Services/Finance/How To/ Brexit escape route Ireland aims to be the "second home" for financial services By Carly Minsky 19 November 2018 \Fintech Why you should invest in embedded finance in the downturn By Aruni Sunil 14 November 2022 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. Related Articles At $5.5bn Klarna is now the most highly-valued fintech in Europe By Mimi Billing Click here to read more “We want 10m American users” — How Europe’s digital banks are taking on the US By Isabel Woodford Click here to read more 6 tips for using data to grow your startup Sponsored by Toucan Toco Click here to read more Is the big fintech rebundling beginning? By Maija Palmer Click here to read more Most Read 1 \Deeptech ‘We are super, super fucked’: Meet the man trying to stop an AI apocalypse 2 \Deeptech The real value of large language models like GPT-4 isn’t in writing, it’s reading 3 \Venture Capital Gloria Bäuerlein closes one of Europe’s first female solo GP funds 4 \Venture Capital 12 UK soonicorns to watch 5 \Fintech Channel 4-backed fintech shuts down, searches for buyer
At $5.5bn Klarna is now the most highly-valued fintech in Europe By Mimi Billing Click here to read more
“We want 10m American users” — How Europe’s digital banks are taking on the US By Isabel Woodford Click here to read more