Ireland Launches €5M Project FinTech Fusion Targeting Blockchain, Other Innovative Tech

The Irish government launched on Friday a €5 million financial technology (fintech) research and development project for a period of five years. The FinTech Fusion, as the project is called, will be managed by the ADAPT Centre for Digital Content Technology. The project will run until 2022 in Trinity College in Dublin and will focus on innovative technologies like blockchain, online payments, regulation technology (RegTech) and their use in the banking and insurance industries. Thus, the government intends to shape the country as one of the largest fintech hubs in Europe.

Minister for Finance and Public Expenditure and Reform Paschal Donohoe said that the program would also support the interconnection between the country’s academic institutions and industry. He commented:

 “The collaboration between industry and third level institutions in research programmes, such as FinTech Fusion, gives Ireland an early advantage in emerging technologies.” “Coupled with our open economy and strong background in both technology and financial services, this will add to the opportunities already available for the creation of higher value jobs,” the minister added.

Donohoe stressed that the move is part of the government’s wider strategy to invest in research, encourage innovation and support Ireland’s knowledge by developing a global center for digital content technologies.

The academic researchers at FinTech Fusion will collaborate with over ten companies, including Microsoft, Deutsche Börse, Gecko Governance, Fidelity Investments, FINEOS and Zurich.

Professor Vincent Wade, director of the ADAPT, commented:

“ADAPT's world-leading expertise in content media and intelligence will enable FinTech Fusion to create new solutions for an ever-changing technological and financial world. Partners have a unique opportunity to leapfrog emerging technologies by researching new solutions and develop new paradigms for the FinTech industry.”

Science Foundation Ireland will invest €2 million in the project, with the rest of the balance being secured from research deals with industry partners.

In June, the Irish Blockchain Expert Group (IBEG), an IDA Ireland-backed organization, launched a portal where people could get information on blockchain and startups could find support.