Fintech surge ‘posed a challenge’ to Central Bank’s mindset

Regulator said it has been pushed to evolve its approach to innovation amid rapid fintech development in Ireland

Central Bank: Regulator was described by Michael McGrath, the finance minister, as an ‘internationally respected’ institution. Picture: Fergal Phillips

The accelerating pace of growth in the fintech industry has pushed the Central Bank of Ireland (CBI) to evolve its approach to fostering innovation, a senior official at the financial watchdog has said.

Miriam Dunne, head of innovation and stakeholder engagement at the CBI, said the speed of fintechs’ development in Ireland – and the increasing number of firms seeking authorisation here – poses a “challenge for our mindset”.

She said the Central Bank is ...