It was a great week for AID:Tech, the pioneering Dublin-based software company that uses blockchain technology to deliver international aid.
In the category ‘Using technology for social challenges’, AID:Tech was listed as one of 18 organisations that are applying technology to solve community problems. The inventor of the world wide web, Sir Tim Berners-Lee, was also recognised in this category for his work with the Open Data Institute.
Blockchain technology allows people to send money or data in an open, transparent and secure way. Utilising the technology, AID:Tech was the first company in the world to deliver aid via blockchain to Syrian refugees on behalf of the Irish Red Cross.
Ireland’s fintech advantage
Ireland has become a fintech hub, with over 250 leading financial services firms operating in the country. Ireland is the fourth-largest exporter of financial services in the EU.
Sedicii, another innovative Irish fintech company, won the 2018 BBVA Open Innovation Fintech for Future Award in Madrid earlier this month.
The award, from one of the top fintech competitions in the world, recognised Sedicii for developing a platform that enables organisations to prove a person’s identity against a trusted source, without the requirement to send sensitive personal data anywhere.
Another leading Irish company in the fintech space is CurrencyFair, a peer-to-peer currency exchange platform. Its products allow businesses and consumers to save money on international transfers by accessing FX rates, which are lower than banks and brokers.
With offices in Ireland, the UK, Poland and Australia, CurrencyFair has a global footprint and has transferred over €5.5bn on behalf of customers.
Regtech and the future of financial services
Technologies like blockchain are changing the way financial services operates. Since the 2008 financial crash, regulatory risk has become a major concern for companies, and is now considered in terms similar to other risks, such as credit risk, FX risk and equity risk.
Irish regtech companies are at the fore of helping organisations to efficiently meet regulatory requirements.
Established in 2014 in Ireland, Corlytics helps clients across the world to ensure they are kept abreast of regulatory activity. By working with banks, and regulators such as the UK’s Financial Conduct Authority (FCA), the company translates regulatory notices into a common format and uses artificial intelligence (AI) and other systems to help their customers understand relevant notices.
Irish company GECKO Governance has developed a regtech fund management solution that allows users to manage investment fund portfolios’ regulatory and compliance requirements in real-time. One of their innovative products, the GECKO Crypto1 system, provides a verifiable independent blockchain audit suitable for financial regulators. With help from Enterprise Ireland, the trade and innovation agency, the company have expended successfully into Singapore, among other regions.
Learn more about Enterprise Ireland – one of the largest and most successful fintech investors in the world.