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Irish Examiner
11 hours ago
- Business
- Irish Examiner
Adaptability is key to success in rapidly evolving regtech space
Irish firms are not only keeping pace with international compliance trends, they're also helping define them, with companies such as Fenergo, Corlytics, AQMetrics, Daon and Know Your Customer having established world-leading positions in the demanding regtech space. According to Brian Fahey of MyComplianceOffice (MCO), the foundation of this success can be traced back to the establishment of the International Financial Services Centre and the introduction of a 10 per cent corporate tax rate at the time. This was the nascence of an ecosystem that nurtured professionals to advance into senior roles and in some cases gain international experience. Brian Fahey of MyComplianceOffice (MCO). 'Many have since returned, bringing valuable expertise with them,' says Fahey. This international perspective is important. 'Ireland's relatively small domestic market necessitates looking outward for business opportunities, driving the development of global solutions. In contrast, regtech firms from larger economies – such as the United States – often focus solely on domestic regulatory solutions,' he adds. Ongoing investment by Enterprise Ireland and IDA Ireland has supported the sector to flourish with a global outlook. While the Republic is home to many foreign direct investment companies in highly regulated industries, such as pharmaceuticals and food production, none of these sectors have fostered a regtech ecosystem on a par with financial services. 'The sheer number of financial firms operating in Ireland probably continues to shape and sustain Ireland's thriving ecosystem for regtech,' says Fahey. 'Globally, regtech solutions for banking and investment span numerous specialised segments, each addressing specific regulatory and enforcement challenges that have evolved over time. Each segment has its own set of competitors worldwide, and several Irish regtech firms are demonstrating leadership and innovation in these areas.' Fahey points to Corlytics as a pioneer in horizon scanning, leveraging artificial intelligence well before the advent of large language models. 'There are many other firms striving to be 'best of breed' solutions, which Irish firms often have to be as they are competing globally,' he says. His own firm, MCO, is the largest Irish-owned regtech firm in Ireland, carving its niche with a single, enterprise-wide integrated platform for banking and investment firms. 'Traditionally, these firms have relied on multiple vendors for compliance solutions, but MCO consolidates these capabilities at scale. There is not another firm like us with the breadth of compliance offerings on an integrated platform,' says Fahey. Ian Nelson, partner, head of financial services and regulatory, KPMG Ireland, agrees with Fahey's take that the success of Ireland's regtech sector directly parallels the development of the financial services sector, and it's becoming a symbiotic relationship. Ian Nelson, partner, head of financial services and regulatory, KPMG Ireland. 'Those entities that are able to use regtech solutions to allow for a less time-intensive, less manual and, by extension, better regulatory outcomes, coupled with better customer experience, will be at the forefront of the winners in the sector,' he says. Nelson says that by their nature, a number of regulatory solutions are very quickly scalable from a localised to an international environment, and Irish regtech firms have become very quick to evolve in that context. 'For example, regtech firms that offer solutions in relation to anti-money laundering (AML) requirements, that have been tailored for an Irish regulatory regime, can be quickly scaled to an international set of requirements where the technology is in place, and it is about a simple evolution of the rules within the technology.' Julie Kennedy, partner, financial services risk and regulation, PwC Ireland, says the financial services sector has undergone a profound digital transformation, reshaping the way products and services are delivered to customers. 'This shift has necessitated the revamping of both customer-facing platforms and back-office infrastructure,' she says. Julie Kennedy, partner, financial services risk and regulation, PwC Ireland. 'The regtech industry is emerging as a powerhouse, bolstering firms in navigating a complex regulatory landscape with innovative solutions that not only streamline compliance but also enhance customer service and afford companies a strategic edge.' Looking at Ireland as an incubator for regtech innovation, she sees impressive innovation in niches including AML and counter-terrorism financing. 'Statistics reveal a surge in regtech start-ups in Ireland, with many gaining unicorn status,' says Kennedy. In the face of increasing global regulatory complexity, adaptability and innovation are the keys to success. 'Irish regtech firms are adeptly navigating the tangled web of global regulatory requirements by crafting systems that are both scalable and adaptable,' says Kennedy. 'Amidst rising competition and evolving legislation, Irish firms are setting benchmarks with agile technologies that cater to both European and international demands. Industry leaders highlight the strategic importance of this adaptability, pointing to Ireland's prime position at the nexus of European finance.'
Irish Independent
5 days ago
- Business
- Irish Independent
Revealed: the percentage of young adults who would turn down €5m to go without the internet
Close to a third (29pc) of adults of all ages in the country couldn't last a full hour without the internet when it comes to their personal lives, the poll also showed. These figures are even higher for young adults aged between 18 and 24, as this age group in particular struggles to spend much time away from the internet and devices. And nearly two in five (38pc) people in this age group said they couldn't cope with a full hour without internet. Meanwhile, almost half (48pc) of this cohort said they would reject €5m in exchange for being cut off from the internet for ever. The study also showed how the internet has changed human connections, how adults perceive relationships conducted online as valuable as in-person, and the central role the internet now plays in people's lives. It comes as nearly half (48pc) of adults think that their online interactions feel just as meaningful as in-person ones. Meanwhile, more than three in five (61pc) credit the internet for improving their relationships with friends and family. The annual Connected Lives survey, which studied the value of the internet on people's lives, was conducted by Censuswide on behalf of the Irish-owned broadband and telecoms provider Pure Telecom. The study surveyed 1,001 adults in the Republic of Ireland aged 18 and over. Pure Telecom CEO Paul Connell said: 'It's only when we stop to think that we realise just how much we rely on the internet for our everyday lives and human connections. 'We are sending instant messages to friends, tracking workouts and watching TV – all online – so in that context, an hour can feel like a long time. In fact, our research found that one in 10 adults – more than 400,000 of us – couldn't even make it beyond 15 minutes.' The survey also showed how 74pc of broadband account holders shop around as the end of their contract approaches, while the same number believe annual broadband price increases by many providers should stop. 'The majority of our survey respondents (74pc) believe that broadband should be classed as a public utility,' Mr Connell said.
Irish Examiner
13-06-2025
- Business
- Irish Examiner
Enterprise Ireland chair Michael Carey resigns from role
The chair of Enterprise Ireland has Michael Carey has resigned, with former Dairygold chief Jim Woulfe now taking the role in an interim capacity. Mr Carey had been in the spotlight over reports his company East Coast Bakehouse had made late account filings with the Companies Registration Office. Minister for Enterprise, Tourism and Employment Peter Burke confirmed Mr Carey had tendered his resignation and said a process will now commence through the Public Appointments Service to appoint a new Enterprise Ireland chair. Mr Carey is also the chair of the board of the Housing Agency and he is also believed to have stepped down from this role. "I would like to thank Michael Carey for his work and dedication to Irish enterprises over the last two years as chair of Enterprise Ireland and wish him all the best in the future," said Mr Burke. "The Government and Enterprise Ireland have ambitious plans over the coming period, including to increase exports to €50bn by 2029, to establish 1,700 new Irish-owned exporters and to increase jobs in companies supported by Enterprise Ireland to 275,000. Supporting Irish SMEs, together with realising the significant potential we have in our innovative economy, remain my absolute priority. I am working closely with Jenny Melia, as CEO designate, and the board of Enterprise Ireland in this regard." Former Dairygold chief executive Jim Woulfe, a member of the board of Enterprise Ireland, has agreed to act as interim chair in advance of the formal process concluding. Mr Woulfe was Dairygold chief until December 2021 when he retired after 42 years' service.
Irish Independent
12-06-2025
- Business
- Irish Independent
30 new jobs for Tipperary as tech company Unitec opens new facility
Clonmel based Unitec announced 30 new jobs with the opening of their headquarters in Powerstown House, Gurtnafleur, Clonmel, marking 'a significant milestone in the company's expansion and long-term commitment to regional development." Unitec is an Irish-owned IT support and managed services provider now celebrating its 16th year of business. The jobs announcement was made at their headquarters in Powerstown House, Gurtnafleur, Clonmel, marking 'a significant milestone in the company's expansion and long-term commitment to regional development,' said a spokesperson. The 30 new jobs are to be created over the next three years. They will span roles in engineering, quality assurance, production, logistics, and administrative support, with recruitment to begin immediately. Unitec has said it will place a strong emphasis on hiring locally where possible and working with local education providers to foster talent in the region. The ribbon-cutting ceremony was led by managing director Ian Power, technical director Aiden Ryan, with the support of special guests, Tipperary cathaoirleach Declan Burgess, Christine Clancy of Enterprise Ireland, and Michelle Aylward, CEO of the County Tipperary Chamber of Commerce. While director Miguel Marques was unable to attend in person, his role in guiding Unitec's strategic development was warmly acknowledged during the proceedings. Unitec's new facility, located in the Clonmel Business and Technology Park, will serve as a hub for high-precision engineering, prototyping, and manufacturing services across a range of sectors, including medical devices, electronics, and advanced industrial technologies. The investment reflects both rising international demand for Unitec's services and the company's belief in the talent and potential of the Tipperary region. Speaking at the event, Mr Power said. 'This is a landmark day for Unitec. Our new Clonmel facility allows us to enhance our technical capabilities, scale our operations, and create high-quality employment in a region known for its engineering heritage and skilled workforce. 'We're immensely proud of what our team has achieved and grateful for the support we've received from Enterprise Ireland, Tipperary County Council, and our local community.' Unitec is celebrating its 16th anniversary of successful business. Unitec's new facility, located in the Clonmel Business and Technology Park, will serve as a hub for high-precision engineering Cllr Burgess spoke of the positive impact the investment will have locally. 'It's inspiring to see a company like Unitec grow and invest in Clonmel. The creation of 30 new jobs is a major boost for our community and a clear signal that Tipperary is a thriving location for innovation and advanced manufacturing,' said Cllr Burgess. Ms Clancy praised Unitec's achievement, saying: 'Their focus on innovation and quality aligns closely with Enterprise Ireland's commitment to helping Irish companies scale internationally and contribute meaningfully to the local economy.' Ms Aylward added: 'This opening is more than a ribbon-cutting — it's a celebration of growth, collaboration, and long-term vision. Unitec's expansion is a fantastic endorsement of the region's capabilities, and we look forward to working with the company as it continues to thrive.' The opening ceremony concluded with a guided tour of the new premises, showcasing the facility's advanced manufacturing equipment, cleanroom capabilities, and collaborative workspaces. Guests were also treated to a reception with refreshments and networking opportunities. Unitec's investment in Clonmel forms part of a broader strategic plan to grow its footprint both in Ireland and internationally, and to respond to increasing client demand for high-quality, agile engineering solutions. Founded in Ireland, Unitec provides end-to-end precision engineering, design, and manufacturing services to clients in highly regulated sectors. 'Known for its technical expertise, client focus, and culture of innovation, Unitec continues to be a trusted partner for businesses across Europe and beyond,' said a spokesperson. The announcement comes at a time of growing demand for digital transformation services in Ireland's business sector, and reflects Unitec's commitment to investing in regional talent, innovation, and economic development. The new roles will also span areas including IT support, cybersecurity, cloud engineering, business systems, project management, and client services. The grand opening event brought together public representatives, business leaders, and industry stakeholders to celebrate Unitec's continued growth Counties to benefit from this job growth include Tipperary, Waterford, Cork, Kilkenny, Dublin, and Limerick, aligning with Unitec's vision of building a distributed, connected workforce that supports businesses nationwide. Founded in 2009, Unitec has become a respected provider of IT solutions to SMEs and enterprise clients throughout Ireland, delivering services including managed IT support, cloud solutions, cybersecurity, Microsoft 365, and infrastructure design.
Irish Examiner
05-06-2025
- Business
- Irish Examiner
Classic Hits owner Bay Broadcasting set to purchase Galway Bay FM
Galway Bay FM has been purchased by Classic Hits owner Bay Broadcasting from the publishers of the Connacht Tribune. The deal is subject to approval by the Competition and Consumer Protection Commission (CCPC) and ministerial approval. Just last week, it emerged that the Connacht Tribune is set to be sold to the publisher of the Iconic group of newspapers, Malcolm Denmark, subject to CCPC approval. Galway Bay FM launched in 1989 under the name Radio West, rebranding in 1993. The Connacht Tribune Ltd, which owned a 27% stake, became sole owners in 2006. Galway Bay FM broadcasts to Galway city and county, with a market share of 34%, with listeners predominantly in the age 27 to 60 bracket. The station has a staff count of 25 at is based at Sandy Road in the city. "Galway Bay FM stands out as one of Ireland's most respected local stations, with a loyal audience and a strong local identity," said Bay Broadcasting director Kevin Branigan. "It's one of the most enduring local radio stations in the country and its track record speaks for itself. We look forward to working with the excellent team in Galway Bay FM and to continuing the station's proud position as the leading radio service in Galway." Bay Broadcasting is privately-owned and co-founded by Mike Ormonde and Mr Branigan. It operates Dublin music radio stations Radio Nova and Sunshine 106.8, along with Ireland's Classic Hits Radio, which broadcasts to Dublin Cork, Limerick, and Galway. With the addition of Galway Bay FM, Bay Broadcasting will become the second largest radio group in Ireland - and the only Irish-owned radio group - now larger than Onic (formerly Wireless), operators of FM104/Q102 in Dublin, 96FM/103FM in Cork, Live 95 in Limerick,and LMFM in Louth/Meath. The purchase of Galway Bay FM will give Bay 810,000 listeners compared to Onic's 796,000 listeners. The acquisition has already been approved by Coimisiún na Meán. It stands Bay Broadcasting only behind Bauer, whose stations include Newstalk, Today FM, RedFM 98FM, Spin South West, and Beat 102-103.
