The Irish Government has launched a new strategy aimed at increasing employment in the international financial services sector to 70,000 by 2030, with plans for one in every four new jobs to be based outside Dublin.
Around 61,000 people currently work in the sector across more than 600 firms. The new Ireland for Finance Strategy sets out 31 actions intended to reduce administrative barriers, improve Ireland’s competitiveness and encourage innovation across the industry.
Technology and digital transformation are central to the plan, with artificial intelligence, digital assets and tokenisation identified as important areas for future growth.
A new Digital Assets Industry Group will be created under the strategy. The Government will also review legislation to support developments such as tokenised investment funds.
Ireland is currently the fourth-largest exporter of financial services in the European Union and has established major international operations in funds and asset management, aviation finance, insurance, banking and capital markets.
Tánaiste and Minister for Finance Simon Harris said the Government wanted to build on significant employment growth recorded over the past decade.
Employment in international financial services has risen from about 35,000 in 2015, when the IFS2020 strategy was launched, to more than 60,000 today.
“Our ambition now is to build on that success and grow employment to 70,000 by 2030, with one in four of those jobs located in the regions,” Mr Harris said.
He said Ireland faced growing international competition and rapid technological change, making it necessary to maintain the country’s attractiveness to financial services companies.
The strategy includes measures to simplify regulatory and taxation frameworks, speed up financial services legislation and develop the skills required by the industry.
Minister of State Robert Troy said the Government wanted to support technological development while maintaining a strong and proportionate regulatory system.
He described international financial services as a major part of Ireland’s economy and said the strategy was intended to strengthen the country’s position as a global financial centre.
The announcement comes ahead of the 40th anniversary of the establishment of the International Financial Services Centre, which will be marked next year.
Banking and Payments Federation Ireland welcomed the strategy but said its success would depend on effective implementation and continued cooperation between the Government and industry.
BPFI chief executive Brian Hayes said the sector had developed expertise across banking, payments, funds, asset servicing, fintech, insurance and technology.
He welcomed the focus on competitiveness, international promotion, talent and skills, saying these areas would be important in attracting future investment and creating jobs across the country.
BPFI also backed greater development of digital finance in Ireland and has called for a dedicated National Digital Finance Strategy.
The organisation said it looked forward to supporting Government efforts to promote Ireland’s financial services sector in international markets as the country prepares for the next stage of industry growth.
