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.
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