Northern Ireland’s fintech ecosystem has been found to have the highest concentration of employment in the UK, according to a new report by Whitecap Consulting in partnership with FinTechNI.
The report found that NI is home to an estimated 7,000 fintech related roles, with one in five people working across the financial and tech sectors working specifically in fintech.
Based on research completed over the last three months, which involved engaging with over 50 stakeholders, the report is the first formally published analysis of the fintech ecosystem in Northern Ireland.
It highlights core strengths in RegTech and Compliance, TradingTech, InsureTech, cybersecurity, AI and advanced analytics.
The report also describes Northern Ireland as ‘a uniquely located country with an exceptionally high concentration of fintech employment within a thriving and highly tech-focused financial sector, which is fed by an outstanding education system and is supported by an evolving fintech ecosystem with strong links to the UK, Ireland and US’.
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A total of 74 firms are identified as being active in the fintech ecosystem, including established organisations, fintech start-ups and scale-ups, and tech firms also operating in financial services.
The report specifically analyses 17 fintech start-ups and scale-ups within the Northern Ireland ecosystem, finding 94% to have a business-to-business element to their proposition, compared to an average of 66% across other regions researched.
Richard Coates, Managing Director of Whitecap Consulting said: “We are delighted to publish our analysis of fintech in Northern Ireland, the sixth regional fintech ecosystem Whitecap has analysed, and to be able to report on a strong and growing ecosystem underpinned by an impressive strength in people and technology.
“The fintech employment levels are four times what we expected to find based on our model, which contributes to Northern Ireland generating proportionally up to five times Gross Value Added (GVA) than other regions we have reviewed.”
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Andrew Jenkins, HM Treasury FinTech Envoy for NI added: “The findings and recommendations within this report are broad and far-reaching.
“In several aspects they support what many of us within the sector have known for some time - that we have something very special in Northern Ireland; a blend of world-class technology capabilities, and exceptional people passionate about seeing the fintech sector continue to grow and thrive.
“The launch of this report comes as the UK Government’s Independent FinTech Strategic Review considers its recommendations to ensure the ongoing success of UK FinTech, something that Northern Ireland has an opportunity to play a key role in.”
The report can be downloaded here.
Its work was sponsored by a number of organisations including Allstate, Belfast City Council, Derry & Strabane District Council, Invest Northern Ireland, Mid & East Antrim Borough Council, Automated Intelligence, A&L Goodbody and Ulster University.
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Source: Written from press release
