It has now been almost two years since the momentous and catalytic Brexit vote.
Today, major players in the financial sector and those invested in banking technology trends are presently considering their next moves as the UK’s withdrawal date edges closer.
For Dublin, the seismic vote brings exciting opportunities and significant challenges as it looks to tempt more fintech enterprises to make the switch from London, and local firms try to make sense of the ever-changing political and business climate to maximise opportunity and operational efficiency.
Business leaders from across the globe met in Dublin in late January to discuss how the Irish capital can fulfil its status as a major hub of European operations for financial and banking technology enterprises in the wake of Brexit and the upheaval that it will inevitably bring.
Dublin has already attracted prominent banks and financial services including JPMorgan Chase, and it is perceived by many as a more favourable location for operations than other major cities in the EU, such as Paris and Frankfurt.
It is therefore well positioned to take advantage of post-Brexit opportunities.
Centre of excellence
Dublin already has a large and thriving tech and software market, and has been a hub for American financial firms for some time now.
Ireland’s financial services minister, Michael D’Arcy, recently revealed that companies already based in the capital are planning to expand their operations and shift more staff, activities and products from London.
Ireland’s financial services minister recently revealed that companies already based in the capital are planning to expand their operations and shift more staff, activities and products from London
Regulations in Dublin will continue to be driven at EU level, which means frameworks including MiFID II, CRR and GDPR will underpin compliance for the foreseeable future.
These challenges will need to be addressed, but the city offers a compelling, practical alternative as it wields a comprehensive understanding of how UK markets operate and is already an established centre of excellence in finance.
Role of tech
Technology exercises a growing influence on the financial ecosystem as digital transformation schemes and the cloud are finally empowering banks and organisations to overhaul, streamline and optimise their core operations.
These companies also need fast, reliable connectivity to global financial markets to trade and access market data.
Tech is generally playing a more central role in both front and back-end processes and is now viewed as a key revenue and growth driver.
High-performance WAN services in the world’s most business intensive cities are needed to ensure maximum uptime, as well as cloud interconnections, scalable hosting, and security services to address GDPR compliance and other obligations. Strategic investment in the right technology is imperative for any enterprise that wants to remain at the vanguard of banking and technology.
The bottom line
Dublin is not the only EU city hoping to take advantage of Brexit – Ireland as a whole will require a proactive approach from the government and support from the industry to give itself the best chance of capitalising on the new market reality and fulfilling its potential.
Meet us at FOW Trading Dublin
Our Business Development Director, Sean Pickering, and Head of Accounts, Jamie Fyffe, will be in attendance at FOW Trading Dublin on 3rd May 2018 and they will be delighted to talk about the latest technology in the banking sector, as well as the opportunities and challenges that Brexit poses during the much-anticipated event at the O’Callaghan Alexander Hotel.