Ireland And Germany To Compete For The FinTech Lead

Ireland And Germany To Compete For The FinTech Lead

Ireland and Germany are said to attempt taking the top spot as Europe`s FinTech hub once the UK leaves the European Union, as stated by co-founder and

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Ireland and Germany are said to attempt taking the top spot as Europe`s FinTech hub once the UK leaves the European Union, as stated by co-founder and partner at B Capital Group.

According to Raj Ganguly, co-founder and partner at B Capital Group, Brexit will certainly impact the financial technology sector in the UK.

“It seems like London is going in the direction of a hard Brexit. And with the the passporting rules potentially going away, I personally think that, even if you look at last year, Germany for the first time had two of the biggest fintech fundings versus traditionally mostly happening in the U.K. “, Ganguly commented before CNBC while at the Superreturn conference in Berlin at the end of February.

“I think it’s going to be a little bit of a battle between Ireland and Germany over who really steps up and takes the leadership role in fintech over from the U.K. post-Brexit”, he posted as quoted by CNBC.

Ireland: Potentially the next FinTech hub?

In December last year Ireland witnessed the launch of the non-profit Blockchain Association of Ireland, as the Irish Times (irishtimes.com) reported.

“The association primarily bridges the gap between informal and formal networks to open the public dialogue and advance Ireland as an innovative hub for technology and the multiple societal and commercial applications of blockchain.”, said Reuben Godfrey, co-director of the Blockchain Association of Ireland, in an interview with the Irish Times.

Germany: An innovative opponent

Two German cities, Berlin and Frankfurt enter the race for becoming Europe`s biggest start-up and technology hub.

“The leader of the continent’s financial centre must also take on a leading position in the area of FinTech.”, said Hesse’s economy minister Tarek Al-Wazir, in an interview with The Local (thelocal.de).

According to the publication, the recently started TechQuarter project brings in the city about 120 founders of finance technology start-ups who gathered together to discuss their ideas.

In January this year ReiseBank AG in Germany, Alberta-based financial institution ATB Financial, financial technology start-up Ripple and SAP SE have collaborated to send the first real international blockchain payment from Canada to Germany. The payment of CA$1,000 (EUR 667) was processed in about 20 seconds instead of the usual two to six business days, as the press release stated.

Time will show which country is going to take the lead post-Brexit.

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