Payment institutions (PIs) and e-money institutions (EMIs) are among the type of firm most likely to consider relocating to Ireland as a result of Brexit. Even without Brexit, FinTech is a significant growing area and technological innovations are developing rapidly. The Central Bank is particularly focused on new innovations in products and services, new delivery models, cyber security and IT resilience.
In this context, Colm Kincaid (the Central Bank’s Head of Consumer Protection: Policy and Authorisations) gave an informative speech to the FinTech and Payments Association of Ireland on 23 February 2017. In that speech, he set out details of the Central Bank’s policy and supervisory approaches, and its authorisation regime, for both PIs and EMIs.