Hub capable of attracting multinationals and boosting our competitiveness could mirror facilities such as Level 39 in London and Station F in France
A view of the original IFSC campus established in Dublin nearly four decades ago. A new national fintech hub should now be set up to drive further research and innovation in financial services to allow Ireland compete for investment on the global stage. Photograph: Matt KavanaghForty years ago the Irish economy was in a difficult place. Unemployment was high, as was the national debt.
A key part of the equation was to ensure that Ireland would be a competitive location on the international stage. While trade liberalisation in Europe would mean more competition, it would also mean that Irish-based firms had the opportunity to bring their services to a market more than a hundred times larger than Ireland.in Dublin, one of the signature achievements of Irish economic policy, helped to realise this opportunity.
To fully grasp the leadership opportunities that exist, and the economic and jobs potential that go with them, Ireland must unlock the untapped potential that remains. Initiatives that boost competitiveness and innovation will be key to this, and the first thing the new government can do is continue the outgoing government’s support for a national fintech hub.
The hub would be a tangible symbol of Ireland’s commitment to excellence in financial services innovation, but it is just one piece of the puzzle. Investment in R&D will play a huge part – and we believe enhancement of the R&D tax credits would encourage firms to boost investment in innovative products and technologies. This includes extending credits to cover more R&D activities and simplifying the application process.
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