Ireland FinTech Fusion Launches as a €5 Million Blockchain Project Targeting New Innovation
Ireland Launches FinTech Fusion, A €5 Million Project Targeting Blockchain And Other Innovative Tech
On Friday, the Irish government announced €5 million fintech research and development project, which is expected to run for a period of 5 years. Dubbed The FinTech Fusion, the project will be managed by the ADAPT Center for Digital Content Technology.
Running until 2022 in Dublin’s Trinity College, the FinTech Fusion will majorly focus regulatory technology (RegTech), online payments, blockchain, and other innovative technologies. The government plans to shape Ireland as one of the biggest fintech destinations in Europe.
According to Paschal Donohoe, the country’s Minister for Finance and Public Expenditure and Reforms, the program is meant to bridge the interconnection between Ireland’s industries and academic institutions. He noted that:
“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.”
Collaborating with More Big Names
Academic researchers based at FinTech Fusion will also work with more than big names in different industries, looking to foster the best results. Some of these companies include FINEOS and Zurich, Fidelity Investments, Gecko Governance, Deutsche Borse, and Microsoft.
According to the director of ADAPT, Professor Vincent Wade:
“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.”
Of the €5 million expected to be invested, Science Foundation Ireland will pump in €2 million in the FinTech Fusion, with the rest of the funds being secured from industry partners and research deals.
Earlier in June, an IDA Ireland-backed organization, the Irish Blockchain Expert Group (IBEG), launched a portal that lets people get relevant information on blockchain and where various startups could find support.