Latest news with #EnterpriseIreland
Irish Examiner
a day ago
- Business
- Irish Examiner
Dynamic fintech sector highlights the strength of Irish financial services
Fintech has been one of the standout success stories of the Irish economy in recent years. According to FinTech Ireland, there are now about 300 indigenous fintech firms in the State, along with 140 international companies; together they employ some 7,000 people. A recent survey by the group noted that 42 per cent of firms report that they plan to raise additional funding, with 91 per cent planning to add to their employment this year. Enterprise Ireland has been in the vanguard of supporting the sector, having assisted more than 200 firms and invested €90 million. As Anna-Marie Turley, head of Enterprise Ireland's fintech and financial services portfolio, noted recently: 'Ireland's dynamic landscape of fintech companies, particularly in the areas of regtech, payments, digital identity, sustainable finance and AI, highlights the strength, innovation and diversity present in Irish financial services.' Critically, there is a high level of R&D investment in the fintech space in Ireland, she added, noting that Enterprise Ireland's fintech clients invested more than €600 million in R&D between 2018 and 2023. Fintech is a broad church. The Fintech and Payments Association of Ireland (FPAI) says it embraces every area where technology and innovation meet in the financial-services sector, from payments, trading and foreign-exchange markets to big data, risk, compliance, business intelligence, consumer-focused currency exchanges and peer-to-peer lenders. 'In Ireland we have a deep heritage in growing financial services businesses in the International Financial Services Centre and an equally strong history in establishing and scaling Irish technology companies focused on foreign markets,' the FPAI says. 'We are lucky to have a diverse range of market participants who see fintech as the context for their own innovation or at least a source of innovation from which they can benefit.' Patrica Callan, director of the Financial Services Ireland group within Ibec, agrees that the fintech sector in the State has grown from a deeply embedded finance and technology skills base, much of it centred in Dublin. 'There's a convergence between the two and I think that the skills set is very important.' she says. 'What's also very important is that we are viewed as a very stable country with a strong regulatory environment. There are also good Government supports, including direct incentives from Enterprise Ireland, and an ecosystem that includes strong and experienced legal and accounting firms, so our overall proposition is excellent.' This diverse mix means fintechs can be very different beasts. They include indigenous Irish early stage and scaling technology companies; indigenous Irish later stage technology companies; multinational technology companies with operations in Ireland; domestic financial institutions; international financial services companies with operations in Ireland; and venture capital and private equity investors, among others. Laura Flood, PwC partner and council member of the FPAI, says the Republic's success in the fintech sector can be attributed to a confluence of factors including a well-educated talent pool; the presence of established financial services and tech companies that have nurtured a workforce equipped with essential expertise for fintech innovation and expansion; access to the EU, as well as close ties with the UK and US; along with the State's long-established position as a hub for international investment and favourable tax and R&D credits for start-ups and established firms. Laura Flood, PwC partner and council member of the FPAI. 'Fintech plays a central role in Ireland's national financial services strategy,' she says. 'The sector benefits from significant government backing, including funding and incentives provided by organisations like the IDA and Enterprise Ireland. Ireland's membership of the EU grants fintech firms access to the single market, making expansion and scalability across Europe more seamless. Since Brexit, this strategic advantage has encouraged many international firms to establish their EU headquarters in Ireland.' The State's open and transparent regulatory environment, guided by the Central Bank of Ireland, balances financial stability with innovation. The Central Bank's Innovation Hub helps firms utilising new technologies navigate regulatory frameworks and its Innovation Sandbox Programme, launched in 2024, works with companies in the early stages of development of innovative initiatives. Additionally, the demand for compliance solutions has fuelled the rise of businesses offering tech-driven regulatory management tools, says Flood. 'Ireland's fintech sector is experiencing remarkable growth, fuelled by continuous advancements in digital technology that are transforming financial services across the board,' she says. 'As automation, artificial intelligence and blockchain technologies become more integrated into everyday financial operations, the pace of innovation is set to accelerate even further.' This is a fast-moving and innovative sector, characterised by constant change and reinvention, so there is no room for complacency, Flood adds: 'Financial regulations are continuously evolving. This requires Irish fintech firms to navigate increasingly complex rules and reporting requirements, while effectively managing their capital and maintaining an adaptable business model. The sector also faces intense competition, with various jurisdictions striving to establish themselves as fintech leaders. To remain attractive and retain business, Ireland must continue to innovate and offer compelling advantages.' Callan agrees. One proposal Financial Services Ireland has made is for the establishment of a dedicated fintech hub that would provide a tangible and visible symbol of the Republic's commitment to innovation in the sector. Examples of hubs of this nature include Station F in France, Level 39 in the UK, Stone & Chalk in Australia, and DIFC FinTech Hive in Dubai. The hub, Callan explains, would be a physical location, providing firms with office space, a community of industry peers, learning opportunities, access to events and more, and could also house state agencies such as the IDA, Enterprise Ireland, the Department of Enterprise, Trade and Employment and the Central Bank of Ireland, to allow for regular dialogue and sharing of insights.
Irish Times
2 days ago
- Business
- Irish Times
‘Reputation alone will not cut it' for food industry says new Enterprise Ireland chief
Incoming chief executive of Enterprise Ireland (EI), Jenny Melia called on companies to invest in innovation and sustainability in order to maintain the competitiveness of Irish food business. 'Reputation alone will not cut it for us, we are going to need the innovation and sustainability agenda to back it up,' she said. The incoming EI chief executive said it is a 'pivotal time' for Irish exporters which she said could become the 'primary driver of the economy over the next decade'. 'Costs are volatile, markets are unpredictable and technology is moving at a pace that is taking all of us by surprise,' she said, 'but amid all of that volatility and those challenges lies a massive opportunity for this uber important sector for Irish industry.' READ MORE She called on food businesses to examine the integration of artificial intelligence into their businesses and called for feedback from their partner companies on how to reduce the overhead costs of accessing supports from EI. A report released by Enterprise Ireland at the event found that food and drink companies supported by the agency invested €166 million in research and development in 2024. Of that figure, more than 113 companies invested in excess of €100,000 each in research and innovation. Despite the positive figures, the incoming chief said Irish food companies 'have a lot more to do'. 'Innovation isn't a 'nice to have' – it's a strategic imperative,' Ms Melia said, noting that Ireland has the 'capability and global reputation to lead in sustainable, high-value food production'. The sector, which supports more than 60,000 jobs, accounts for 26 per cent of jobs supported by the state-agency, but Ms Melia noted the sector 'must act with urgency' to continue to innovate in order to retain its global competitiveness. Ms Melia is due to take up the position of chief executive office in July, but a new, interim chairman will be in place following the resignation of businessman Michael Carey. The executive chairman and major shareholder of biscuit maker East Coast Bakehouse resigned following reports that the company was late in filing its accounts to the Companies Registration Office as required by law. He took the decision to avoid any embarrassment for the ministers involved, James Browne in housing and Peter Burke in the Department of Enterprise. Speaking in advance of the event to The Irish Times, Minister for Enterprise Peter Burke said 'I commend him for making that decision'. Minister Burke said the former EI chair had 'reflected on a number of issues that he is trying to deal with the company in terms of filing his statutory obligations with his accounts and he needs time to do that.' 'He has reflected on that and decided it was best that he focused on at the work of his business at this point in time and I commend him for taking that decision.
Irish Times
2 days ago
- Business
- Irish Times
IDA Ireland to spend ‘very significantly more' than €100m on site for FDI
IDA Ireland will spend 'significantly more' than €100 million to develop the first of three planned 'next generation sites' around the State, according to Minister for Enterprise Peter Burke . It is understood to be targeting the computer chip sector. The agency, charged with sourcing foreign direct investment for the State, plans to 'develop up to three significantly larger scale, pre-permitted developments' in regional locations, it disclosed in a five-year programme published in February. Speaking in advance of Enterprise Ireland 's Food Innovation Summit in Croke Park, on Wednesday, the Minister said the cost of acquiring the sites would be 'very significant'. 'We will be, in the next couple of weeks, bringing a very significant proposal to Cabinet for our first large scale next generation site,' he said, adding that it would be a site in the west of Ireland, capable of attracting a 'significant company of scale'. READ MORE It would, Mr Burke said, be a 'very strong competitive offering' to foreign direct investment. Asked whether the sites were being earmarked for computer chip manufacturers, the Minister said: 'The KPMG report [into the outlook for Ireland's semiconductor sector] sets out an absolute opportunity here of getting an additional workforce of over 30,000 by 2040, which would be very significant for the sector. 'Right through Covid, we saw significant blockages in manufacturing. We saw blockages in the automotive sector brought to a standstill. Why? Because of a lack of chips. Chips are so important to the digital economy. 'Obviously, the geography of Ireland is very attuned to semiconductor activity, but also need utilities and you need a very significant capacities, and infrastructure,' he said. The Government is looking at 'putting together a war chest for two more additional sites' with pathways to be 'utilities rich' in tandem with the National Development Plan Review, the Minister said. 'The cost will be very significant' given the cost of achieving utility connections with 'the way the site is structured', he said, though he declined to go into specifics on cost of the first site. Asked if it would be more than €100 million, the Minister said: 'Oh, very significantly more than that.' 'We need strategic forward planning to enhance our offer to investors,' the IDA said. 'Ireland must fundamentally reposition its offering to develop a select number of significantly larger-scale solutions in order to be competitive in attracting the next generation of very large-scale, sustainable, capital-intensive FDI.' IDA chief executive Michael Lohan said the sites would be between 500 and 1,000 acres in size but had not yet been identified.
Irish Post
3 days ago
- Business
- Irish Post
Minister attends opening of leading Irish medtech firm's new manufacturing facility
A LEADING Irish medtech firm has opened a new state-of-the-art manufacturing facility in Co. Galway to increase production on one of its leading products. Neurent Medical has produced a non-surgical solution for people suffering with chronic rhinitis - a persistent inflammation of the nasal passages, which can cause symptoms such as a runny nose, nasal congestion, and post-nasal drip for more than 12 weeks. Their product Neuromark targets the underlying drivers of the condition so effectively that there is growing demand for the technology both in Ireland and in the US. To meet demand, the firm has launched its new manufacturing site at Westlink Commercial Park in Oranmore. Pictured (l-r) Minister Hildegarde Naughton, Jenny Melia of Enterprise Ireland and Brian Shields, CEO Neurent Medical 'We're proud to scale our operations in Galway, where the MedTech ecosystem continues to thrive,' Neurent Medical CEO Brian Shields said. 'Our new Westlink facility gives us the manufacturing capacity to meet growing demand for Neuromark, while creating high skilled employment opportunities and contributing to economic vitality in the west of Ireland.' He added: 'As an Irish-founded company, we're excited to manufacture our product locally with the exceptional skills available and deliver Irish-engineered MedTech innovation to the world.' The new facility will bring 125 new highly skilled jobs to the Galway area by the end of 2028, the company has confirmed. The new jobs will range across key functions in engineering, quality control, operations, supply chain management, and sales and marketing. Originating from the Enterprise Ireland-supported BioInnovate Ireland Programme, Neurent Medical has grown from concept to commercialisation within a decade, emerging as one of Ireland's medtech success stories. Minister Hildegarde Naughton and Jenny Melia, CEO (Designate) of Enterprise Ireland, who have supported the firm, were at the opening of the new site. 'I want to congratulate Neurent Medical on this significant achievement,' Minister Naighton said. 'Galway is known as a major player in medical technology, being home to eight of the world's top 10 medtech companies. 'As a native myself, I am particularly proud to see 125 new highly skilled jobs being created by a company based in Oranmore,' she added. 'It is also highly notable that this is an Irish company, supported by Enterprise Ireland, and selling into the US market. 'I have no doubt, given their impressive growth to date, that this will be but one of many major achievements for the company.' See More: Enterprise Ireland, Galway, Irish, Medtech, Neurent Medical
Agriland
3 days ago
- Business
- Agriland
Food innovation summit set to take place in Dublin
Enterprise Ireland is hosting the Food Innovation summit at Croke Park, Dublin, tomorrow, Wednesday, June 18. The summit is titled 'Feeding Innovation: Collaboration, Disruption and Growth,' and aims to raise awareness among food companies of the importance of investing in research, development, and innovation to achieve sustainable and profitable export growth. Attendees will have the opportunity to hear from Irish companies, start-ups, international speakers, panel discussions, and to network with experts in food innovation. The Minister for Enterprise, Tourism and Employment, Peter Burke will provide an opening address, followed by a number of panels discussing topical issues in the food industry. Speakers on the panels include: John O'Connell, West Cork Distillers. Elaine Bourke, Kepak. Professor Carel Le Roux, St Vincent's Hospital. Tom Keogh, Keogh's Crisps. Michelle Vance, Lily O'Briens. Ailish Martin, Sainsbury's. Tom Kearney, Spice O'Life. Emma Cahill, Glenhaven Foods. The summit will run from 9:15a.m until 4:00p.m. Registration opens at 8:15a.m at Croke Park. Food Separately, the price of a pound of butter at the checkout rose on average last month by €1.03, according to new figures released by the Central Statistics Office (CSO) last week (June 12). Shoppers also paid more for Irish cheddar which increased by 57 cent per kg while two litres of full fat milk also jumped by 27 cent in May. Overall consumer prices in Ireland rose by 1.7% between May 2024 and May 2025 latest figures show. According to the CSO the biggest price increases recorded over the 12 months to May 2025 were in relation to food and non-alcoholic beverages – which rose by 4.0% while alcoholic beverages and tobacco also increased by 3.1%. The Consumer Price Index is designed to measure the change in the average level of prices – inclusive of all indirect taxes – paid for consumer goods and services in Ireland. According to the CSO, while there was an increase in the price of an 800g loaf of white or brown sliced pan – which rose by 5 cent, there was a fall in the price of a 2.5kg bag of potatoes – which dropped by 25 cent last month when compared with similar prices for May 2024.
