Oct 3, 2024

03rdOctober 2024 Enterprise Ireland launched the Australia-Ireland Finance Forum in Sydney, a 1-day event focusing on the financial services industry links between the two countries. Irish-Australian Senator for New South Wales Deborah O’Neill, Chair of the Financial Services and Corporations Committee, opened the event which was attended by over 120 delegates from the sector. The events roundtables & panels covered regulation, talent, innovation and sustainability in finance as well as promoting Irish companies entering and scaling the Australian market. 15 Enterprise Ireland Clients attended Aryza, Asora, CustomerMinds, Daon, EngageHub, Eppione, Fenergo, FINEOS, Fexco, FundRecs, Incol Intelligence, Org, Origina, Swoop, Version1 & Wayflyer. 120+ Finance Leaders gathered to discuss regulation, innovation, and collaboration across the countries The inaugural Australia Ireland Finance Forum, co-hosted by Enterprise Ireland and the Consulate of Ireland in Sydney, brought together over 120 senior executives from banking, insurance, superannuation, asset management, and fintech sectors. With roundtables and panels covering regulation, innovation, talent, and sustainability, the event provided a platform to explore pressing issues in the financial services and fintech sector. Tackling Climate Reporting and Operational Resilience During the executive roundtables, delegates highlighted the upcoming climate reporting standards in Australia as a significant opportunity, particularly around industry challenges in gathering and reporting accurate data. Additionally, Australia’s new operational resilience standard, CPS 230, was identified as a crucial area for investment. Many institutions are focused on upgrading systems and re-evaluating their supply chains, particularly with digital vendors. Strengthening Trust Through Local Relationships On-shore support, secure hosting of sensitive data, and robust cybersecurity protocols are now essential factors for doing business with Australian institutions. Building local in-person relationships were also cited as a key factor in building trust whenever Australian companies choose to partner with Irish providers. Flexing Ethical Muscles Senator Deborah O’Neill, MP, Chair of the Parliamentary Joint Committee on Corporations and Financial Services gave a compelling keynote speech noting how fintech will play a vital part in the ethical transfer of wealth in Australia in relation to superannuation to ensure its effectiveness and benefit to the nation. The Senator reminded all delegates that it is important to engage an ethical muscle in all decisions, so that business and community good remain in the same frame when decisions are being made to create a more equal, safer and profitable world for all now and to ensure an ethical ecosystem for future generations. The Senator also challenged the room to think about what skills can fintech provide to help companies and individuals avoid unethical behaviour. AML/CTF Bill and Ireland’s Competitive Edge Ireland’s expertise in technology solutions positions it well to assist Australian companies in navigating the expanded Anti-Money Laundering and Counter-Terrorism Financing (AML/CTF) Bill, which will soon include higher-risk professions such as professional services firms and real estate. Irish fintech firms have a track record of delivering cost-effective, high-impact solutions in this space. Navigating Australia’s Regulatory Landscape Australia’s regulatory framework is well-established, with four key agencies (APRA, ASIC, RBA, and The Treasury) overseeing the finance sector. While the regulatory regime is like the EU and UK, industry leaders emphasised the importance of local expertise in interpreting these laws for successful market entry. Shaping the financial future The financial services sector continues to navigate the evolving challenges of a shifting economy, interest rates, regulation, customer expectation, talent shortages and AI. A panel of leading Irish-Australian fintech experts from Macquarie Bank, Fenergo, Grant Thornton and Web3 Gadens discussed where Ireland and Australia stand in the global marketplace on the themes of talent, innovation, regulation and sustainability, what each country must focus on to thrive, and where future opportunity and risk lays. Ireland’s Role in the Future of Fintech Collaboration Sixteen Irish financial services and fintech companies that are very active in the local market participated in the forum, representing a broad spectrum of expertise—from Regtech and Payments to Insuretech, Banking, Customer Experience, and IT Services. Their participation underscores the growing opportunity for collaboration between Australia and Ireland in driving innovation across the finance sector. We thank Aryza, Asora, CustomerMinds, Daon, EngageHub, Eppione, Fenergo, FINEOS, Fexco, FundRecs, Incol Intelligence, Org, Origina, Swoop, Version1 and Wayflyer for their participation. Ireland’s unique ecosystem has led to the development of a world-class fintech sector. Home to one of the most important financial services centres in the EU and one of the world’s largest concentrations of technology companies, Ireland combines the technical and financial expertise that global fintech buyers seek. It is now the fourth largest exporter of financial services in Europe and the sixth largest globally. Over €3.8 trillion worth of funds are domiciled in Ireland and 40% of the world’s hedge funds are administered from Ireland. Over 400 of the world’s leading financial services firms including half of the world’s top 50 banks have established internationally focused operations in Ireland. Enterprise Ireland works with over 200 financial services and fintech companies to help achieve their global ambitions. For more information on the Irish companies based in or exporting to Australia and New Zealand, or to explore the market opportunities, please contact Senior Market Advisor, Enterprise Ireland Australia and New Zealand, Tiarnan McCaughan at Tiarnan.McCaughan@enterprise-ireland.com .