In the FinTech sector, there is no clear industry leader just yet, as the playing field is wide open for participants from all over the world. Certain areas are destined to do better than others, such as London, Silicon Valley, and the entire country of India. One city most people tend to overlook is Dublin, Ireland, where the FinTech sector is booming despite its challenges.
Dublin and FinTech Could Be A Golden Combination
There are quite a few reasons why Dublin is a great place for FinTech companies and aspiring entrepreneurs. Thanks to the city’s large Financial Services sector and its prominent tech sector, it only makes sense to see financial technologies come to fruition in Dublin. Plus, there is a large amount of financial services technology organizations active in Ireland’s capital city as well, such as MasterCard, AIG, and Citi.
But there is more to Dublin than meets the eye, as a fair few startups are headquartered in the city as well. Unlike traditional FinTech hubs, such as New York or London, Dublin is a better place to connect and meet with like-minded people, even if they work in different sectors. Furthermore, the jovial mix of finance and technology industry experts makes it much easier to acquire the right talent for the task at hand.
Despite being located in a different country, Dublin isn’t that far removed from London, geographically speaking. In fact, there are Irish FinTech companies who have no customers in their home country but only deal with major players in London and the Eurozone. Speaking of the Eurozone, Dublin uses the Euro as well, unlike London, where Pound Sterling is the only accepted form of cash. Removing currency conversions from the equation gives the Irish capital a leg up over its “competitors”.
That being said, there are challenges to overcome, and Dublin is no exception to that. The FinTech sector is one of the most competitive industries to date, and without proper support from local governments, there will be little to no growth. As far as Dublin is concerned, things are moving along a lot slower than industry experts would like.
Unfortunately, Dublin’s rather close proximity to London is a curse as well, as England’s capital remains the European centre of Fintech [for the time being]. Keeping in how mind how the London legislation is proactively supporting FinTech startups, many entrepreneurs and companies relocate there rather than checking out what Dublin has to offer.
Bitcoin And Blockchain Reign Supreme
Similar to other parts of the world, the major point of focus in the Dublin FinTech industry is on Bitcoin and blockchain technology. Any development in the peer-to-peer sector will go a long way, and both Bitcoin and blockchain technology will play a major role in achieving that goal. Furthermore, the Internet of Things sector is getting a lot of attention from entrepreneurs as well.
The main goal of FinTech companies is to come with new and innovative financial services for people all over the world. Traditional financial infrastructure is not suited to that goal, whereas blockchain technology is. On top of that, there is Bitcoin, a borderless peer-to-peer digital currency that can transfer value from one person to the next in mere seconds.
Both Bitcoin and blockchain technically hold the power to radically change the way everyday consumers will interact with financial services. This is where FinServ meets FinTech, as there is much more at stake than just creating payment methods. The development of financial tools is equally as, if not more, important.
What are your thoughts on the Dublin FinTech scene? Are there any projects that excite you? Let us know in the comments below!
Source: Irish Tech News
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Also published on Medium.