Engagement with the people developing new technologies, gives us first-hand knowledge of the innovations they are developing – Director General Derville Rowland

20 April 2018 Press Release
Security 
  • Central Bank announces new Innovation Hub to engage directly with firms interested in FinTech and its implications for regulation
  • Industry Engagement Programme will see regular FinTech Roundtables being hosted by the Central Bank for interested parties, starting later in 2018
  • New resources will give firms a way to engage with the Central Bank outside of more formal regulatory interactions

20 April 2018: In a speech at UCC’s Financial Services Innovation Centre this morning, Derville Rowland, Director General, Financial Conduct, announced that the Central Bank will launch an Innovation Hub and an industry engagement programme to keep step with the evolving FinTech and regulatory landscapes.

In her speech, she said: “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.”

She added that the unit will focus on engagement, sharing and listening, and will be a two-way street, underpinned by an Industry Engagement Programme: “Our industry engagement programme is founded on the idea that good outcomes are driven by active engagement.”

Both new and existing firms will be able to engage directly with the Central Bank through new specific contact points. Derville Rowland said: “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.” 

Firms will be able to contact the Central Bank at fintech@centralbank.ie with questions.

 “The centrepiece of our new industry engagement programme will be FinTech Roundtables hosted by the Central Bank starting later in 2018.  The Roundtables will bring together relevant stakeholders to discuss issues relevant to FinTech and innovation. They will be a forum for conversation where we can all learn from each other and share issues and ideas. Given the pace of change in the FinTech space, we understand the importance of holding these Roundtables regularly.”

Concluding, she said: “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.”