Dickson Welcomes New Industry-led Strategy Setting Out Roadmap for NI Fintech Sector
East Antrim Alliance MLA, Stewart Dickson, has welcomed a new report published by FinTechNI, the representative body of the globally renowned Fintech sector, stating that Northern Ireland could set to benefit from over £25 million in new Foreign Direct Investment (FDI).
The Fintech sector in NI is estimated to be worth a significant £392million per year to the economy, and its continued growth over the next three years could see the creation of thousands of local jobs.
Mr Dickson said: “This report is an extremely ambitious and in-depth look at the Northern Irish economy, Fintech’s position within the economy, and the potential that is there to be harnessed, both in terms of FDI and the creation of thousands of local jobs.
“The report proposes that Northern Ireland should be aiming to attract 100 Fintech firms by 2024. With a clear roadmap on how this can be achieved, there is a lot of promise for Northern Ireland to go from strength to strength, ensuring we retain our world leading position within the all-important Fintech sector”.
The report, produced by Deloitte, and commissioned by FinTechNI, suggests that certain attributes about the Northern Ireland investment landscape are pivotal for future success. These include: the geographical advantage including talent, skills and education; a supportive and collaborative community; and expertise in cyber security, as well as, AI, data analytics and regulatory technology.
Mr Dickson said: “The combination of these factors positions Northern Ireland as a leading international hub”.
The strategic roadmap states that to supercharge the Fintech sector here, several key areas need to be worked on. These include: supporting Fintech SMEs in making greater connections with investors, FDI companies and financial services institutions; addressing barriers to skills and talent to encourage younger people to get involved and take up jobs in the sector; and helping to develop the funding networks for successful young Fintech companies to scale up, securing long-term funding options and identifying opportunities to attract international financial investment.