On Friday, Central Bank of Ireland announced it will launch an innovation hub and an industry engagement program to keep up with fintech and regulatory landscapes. During her speech at UCC’s Financial Services Innovation Centre, Derville Rowland, Director General of Financial Conduct at Central Bank, stated:
“Engagement with the people developing new technologies gives us first-hand knowledge of the innovations they are developing. In turn, this enhances our understanding of any potential risks and, importantly, potential mitigants. Of course, we also need to listen to existing firms that are becoming increasingly innovative and technology-based.”
Rowland noted that the unit will focus on engagement, sharing and listening, and will be a two-way street, underpinned by an Industry Engagement Program. Both new and existing firms will also be able to engage directly with the Central Bank through new specific contact points:
“Our industry engagement programme is founded on the idea that good outcomes are driven by active engagement. This will start a conversation. It will give firms a way to engage with us outside of more formal regulatory interactions. In so doing, the Central Bank will be able to learn from the firms about their ideas, the technologies they are developing, and have a view to where financial services are heading.”
Rowland then explained that through the engagement program there will “Fintech Roundtables,” which will be hosted by Central Bank later this year. She reported that the Roundtables will bring together relevant stakeholders to discuss issues relevant to FinTech and innovation. She added:
“Given the pace of change in the FinTech space, we understand the importance of holding these Roundtables regularly. Industry engagement does not end with inviting stakeholders into our offices at North Wall Quay. We will be pro-active in seeking out engagement, and not simply waiting for it to come to us. We will be out at events and meeting with innovators. Importantly, we want to be, and will be, accessible.”