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In Ireland, we take having a bank account and banking apps for granted. But in many other parts of the world, there are millions of “unbanked” people – meaning they don’t have a bank account. Meeting the needs of the unbanked is just one of the many significant fintech opportunities open to Irish firms across the Asia-Pacific region.
Across regtech and compliance, cybersecurity, currency transfer and many other financial services, innovative Irish companies are finding significant opportunities and markets in the region. Read more That’s why 16 companies from Ireland participated in a joint trade mission at last week’s Singapore Fintech Festival – one of the world’s largest fintech events, with 65,000 people attending. It’s an incredible opportunity to raise brand awareness and spotlight your firm’s capabilities to many of the world’s leading banks and financial services companies.
It’s the first time the two trade organisations have hosted a pavilion together at the event Ireland has a strong reputation in the sector globally, with over 250 indigenous Irish fintechs now in operation. Together with the wider Irish-based financial services sector, they accounted for exports of €22.2bn in 2023.
With many Irish fintechs already forging successful partnerships and doing deals with leading international banks from across the wider APAC region, this event offered an opportunity to make valuable new connections and build on existing relationships. Leading Irish firms Fenergo and Know Your Customer each had stands at the Singapore Fintech Festival, while 12 firms from all across the island exhibited on the joint Enterprise Ireland/Invest Northern Ireland pavilion. They included Continuum Commerce, Cubematch, Daon, Fexco, Intuition Publishing, Transfermate Global Payments and Visibility Blockchain.
And Northern Ireland based companies that participated include Fern Software, FinTrU, EOS IT, Funds-Axis and First Derivative. It’s the first time the two trade organisations have hosted a pavilion together at the event, which reflects the all-island nature of this fast-growing industry and the collaborative approach taken by Enterprise Ireland, Invest Northern Ireland and IDA Ireland. Among those attending were Enterprise Ireland CEO Leo Clancy, IDA executive director Mary Buckley; minister for the economy in Northern Ireland Conor Murphy; and Kieran Donoghue, CEO of Invest Northern Ireland.
The EU Free Trade Agreement with Singapore provides safeguard guarantees for Irish firms The event also offered a chance to meet venture capital and sovereign wealth fund representatives, including global investors such as Temasek, SC Ventures, ADB Ventures and Gen Zero. As a financial services hub for the region, Singapore is the logical first port of call for companies seeking a foothold in the Asia-Pacific market. It’s a well-regulated, safe market, featuring a similar banking landscape to Ireland.
Many Irish fintechs with banking and financial services clients in Dublin, London and Frankfurt end up extending that relationship to those clients’ operations in Singapore. They can then build on this market presence and take advantage of the greater opportunity in the region across. The EU Free Trade Agreement with Singapore provides safeguard guarantees for Irish firms entering the market, as does Enterprise Ireland’s on-the-ground team, which gathers market intel and has extensive contacts.
Kevin Ryan is director of ASEAN at Enterprise Ireland Read more.
