contact:
Robin Gordon-Farleigh, founding partner at Manara Global
Email: [email protected]

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