Fintech Fusion, a new Irish research program costing EUR 7 million is being launched to focus on paytech, regtech and insuretech technologies.
The project is the brainchild of Dublin’s Science Foundation Ireland’s Adapt Centre and will enable more data-driven research into blockchain development and big data, say its creators. The research will also address the impact of current financial technology on business, both financial and technological, including the retail and wholesale sector.
Ireland currently has a forward-thinking approach to blockchain technology. Recently, National University of Ireland (NUI) authors of a study on the adoption of blockchain approached the government to promote a more widespread use of the technology in the country.
One of the findings of that study showed that only 40% of companies in Ireland had embraced blockchain technology, which the researchers felt was relatively low, despite Ireland’s 13th position on Bloomberg’s 2018 Innovation Index, with high productivity scores and advanced IT infrastructure.
The latest project could take innovation in technology beyond Ireland’s shores with huge implications for the advancement of global financial services in general. The project will be partially funded by Science Foundation Ireland who has pledged to input EUR 2 million, with the remaining EUR 7 million coming from industry partners.
The Fintech Fusion’s academic researchers have managed to land an impressive crew of companies to assist with their work including Deutsche Börse, Fidelity Investments, Microsoft, Gecko Governance, Fineos and Zurich. Also, researchers from three existing Science Foundation Ireland centers will join the project, along with Trinity College Dublin, UCD, DCU, DIT, UL and NUI Galway.
“Fintech is the marriage between finance and technology and offers huge growth opportunities for Ireland both in research reputation and economic impact,” said John Cotter, director of Fintech Fusion at the Adapt Centre. “This will create new opportunities for Ireland, our researchers, and our industry partners.”
Trinity College itself, highly involved in the project, has its own plans for USD 1 billion campus which will be located in the new Grand Canal Innovation District which could provide a home for 400-500 startups, living alongside the offices of multinationals.
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