Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech

Financial Sector Assessment Program-Technical Note on Oversight of Fintech: Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech
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Volume/Issue: Volume 2022 Issue 243
Publication date: July 2022
ISBN: 9798400216619
$20.00
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Topics covered in this book

This title contains information about the following subjects. Click on a subject if you would like to see other titles with the same subjects.

Finance , Money and Monetary Policy , International - Economics , central bank of Ireland , support firm , markets authority , host regulator , customer base , Fintech , Virtual currencies , Financial sector , Anti-money laundering and combating the financing of terrorism (AML/CFT) , Global , Cyber risk

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Summary

This Technical Note on Oversight of Fintech explains that Ireland’s fintech sector is growing in importance through the entry of innovative new players and digital transformation of incumbents’ business models and products. This note seeks to identify risks arising from fintech as well as policy responses by authorities. The Irish Government has adopted a Strategy implemented by annual action plans for the development of Ireland’s international financial services sector that includes several initiatives of relevance to fintech. The Central Bank has an Innovation Hub that provides a single point of contact for stakeholders on fintech-related issues. Under the EU’s passporting framework host regulators receive limited information on the activities that passporting entities carry out in their jurisdiction. Incumbent retail banks in Ireland are dedicating significant resources to digital transformation, while fintechs are enlarging consumer choice through innovative new services. The Central Bank should further intensify its efforts to monitor developments on crypto-assets through systematic data collection within the scope of its powers and, where unacceptable risks remain, issue carefully targeted warnings and investor communications.