Irish FinTechs have lamented the lack of support from the state, claiming that it has harmed innovation in the banking sector.
According to a report from Ireland’s Fintech Future, commissioned by Financial Services Ireland (FSI), an arm of banking lobby group Ibec, found that limited state support was cited as a major barrier to the prospects of the country’s fintech sector.
The survey showed that 72% of respondents were unhappy with the amount of state supporting – claiming that there was not enough funding for innovation – while 64% said there was not enough for growth.
Despite this, there is optimism for the sector on the Emerald Isle, the study revealed a general optimsim among the surveyed firms, especially the newly-established ventures. As many as 88% of startups said they expect to grow their revenue over the coming years by an average of 72%.
FSI director Fiona Callan, said: “The findings of the survey show that the sector is positive about the future, but it is clear that there are obstacles in place in Ireland, both for developing the next generation of financial services firms, and for longer-established firms who are digitalising their businesses.”
Upon the completion of the survey, FSI has suggested that the Irish government establishes a new FinTech hub to bolster innovation in the space, domestically.
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