Fintech PR
Enterprise Ireland Showcases Irish Fintech Edge at Singapore Fintech Festival
Enterprise Ireland(www.irishadvantage.com/fintech), the second largest investor in fintech companies in the world, will showcase the capabilities of Ireland’s fintech sector at the Singapore Fintech Festival, which takes place in Singapore from 11-15 November 2019. Thirteen global leading Irish fintech companies, many with strong links to Singapore, will participate in the event representing a range of fintech capabilities from regtech to biometrics, currency exchange to insurtech.
Irish fintech exports to the Asia Pacific region grew over 200% in 2019. Ireland’s fintech advantage is particularly closely aligned with Singapore’s – both being anchored in friendly business environments that support innovation as well as advanced talent pools that enable those innovations to be realised and taken to market.
Irish fintech companies are establishing a significant footprint in the region through local partnerships and an expanded presence in the region. These include a recently inked deal between award-winning Irish regtech provider Know Your Customer and Singapore global private markets platform CapBridge to deliver fast and reliable client onboarding to investors on its innovative private market platform. Award-winning RegTech provider Know Your Customer will be powering the private investment platform’s seamless and secure digital onboarding process for all investors. This partnership comes after CapBridge received approval from its regulator to extend private equity access to retail investors – further lowering the barriers of private equity investing for Singapore investors as well as broadening the liquidity pool for companies on the global private markets platform.
Additionally, some of the milestones crossed by Singapore Fintech Festival-exhibiting Irish companies in the region indicate a growing demand for Irish fintech solutions.
- Money transfer service CurrencyFair launched their service to Singaporean-based consumers in June
- MyComplianceOffice(MCO) opened their Singapore office in September, with the impetus being an expanding business in Asia and Australia
- TransferMate gained their Singapore license in 2019 and also opened their Singapore office
- SupTech leader Vizor won a contract with the Monetary Authority of Singapore in 2019 adding to an Asia-Pacific roster which also includes the Monetary Authority of Brunei (AMBD) & Australian Prudential Regulation Authority (APRA).
As a global hub for finance, technology and investor activity, Ireland is a hotbed of fintech innovation, helping the industry respond to challenges and opportunities from the digitisation of banking to new payments models and ever-changing compliance requirements. In 2018, Enterprise Ireland invested in 23 fintech startups and has invested in over 85 fintech startups since 2014. Enterprise Ireland’s portfolio of 200 + financial services and fintech clients generated over 1 billion Euro in revenue annually. Six Irish fintech companies are on the global regtech 100 list including Fenergo who will be part of the Irish delegation at the Singapore Fintech Festival.
Ireland’s national Irish Advantage Stand which is located at 4N17 will also showcase the capabilities of Assure Hedge, ClaimVantage, CurrencyFair, Daon, Ding, Fineos, MyComplianceOffice, Taxback Group, TransferMate and Vizor.
Speaking ahead of Singapore Fintech Festival, Mr. Kevin Ryan, Enterprise Ireland’s Director for ASEAN said: “Ireland and Singapore’s journeys in fintech have numerous similarities – not least the fact that both are small countries with a large impact on the global economy. Ireland is now the fourth-largest exporter of financial services in the EU, with over 250 of the world’s leading financial services firms operating here and nearly half of all global hedge fund assets are serviced in Ireland. It has also become a source of fintech innovation and in particular a centre for regtech and paytech innovation.“
“We are seeing increased demand for the kinds of services that Irish fintech companies excel at delivering and we hope to see increased partnership between Irish and Asian companies in driving further innovation in the creation and delivery of fintech solutions.”
The Irish delegation will be present at Singapore Fintech Festival (Stand 4N17).
SOURCE Enterprise Ireland