Northern Ireland’s ‘Dynamic Ecosystem’ Of Fintechs Meets FCA Chief

In Belfast, Nikhil Rathi met with people in charge of local banks.

This week, Nikhil Rathi, the head of the Financial Conduct Authority (FCA), met with people from Northern Ireland’s “dynamic ecosystem” of fintechs and banks.

At the event in Belfast, Rathi talked about the FCA’s goals as an organization. Also there were members from Northern Ireland companies that are part of FinTech NI.

In the Independent Strategic Review of UK Fintech 2021, Northern Ireland was one of ten places in the UK that stood out as having high-growth fintech companies. These companies bring in nearly £400 million in GVA every year.

“There is a dynamic ecosystem of financial institutions and fintech firms in Northern Ireland, with vast expertise. The opportunity to hear directly from the firms and gain insights into the strengths and priorities of the sector is invaluable,” Rathi said.

The event was put on by fscom, a consulting company that works with financial services companies.

Local heads of fintech and regtech companies like Datactics, FinTrU, and AutitComply talked about the sector’s strengths and the regulatory problems they’re facing right now.

“As the financial and regulatory space grows, the FCA continues to be a vital institution that is heavily relied upon both to ensure financial markets function well and to give founders and CEOs a clear understanding of how their business can grow and expand while remaining compliant,” fscom director Alison Donnelly said.

“As a governance, risk, and compliance consultancy, we are encouraged to see this level of engagement from the FCA and have no doubt today’s session will bolster Northern Ireland’s fintech sector once more.”