Is Ireland the Next Global Fintech Hub?

June 17, 2021
Makayla Santino

Ireland is well-positioned both geographically and culturally to become the next big fintech hub that connects the UK, EU, and US. The country has one of the most youthful populations in the entirety of the EU. About one-third of the population is under 25 and those under 34 make up just under half. In addition to Ireland’s young population, technology also seems to be a major career focus for young citizens. Ireland has the greatest number of STEM graduates per capita in the EU. Both of these feats are attractive for companies looking to expand globally. 

Another factor that makes Ireland stand out among others is the excellent quality of its education system and graduates. Ireland was awarded the top place for knowledge diffusion and third place for knowledge impact according to the Global Innovation Index. A possible reason for these intellectual achievements is a collaborative setting where the government, industry, and academia work in conjunction with one another. 

This is effective because policy makers and industry can work together to reform and develop future needs of the business world. Then, goals can also be set to ensure that education and talent among the population will meet the standards needed for business development. 

An example of this in practice is that Universities will commonly have discussions with business leaders to decide on syllabus content, necessary skills to develop, and also invite these leaders to lecture directly to students. As a result of these measures, graduates are able to leave with pertinent skills that directly relate to working in the ‘real world’ outside of the classroom. Further, the strength of the skill set of Irish graduates better allows the country to compete internationally.

Ireland is set to become the next big fintech hub. According to the European State of Tech Report in 2020, it has the greatest number of software developers per one million citizens and the highest ratio per capita of AI talent in Europe. This report also showed that about 32 percent of software developers in Ireland are women, a number above the average across Europe.

Already, Ireland contains a number of dominant fintechs including Mastercard, Paypal, and Coinbase. As trends demonstrate, many businesses are moved along by the accomplishments of others and Ireland is now first in line for new technology investments from companies across industries. 

The fintech industry in Ireland has been met with overwhelming success. These booms in the sector do not seem to be diminishing any time soon. Ireland is in the perfect position to become a flourishing fintech hub that connects the UK, EU, and US. Time will tell if these upsurges last in the long-run and if Ireland will triumphantly position itself as the next global fintech hub.

 

Reference:

O’Hora, Ian. “Ireland: the European Fintech Hub.” Global Banking and Finance Review, https://www.globalbankingandfinance.com/ireland-the-european-fintech-hub/.

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