The FinTech industry in Ireland, already running hot from a wide range of government policies and investor interest, is set to gain another boost. Infosys will create two new centres in the country, with a total of 250 new high skilled positions needing to be filled over the coming three years. The R&D centre is the firm’s first outside India, and will focus on FinTech, the other centre will provide technology services to the firm’s national and international clients.
The Irish economy has seen strong growth in recent years, which, after the painful consequence of the financial crisis, now has many CEOs praising its bright future. To further improve on its outlook, the Minister of Finance Simon Harris announced a programme, entitled ‘Vision and Targets for International Financial Services (IFS) 2020’, which lays out investment plans towards further fostering the IFS industry in coming years. One aim of the programme is to create an additional 10,000 financial services jobs in Ireland in the coming five years.
To reach this target, the Irish Government focuses on the development of financial technology (FinTech) companies by encouraging collaboration between Ireland’s IT and Financial Services (FS) sectors, and by supporting the development of FinTech hubs and incubators in Ireland. This activity in turn boosts the ICT industry in Ireland, which now employs 37,000 people and generates €35 billion in exports annually. Part of this success is due to the past 8-10 years of development in FinTech as around 5,000 are currently employed directly in the sector.
Investment pays off
FinTech has been doing well in the UK and Ireland in recent years. According to the IFS 2020 report, Ireland and the UK have seen the volume of FinTech deals triple since 2011, with a five-year compound growth rate for FinTech financing twice the global average and twice that of Silicon Valley. Since 2013, the UK and Ireland together accounted for more than half of Europe’s FinTech deals (53%) and more than two-thirds of its total financing.
Infosys also announced investment plans in Ireland’s burgeoning FinTech industry and will create 250 new jobs over the next three years, with the aim of creating new technologies and support innovation for global financial institutions. The new positions will be created across various ventures by the firm, including 95 new positions at the firm’s first product-centric research and development (R&D) centre outside India. The firm will also open a second Irish facility to house up to 155 people who will provide IT services to the firm’s clients.
The R&D centre will be operated through the firm’s EdgeVerve Systems subsidiary, and will be focused on FinTech research and development. The centre will be run with an open innovation model, thereby seeking input from a wide variety of stakeholders, including technology partners, academic institutions and the start-up community in areas of technology. The second facility will be set up to provide technology services to the firm’s clients within the financial services industry. This will include high-end IT consulting, business analytics, business processing and customer service. The new centres are supported by the Irish Department of Jobs through IDA Ireland, with the new employees joining the more than 250 employees that are already working for Infosys in Ireland.
“Much like Ireland, Infosys has based its growth on a foundation of education, lifelong learning and a deep commitment to innovation,” comments Vishal Sikka, CEO and Managing Director of Infosys. “Infosys is already working with clients in Ireland helping them explore new ways of working and advancing, by embracing technology-led innovation. We want to build on this early success. With an ecosystem of like-minded partners in Ireland, we will pursue new ideas and new ways to solve the greatest challenges of our times – the important things that only human imagination and ingenuity can achieve.”
Making the announcement, Taoiseach Enda Kenny TD says: “I am delighted to welcome 250 new jobs at Infosys. This is a vote of confidence in Ireland, our great workforce and our reputation as a hub for technology and innovation. The Government wants to keep the recovery going by providing the right environment for companies like Infosys to locate, expand and create jobs.”
Earlier this year counterpart Accenture unveiled a large expansion track in Ireland, adding 250 new professionals, and last month the firm announced that it will be moving part of its operations into the old Facebook headquarters, located at 7 Hanover Quay in Dublin’s south docklands.