Services/Finance/How To/ Brexit escape route Ireland aims to be the "second home" for financial services By Carly Minsky 19 November 2018 \Fintech 4 ways banks can work better with fintechs By Tom Ritchie 26 March 2021 Services/Finance/How To/ Brexit escape route Ireland aims to be the "second home" for financial services By Carly Minsky 19 November 2018 Fintech Ireland is harnessing the sector’s anxiety over how Brexit might change the rules of the game for payment services, eMoney and banking – or even knock the entire playing field off-kilter. Teaming up with legal, policy and regulatory experts, the association held an educational briefing for fintech companies in London. During a step-by-step demo of how startups can apply for authorisation with the Central Bank of Ireland, speakers offered key tips and insights: Double check you have downloaded the most recent forms from the Central Bank’s website and not an older version which can also be found in the “latest forms” section Payment services and eMoney startups must have a non-executive director, even though this is not specified clearly in the legislation Attach a separate document in the application with a written business explanation and a diagram showing flows of money and transactions, where the safeguarding account is and which bank is used In the initial meeting with the Central Bank, do not pitch grand propositions for future business development; regulators want a realistic account of the business and systems to manage any risk from day one If the Central Bank comes back with questions of a technical nature, it is worth pushing for a second in-person meeting rather than providing written explanations Make it clear who is responsible for specific business functions, particularly if job titles do not fully represent responsibilities Upon successful notice of assessment, you will have to demonstrate that your initial capital is available before authorisation is granted For more information, see FinTech Ireland, browse “who’s moving here” at Brexit Ireland, and find guidance from IDA Ireland and export assistance from Enterprise Ireland. Want the best of Sifted in your inbox? Our newsletter brings you the latest, greatest stories on startup Europe. Sign up Terms of Use Related Articles Clubhouse has revealed the German tech scene’s lack of diversity By Miriam Partington in Berlin Click here to read more A third of UK unicorns founded by ethnic minorities By Kai Nicol-Schwarz Click here to read more Not everyone can become an entrepreneur in Europe By Marie Mawad in Paris Click here to read more Only 21% of tech unicorns are led by women, report shows By Freya Pratty Click here to read more Get the best of Sifted in your inbox By entering your email you agree to Sifted’s Terms of Use Sign up to \Future Proof Sifted’s weekly \Corporate Innovation roundup email By entering your email you agree to Sifted’s Terms of Use Most Read 1 \Deeptech Europe is making faster cars and better batteries than Tesla 2 Member \Startup Life Enter the era of the digital nomad 3 \Deeptech Quantum Motion unveils 9-second silicon qubit 4 Member \Startup Life Meet the fast-growing N26 ‘mafia’: the employees turned entrepreneurs 5 Member \Consumer 12 startups nibbling at Deliveroo that investors are watching closely
Clubhouse has revealed the German tech scene’s lack of diversity By Miriam Partington in Berlin Click here to read more