{
  "title": "Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech",
  "publication": "IMF Staff Country Reports, July 27, 2022",
  "sourceUrl": "https://www.imf.org/en/publications/cr/issues/2022/07/25/ireland-financial-sector-assessment-program-technical-note-on-oversight-of-fintech-521281",
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  "summary": "This Technical Note on Oversight of Fintech explains that Ireland’s fintech sector is growing in importance through the entry of innovative new players and digital transformation of incumbents’ business models and products.",
  "sections": [
    {
      "heading": "Key findings: fintech sector evolution and market dynamics",
      "content": "- Ireland’s fintech sector is growing in importance through:\n  - the entry of innovative new players, and\n  - digital transformation of incumbents’ business models and products.\n- Incumbent retail banks in Ireland are dedicating significant resources to digital transformation.\n- Fintechs are enlarging consumer choice through innovative new services.\n- Under the EU’s passporting framework, host regulators receive limited information on the activities that passporting entities carry out in their jurisdiction."
    },
    {
      "heading": "Policy framework and institutional responses",
      "content": "- The Irish Government has adopted a Strategy implemented by annual action plans for the development of Ireland’s international financial services sector that includes several initiatives of relevance to fintech.\n- The Central Bank has an Innovation Hub that provides a single point of contact for stakeholders on fintech-related issues.\n- The Central Bank should further intensify its efforts to monitor developments on crypto-assets through systematic data collection within the scope of its powers and, where unacceptable risks remain, issue carefully targeted warnings and investor communications."
    },
    {
      "heading": "Risks identified",
      "content": "- Risks arising from fintech innovations and digital transformation warrant monitoring by authorities.\n- Limited information flows to host regulators under EU passporting can constrain oversight of cross-border fintech activities.\n- Crypto-assets developments require intensified monitoring and, if necessary, targeted communications to investors."
    },
    {
      "heading": "Recommendations and policy responses",
      "content": "- Intensify systematic data collection on crypto-assets within the Central Bank’s scope of powers.\n- Where unacceptable risks related to crypto-assets remain, issue carefully targeted warnings and investor communications.\n- Maintain and develop the Innovation Hub as a single point of contact for fintech stakeholders.\n- Continue implementation of the Government’s Strategy and annual action plans to support the development of Ireland’s international financial services sector with fintech-relevant initiatives."
    },
    {
      "heading": "Publication and metadata",
      "content": "- Publication date: July 27, 2022\n- Pages: 29\n- Volume: 2022\n- Issue: 243\n- Series: Country Report No. 2022/243\n- DOI: https://doi.org/10.5089/9798400216619.002\n- Stock No: 1IRLEA2022009\n- ISBN: 9798400216619\n- ISSN: 1934-7685\n- Subject: Crime, Economic sectors, Financial services, International organization, Monetary policy, Technology\n- Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), central bank of Ireland, customer base, Cyber risk, Financial sector, Fintech, Global, host regulator, markets authority, support firm, Virtual currencies\n\nInternational Monetary Fund. Ireland: Financial Sector Assessment Program-Technical Note on Oversight of Fintech (IMF Staff Country Reports 2022, 243).\n\n---\n\n Content in this bundle\n\n- Executive Summary\n  - Executive Summary (Markdown version){rel=\"alternate\" type=\"text/markdown\"}\n  - Executive Summary (PDF){rel=\"external\" type=\"application/pdf\"}"
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    "Published: July 27, 2022",
    "Series: IMF Staff Country Reports",
    "DOI: https://doi.org/10.5089/9798400216619.002",
    "Ireland’s fintech sector is growing in importance through:",
    "Incumbent retail banks in Ireland are dedicating significant resources to digital transformation.",
    "Fintechs are enlarging consumer choice through innovative new services.",
    "Under the EU’s passporting framework, host regulators receive limited information on the activities that passporting entities carry out in their jurisdiction.",
    "The Irish Government has adopted a Strategy implemented by annual action plans for the development of Ireland’s international financial services sector that includes several initiatives of relevance to fintech.",
    "The Central Bank has an Innovation Hub that provides a single point of contact for stakeholders on fintech-related issues.",
    "The Central Bank should further intensify its efforts to monitor developments on crypto-assets through systematic data collection within the scope of its powers and, where unacceptable risks remain, issue carefully targeted warnings and investor communications.",
    "Risks arising from fintech innovations and digital transformation warrant monitoring by authorities.",
    "Limited information flows to host regulators under EU passporting can constrain oversight of cross-border fintech activities.",
    "Crypto-assets developments require intensified monitoring and, if necessary, targeted communications to investors.",
    "Intensify systematic data collection on crypto-assets within the Central Bank’s scope of powers.",
    "Where unacceptable risks related to crypto-assets remain, issue carefully targeted warnings and investor communications.",
    "Maintain and develop the Innovation Hub as a single point of contact for fintech stakeholders.",
    "Continue implementation of the Government’s Strategy and annual action plans to support the development of Ireland’s international financial services sector with fintech-relevant initiatives.",
    "Publication date: July 27, 2022",
    "Pages: 29",
    "Volume: 2022",
    "Issue: 243",
    "Series: Country Report No. 2022/243",
    "DOI: https://doi.org/10.5089/9798400216619.002",
    "Stock No: 1IRLEA2022009",
    "ISBN: 9798400216619",
    "ISSN: 1934-7685",
    "Subject: Crime, Economic sectors, Financial services, International organization, Monetary policy, Technology",
    "Keywords: Anti-money laundering and combating the financing of terrorism (AML/CFT), central bank of Ireland, customer base, Cyber risk, Financial sector, Fintech, Global, host regulator, markets authority, support firm, Virtual currencies",
    "**Executive Summary**"
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