April 24th, 2017
Ireland could add 5,000 jobs in FinTech by 2020, says Deloitte
The Irish Times | Ciarán Hancock | March 23, 2015
Some 5,000 jobs could be created in Ireland in the “fintech” industry over the next five years, according to an analysis by professional services firm Deloitte.
This would represent a doubling in employment in this burgeoning part of the IFSC and would “predominantly be driven by the projected spend on IT services by financial services firms in Ireland”, Deloitte said.
“Many financial services firms are struggling with outdated legacy platforms and IT architectures that are hampering their ability to grow and innovate,” David Dalton, head of financial services at Deloitte Ireland, told The Irish Times.
“While some financial services firms have been cautious about new fintech start-ups, particularly where they are disrupting traditional business models and competing for customers, we are increasingly seeing a symbiotic relationship developing, which is helping to address these legacy issues in financial services companies.
- 8 emerging sectors in fintech that global investors should explore now
- Crowdfunding is essential for SME innovation and job creation
- Canada’s Venture Capital Action Plan: A Step Closer to Helping Innovators Grow and Create Jobs
“Our view is that the fintech and financial services industries are inter-related and mutually dependent. The connectivity between the two sectors needs to be significantly enhanced.”
Fintech is a term for technology applied to financial services, usually to support back-office functions.
More recently, it has been used for broader applications of technology, including front-end consumer products, and new entrants competing with existing players.
Fintech was highlighted in the Government’s recently published IFS 2020 strategy with three action plans drawn up – greater sectoral collaboration, engaging both Irish-owned and foreign-owned small-and-medium-sized enterprises and multinationals; identifying domestic and international sources of funding; and supporting upskilling and mentoring programmes with participating companies.
The National Crowdfunding Association of Canada (NCFA Canada) is a cross-Canada non-profit actively engaged with both social and investment crowdfunding stakeholders across the country. NCFA Canada provides education, research, leadership, support and networking opportunities to over 950+ members and works closely with industry, government, academia, community and eco-system partners and affiliates to create a strong and vibrant crowdfunding industry in Canada. Learn more About Us or visit www.ncfacanada.org.