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

July 27, 2022

Preview Citation

Format: Chicago

Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech, (USA: International Monetary Fund, 2022) accessed October 19, 2024

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.

Subject: Crime, Economic sectors, Financial services, International organization, Monetary policy, Technology

Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), Central bank of Ireland, Customer base, Cyber risk, Financial sector, Fintech, Global, Host regulator, Markets authority, Support firm, Virtual currencies

Publication Details

Pages:

29
Volume:

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DOI:

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Issue:

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Series:

Country Report No. 2022/243
Stock No:

1IRLEA2022009
ISBN:

9798400216619
ISSN:

1934-7685

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