Central Bank: Fintechs don’t understand ‘standards’ required by Irish regulators

Senior Central Bank official Derville Rowland defends bank’s record on granting licences to financial firms as industry figures warn that new ‘sandbox’ needs changes

Derville Rowland, deputy governor, Central Bank: ‘You find that participants here don’t understand what’s ahead of them in regulation.’ Picture: Fergal Phillips

New fintechs often fail to understand the standards required to operate as a regulated firm in Ireland, a senior Central Bank official has said, in a robust defence of the watchdog’s record on granting licences to innovative financial companies.

Derville Rowland told the Business Post that a new regulatory “sandbox” announced by the Central Bank last week will allow companies to work in “clusters” to better understand how to gain financial authorisation.

She said early-stage ...