Considering Ireland’s accomplishments in the finance sector and overall strength throughout the pandemic, it is reasonable to believe that it can be ranked as a top 20 financial centre by the year 2025. This would be a 50 percent improvement from where the country stands at present. Though it is a bold target, it is possible.
A way for Ireland to improve its position is to establish new competitive advantages such as rectifying dynamic corporate tax rates. In doing so, there is a greater prospect of attracting inward investment for financial services. These actions will present new capital and supply employment.
A first step towards this goal is to relook at the “Ireland for Finance” plan produced by the government and update it so that the pandemic is accounted for. Spanning Europe, the banking sector has been consolidating. Just as Ulster Bank began to exit Ireland’s market, Spain’s largest lender was established with a merger between Caixa Bank and Bankia.
In light of these events, Ireland should utilize its regulatory system to focus on international participants. This will be especially important with Ireland’s fintech industry. Fintech is on the rise globally and many look forward to its growth. Consumers exponentially benefit from fintech through greater options to choose from and competition.
In order for Ireland to become an international hub for fintech, it must become a space that encourages innovation and collaboration amongst leaders in the industry. As would be expected, the actual talent and skills of companies in the country must meet expectations. Work to grow talent from within the country has already been underway. One such example of this is honing second- and third-level education systems to create future leaders in fintech. Another important aspect to focus on will be enticing investment from abroad.
To aid in this target, there can be reforms to visas and work permits along with overall efficiency enhancements when it comes to international business. Factors such as housing and cost of living continue to be tricky challenges. Another difficult revision to make will be the improvement of the national broadband infrastructure.
When discussing the increase of talent growth, it is crucial that the leaders and businesses are pulled from a variety of backgrounds. Over the past few years, Ireland has become a center of culture and diversity. Many believe that this strength in Ireland’s sector will be vital for growth because diversity of thought is a rather difficult accomplishment for the fintech sector globally. As it stands now, the country has an excellent likelihood that it will be a leader in overcoming these business and societal imperatives.
Sweetman, Paul. “Ireland Can Be a Top 20 Global Financial Centre by 2025.” The Irish Times, 5 July 2021, https://www.irishtimes.com/business/financial-services/ireland-can-be-a-top-20-global-financial-centre-by-2025-1.4610091.