Nov 6, 2024

How Irish companies are reimagining the future of financial services Search Explore how the country’s financial firms are driving advancements in cross-border payments, cybersecurity and sustainable finance. Ireland is home to over 40 per cent of global hedge fund assets. Photo: Shutterstock New: You can now listen to articles. This audio is generated by an AI tool. Brought to you by The global banking and finance sector faces numerous challenges, from the rise of cybersecurity threats and intricate regulatory demands to the growing need for climate-aligned investments. Emerging technologies in digital currencies and alternative lending platforms offer compelling opportunities, but seizing them requires nuanced expertise to be fully realised. As the world’s sixth-largest fintech hub and home to over 40 per cent of global hedge fund assets, Ireland is a major player in both financial services and technology. Over the past six years, Enterprise Ireland – the country’s innovation and trade agency and the No 1 venture capital organisation in Europe by deal count in 2023 – has directed close to €90 million (S$130 million) into fintech, financial services and business services companies. These companies, in turn, have invested more than €600 million in research and development to drive innovation. Today, Enterprise Ireland supports a robust network of around 200 Irish companies in fintech and financial services, with these firms collectively employing nearly 10,000 people. At the upcoming Singapore Fintech Festival, running from Nov 6 to 8, Enterprise Ireland will showcase the achievements of nine leading Irish fintech companies driving solutions across Asia Pacific. Mr Kevin Ryan, ASEAN director for Enterprise Ireland, said: “The world’s leading companies are using Irish technology and fintech to transform their businesses. Enterprise Ireland client companies, including Daon, TransferMate, GetVisibility and Fexco, do this by delivering tailored offerings to the Asia-Pacific markets.” Through cutting-edge solutions and strategic partnerships, these companies help address critical challenges across the region’s financial services landscape. CHALLENGE #1: REGULATORY COMPLIANCE AND RISK MANAGEMENT The navigation of stringent regulatory frameworks, from anti-money laundering and counter-terrorism financing to know-your-customer (KYC) protocols, can be streamlined through advanced regulatory technology. Irish firm Intuition is supporting this shift by providing digital learning solutions tailored to the needs of financial institutions. Through custom content, workshops and tech-enabled professional development, Intuition helps organisations meet complex compliance requirements. It is currently partnering with major banks in Singapore, including DBS, OCBC and UOB, to strengthen employee training in regulatory compliance. CHALLENGE #2: CYBERSECURITY AND DATA PRIVACY With escalating threats targeting financial data, cybersecurity remains a priority for banks in Asia Pacific. Daon , a digital identity verification specialist, offers KYC platforms that integrate biometrics and facial recognition to secure databases and verify customers. Designed to align with local regulatory and cultural needs, Daon has expanded its presence in Singapore to provide secure identity solutions across multiple sectors. Ireland’s Minister of State Jennifer Carroll MacNeill (right) met with clients at the Enterprise Ireland booth during Singapore Fintech Festival 2023. Photo: Enterprise Ireland Meanwhile, Getvisibility delivers AI-powered data security focused on data classification, risk assessment and protection. Its solutions help organisations manage sensitive information across cloud and on-premises environments, ensuring compliance with industry standards. Supported by Singapore’s Infocomm Media Development Authority, Getvisibility has adapted its platform to meet local data privacy standards, aiding adoption by institutions in Singapore. CHALLENGE #3: CROSS-BORDER PAYMENTS AND FINANCIAL INCLUSION Across Southeast Asia, where more than 60 per cent of the population lacks access to comprehensive banking services, many small businesses and individuals face financial limitations. Global payment specialist TransferMate addresses this gap with cost-effective, international payment solutions, supporting over 140 currencies across 200 countries. TransferMate’s fast and low-cost remittance services are particularly valuable for migrant workers, cross-border traders and e-commerce businesses. By working with banks in Singapore and the wider Southeast Asian region, TransferMate facilitates real-time currency exchange and streamlined payment processing. Fexco , known for its dynamic currency conversion services, enables banks and merchants to expand their revenue and customer reach. With its regional headquarters in Singapore, Fexco works alongside local financial institutions to strengthen currency exchange and payment services. Adding another layer of support for merchants, Continuum Commerce helps reclaim foreign exchange margins through multi-currency technology solutions. With features like dynamic currency conversion and customer currency selection, Continuum enables merchants to enhance transaction values and conversion rates, optimising cross-border sales and payment processing. CHALLENGE #4: SUSTAINABILITY AND GREEN FINANCE As climate change intensifies, financial institutions are under mounting pressure to align with the United Nations’ Sustainable Development Goals and actively manage climate-related risks. In response, Irish fintech companies are developing platforms that help banks incorporate sustainability metrics into their investment portfolios. CubeMatch , for instance, offers bespoke environmental, sustainability and governance (ESG) solutions for financial institutions in Asia Pacific, supporting their journeys toward achieving ESG objectives and embedding sustainable practices. With its commitment to innovation, Ireland’s fintech sector continues to shape the future of financial services worldwide. By addressing critical challenges and offering tailored solutions, Irish companies are helping financial institutions in Asia Pacific stay resilient, compliant and future-ready in a rapidly evolving landscape. To discover the latest in Irish fintech innovation, visit the Enterprise Ireland delegation at the Singapore Fintech Festival, Singapore EXPO, Hall 5, Stand 5F29, from Nov 6 to 8, 2024. Sign up for our newsletters Get our pick of top stories and thought-provoking articles in your inbox