In the last five years, Ireland has transformed from a centre of financial services outsourcing to one of innovation. flow’s Janet Du Chenne reports from the Financial Times’ European Financial Forum on how the country has embraced technological disruption and regulation has shifted from being domicile-driven to becoming more data-driven
On January, 22, 1922, following the Irish War of Independence the Viceroy of Ireland handed Dublin Castle, formerly the seat of British Rule to the government of the newly independent Irish state. Nearly 100 years later, in February 2019, the Castle fittingly hosted the FT’s European Financial Forum to hear how the country is again reinventing itself, this time amidst regulatory and technological change and its erstwhile governor’s imminent break-away from the European Union.
That reinvention happened a decade ago when, as a domicile for 5.5% of worldwide investment fund assets, over 40 fund administrators, 20 depositories, as well as legal and specialist advisory firms Ireland began to attract a different breed of service provider: companies with new technologies and talented individuals who could analyse data on those assets. Over the last 10 years, they have inserted themselves into the financial ecosystem to add even more value.
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