The Central Bank of Ireland has announced that it will introduce a new innovation hub to engage directly with firms interested in fintech and its implications for regulation.
Derville Rowland, director general of financial conduct at the Central Bank of Ireland, made the announcement in a speech at University College Cork's Financial Services Innovation Centre.
In her speech, Derville said: “Engagement with the people developing new technologies gives us first-hand knowledge of the innovations they are developing.
“In turn, this enhances our understanding of any potential risks and, importantly, potential mitigants.
“Of course, we also need to listen to existing firms that are becoming increasingly innovative and technology-based.”
Derville continued by stating that the unit would focus on engagement, sharing and listening, and would be a two-way street, underpinned by an industry engagement programme.
“Our industry engagement programme is founded on the idea that good outcomes are driven by active engagement,” she added.
Both new and existing firms are able to engage directly with the central bank through new specific contact points.
Derville concluded: “This will start a conversation.
“It will give firms a way to engage with us outside of more formal regulatory interactions.
“In so doing, the central bank will be able to learn from the firms about their ideas, the technologies they are developing, and have a view to where financial services are heading.”
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