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New FinTech Group Launched by Minister Simon Harris TD

FinTech and Payments Association of Ireland to provide single voice for Ireland’s growing financial technology and payments industry

FPAI Launch. Simon Harris, Colm Lyon, Anna Scally, Morgan Lynch, Colm Rafferty

FinTech and Payments Association of Ireland (FPAI) was today (14 September 2015) officially launched by the Minister of State for International Financial Services, Simon Harris TD and the FPAI board including Chairman Colm Lyon formerly of Realex Payments and now Pay with Fire, Anna Scally of KPMG, Morgan Lynch of Senddr and Colm Rafferty of Maples and Calder.

FPAI is a new trade association for all stakeholders who are involved in financial technology and payments in Ireland. Its primary aim is to position itself as a catalyst for creating the most compelling environment in which both indigenous and multi-national FinTech and Payments companies can excel. As an open and representative body, businesses of all sizes and stages of development are encouraged to join: start-ups, scaling and international businesses are all welcome. Software developers, platforms, app developers, regulated entities such as e-money and payment institutions, banks, credit unions, regulatory bodies, government departments and legal and professional services firms are encouraged to join also. The board is delighted to announce that it has already secured founding membership from several businesses and partners.

The Association will involve and position itself as a key contributor to the government’s International Financial Services Strategy (IFS 2020) and lead the way in creating the structures and dialogue needed to support the Fintech and Payments ecosystem.

Speaking at the launch of FPAI, Minister of State Simon Harris TD commented: ‘Today's launch is an important step forward for this increasingly influential sector. It is a strong signal to the international FinTech community of Ireland's ambition in this area. It is equally important as a statement of intent by private sector stakeholders to support the implementation of priority IFS2020 actions in a coordinated, informed and pragmatic manner. I look forward to working closely with the FPAI in delivering on these objectives and in the identification of 2016 actions - both with the aim of positioning Ireland as a leading International FinTech hub.’

Anna Scally, Partner, KPMG added: ‘Ireland is one of the best places in the world for tech companies to do business and is fast becoming a global centre for FinTech. We already have a vibrant, dynamic technology sector, a well-established global Financial Services centre and a strong eco-system of tech start-ups. FPAI aims to bring all of this together and will provide a strong, united voice for the growing FinTech community and its investors.’

Colm Lyon, Founder, Realex Payments and CEO Pay with Fire, remarked: ‘This Association has come about as numerous people across this fintech and payments industry have realised that we have a superb competence and experience in the sector. This can scale even further, create more jobs, build more businesses and bring innovation to reality. Having a strong industry association will help to accelerate this vision’.

Morgan Lynch, Founder and CEO, Senddr said: ‘With the FPAI taking a leadership role in the Irish FinTech ecosystem, start-ups and emerging businesses will have a support framework to allow them to maximise their full potential.’

Colm Rafferty, Partner, Maples and Calder noted: ‘Regulation is a real challenge for FinTech companies – understanding and overcoming that challenge will be made easier by the collaboration of all the stakeholders in the FinTech ecosystem.’

For details on how to join and on upcoming events, please visit www.fpai.ie

ENDS

For more information/interview requests, contact:
Anna Kavanagh / Anne-Marie Curran
Drury|Porter Novelli
Tel: (01) 260 5000
087 692 9458 (AK) / 087 286 4079 (AC)
[email protected] / [email protected]

Note to the Editor. FPAI was initially established by a number of stakeholders active in the FinTech sector in Ireland in early 2015. This initiative was co-ordinated by professional services firms KPMG and Maples and Calder with the initial support of a number of high profile indigenous Irish technology companies, Irish and international financial institutions and interested individuals. Founder members include CurrencyFair, Fexco, Finergo, First Derivatives, Sysnet, Realex, Paywithfire, TransferMate, Linked Finance, Senddr, Britebill, Payzone, Grid Finance, Rubicoin, Version1, Supercharge, Accenture, AIB Merchant Services, Bank of Ireland, Citi and NDRC.

The FPAI also brings together the members of two existing not for profit organisations, Payments Ireland, which was established by Colm Lyon, founder of Realex Payments and the FinTech-Ireland meet up group which was established by Morgan Lynch, CEO of Irish FinTech start-up Senddr.

These constituencies came together with the support and encouragement of both Enterprise Ireland, the IDA and the Department of Finance. The Government's strategy for International Financial Services launched in March 2015 (‘IFS2020 – a new Strategy for Ireland's International Financial Services Sector’) specifically calls out the need to ensure that there is a co-ordinated approach to growth of the sector and extensive stakeholder consultation. FPAI, incorporating both Payments Ireland and the FinTech-Ireland meet up group, emerged as an organisation with a mandate to facilitate the consultation with stakeholders required by IFS2020.