Following the Central Bank of Ireland's announcement on 20 April 2018 about open and active engagement with FinTech and innovation, it launched its Innovation Hub as a direct point of contact for innovative firms.
The Innovation Hub provides an open platform for the Central Bank to listen to innovators and enhance its sight of ongoing and upcoming developments in FinTech. It uses that information to build on its existing intelligence on changes in the financial services landscape. The direct engagement approach, through the Innovation Hub, facilitates a deeper understanding among firms of the Central Bank's regulatory and supervisory expectations.
A couple of points to note from the 2018 Update are:
Read the 2018 Update here. Read more about the Innovation Hub here.
The Innovation Hub provides an open platform for the Central Bank to listen to innovators and enhance its sight of ongoing and upcoming developments in FinTech. It uses that information to build on its existing intelligence on changes in the financial services landscape. The direct engagement approach, through the Innovation Hub, facilitates a deeper understanding among firms of the Central Bank's regulatory and supervisory expectations.
A couple of points to note from the 2018 Update are:
- the Innovation Hub has directly engaged with over 78 firms and stakeholders
- 86% of enquiries were from firms not authorised by the Central Bank
- Payments and RegTech firms contacted the Innovation Hub the most
- 31% of enquiries related to authorisations
Read the 2018 Update here. Read more about the Innovation Hub here.