Minister of State at the Department of Finance with special responsibility for Financial Services, Credit Unions and Insurance, Seán Fleming, has launched an update to the Ireland for Finance strategy.
The update of the Ireland for Finance strategy, which has been approved by Government, charts the future development of the international financial services sector in Ireland to the end of 2026.
Under the updated strategy the government has a target to grow employment in the sector by 5,000 net new jobs. This will be achieved by focusing on growth in green, sustainable and digital financial services.
The sector, as measured by the IDA and Enterprise Ireland, employs over 52,000 people, which is the highest level ever.
The update of the Ireland for Finance strategy focuses around five main themes for growth:
1. Sustainable finance
2. Fintech and Digital finance
3. Diversity and talent
4. Regionalisation and promotion
5. Enhancing the operating environment
This year, Minister Fleming established a fintech steering group in the Department of Finance. This group will be expanded to the private sector this year. The purpose of this new group is for the private and public sector to co-operate on the future policy direction of digital finance in Ireland.
Speaking at the launch, Minister of State at the Department of Finance, Seán Fleming, stated, “international financial services is a fast growing sector of the Irish economy. The update of the Ireland for Finance strategy marks the half way point of the original document published in 2019. I believed it was important to examine how the government can refocus policy in response to all the changes both industry and society have experienced in recent years. The sustainable and digital transitions feature prominently as great opportunities for Ireland’s economy.”
“Partnership between the private and public sector is at the heart of this strategy. It is key to ensuring Ireland has the right education mix to meet the demands of industry in the future. Our job targets are ambitious but can be met with everyone working together.”
Key achievements that developed under Ireland for Finance include the Sustainable Finance Roadmap as part of Climate Finance Week 2021 and the Irish Women in Finance Charter, which was launched in April of this year.
The Ireland for Finance Strategy can be read in full here.