Estonia is the world’s first cashless society, over 99% of financial transactions occur digitally and real-time payments, digital identity, distributed systems, smart contacts and process automation are used daily.
With world-class skills and IT-enabled business environment it is little surprise that Estonia is a growing FinTech hub. Today there are over 100 active FinTech’s ranging from start-ups such as Funderbeam to unicorn Transferwise and giants Fortumo and Guardtime.
Ireland’s FinTech sector comprises of over 200 companies employing 5,000+ people. Strengths in STEM education combine with Europe’s 5th largest financial services sector to create strong growth. Stripe, Kabbage and Plynk are local successes which have attracted risk capital and gone global.
FinTech in Ireland is set to grow strongly in coming years due to Brexit and government support for the sector which includes special regulation, innovation support, events and business acceleration.
Estonian FinTech’s are increasingly active in Ireland, exporting to the large financial services market which includes 300 credit unions. With Ireland strong in areas such as RegTech and Wealth management, Estonia in Blockchain and BankTech, both countries in Payments and Cyber Security, further collaboration is likely.
IEBN and its members have extensive experience in GBS and can provide a range of insights on request.