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Innovation
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Paying it forward

Technology is shaping the future of financial services and creating exciting opportunities for innovative professionals at the heart of the fintech revolution As Chief Executive of Swoop Funding, Andrea Reynolds occupies a unique position at the nexus of fast-changing trends in financial services, emerging technologies, and the evolving role of the financial professional. The Chartered Accountant established Swoop in 2017 with Ciarán Burke, the company’s co-founder, to develop software that could help accountants identify the best funding options for SMEs. “The platform has been used now by 75,000 businesses to access funding, ranging from equity and grants to loans and tax credits. That’s given us an interesting overview of how much technology is changing the world of finance,” said Reynolds. Headquartered in Dublin, Swoop was founded in the UK where Reynolds had been working as a management consultant with KPMG in London before deciding to go into business with Burke. “At the time, everyone was moving to cloud accounting and open banking was coming down the line with the EU’s Revised Payment Services Directive (PSD2). We were seeing these new fintech lenders emerging, offering alternative funding to businesses and consumers,” she said. “In accountancy, you are trained to solve a problem by breaking it down into smaller elements, and that’s basically what I did with Swoop. I built a platform that could bring all of these funding options together in one place and do the heavy lifting for accountants advising SMEs.” Five years on, Swoop is on course for expansion in North America and other markets, having recently raised €6.3 million in Series A funding. “Finance is increasingly data-driven and borderless and that creates opportunities for fintechs like us, but different markets also have different strengths and weaknesses,” said Reynolds, pointing to her experience launching her own start-up in Ireland and the UK. “The idea for Swoop originally came from my experience navigating the funding system for SMEs in the UK, which is a lot more fragmented than the Irish system,” she said.  “The flipside is that the UK has been much more open to alternative finance, as have other European countries. That’s meant a lot more activity in non-bank lending, whether that’s crowdfunding, or loan finance from the likes of Wayflyer, Clearco or Youlend.” By comparison, Ireland is in ‘catch-up mode’, but it is catching up fast, said Reynolds. “Wayflyer is a huge fintech success story and there are other alternative lenders in the Irish market, like Linked Finance, Flender, and Accelerated Payments.  “Ireland already has a very strong fintech base in regulatory technology, anti-money laundering, ID verification, and Know Your Customer (KYC) technology. Where we still have to build up momentum is in the area of open banking.”  Automating auditing For David Heath, FCA, it was his early experience training as an auditor that sparked the idea for Circit, the fintech venture he co-founded in Dublin in 2015. “I trained with Grant Thornton, and it was a really great experience because the firm was so ambitious and the clients so varied, but as an entrepreneur, your starting point is always ‘what is the problem and how can we solve it?’  “For me, it was a case of thinking back to those early years in my career and digging into the processes that were the most challenging,” said Heath. “Auditors typically have a good relationship with their clients but getting the information they need from third party evidence providers is a big pain point.  “You have to verify the information your client gives you with an independent source—usually a bank, law firm or broker—and that process can take anywhere from three to six weeks.” Heath saw an opportunity to solve this problem with the advent of PSD2, using the EU’s open banking regulation to create a digital verification platform for auditors.  A cloud-based open banking platform, Circit connects auditors to their clients’ banks, solicitors, and brokers, allowing them to verify information within seconds.  Circit is approved by the Central Bank of Ireland as an Account Information Service Provider (AISP) under PSD2. It works with more than 300 accounting firms in Ireland and overseas and recently closed a €6.5 million funding round. “The funding will help us to increase our footprint and build out our open banking and regulated products, leveraging the license we have from the Central Bank of Ireland,” said Heath. “The problem we’re addressing may be niche, but it has global application.” Global ambition This global ambition is a common trait among Ireland’s most promising fintechs, according to Matt Ryan, a director in the Financial Services Consulting Group at Deloitte Ireland. “The ones to watch—the ones that do well quickly—tend to be thinking globally from day one. They have the talent and the funding, but they also know that Ireland is a very small market, so they are thinking in cross-border terms from the get-go,” said Ryan. Ryan points to Transfermate and Wayflyer as two such Irish fintech ventures whose global vision is paying dividends. A business payments infrastructure company founded in 2010, Transfermate closed a $70 million funding round in May, valuing the Kilkenny fintech at $1 billion. Wayflyer secured $300 million in debt financing in the same month following a $150 million Series B funding round, closed in February, which earned the Dublin start-up a $1.6 billion valuation and coveted ‘unicorn’ status. The pandemic effect The speed with which Wayflyer’s revenue-based financing and e-commerce platform succeeded globally reflects a wider trend in fintech. “The pandemic really accelerated the development of the sector as businesses and consumers suddenly moved online en masse,” said Ryan.  “Fintech was already a fast-growing market, but COVID-19 has made digital and contactless payments the norm and that has catapulted financial technology into a new era of growth.” While fintech awareness among consumers tends to centre on high-profile digital banks like Revolut and N26, the fintech sector globally, and in Ireland, is far more diverse.  “People usually think of full stack providers like Stripe and Revolut when they think of fintech, but that’s really not the whole story,” said Ryan. “Equally relevant are the technology companies selling services and solutions to financial institutions. “There are some very successful Irish companies in this space, such as TansferMate and Fenergo, which specialises in KYC technology for banks.” Fintech in Northern Ireland The established financial services sector is equally important to the fintech ecosystem in Northern Ireland, according to Alex Lee, Executive Chair of Fintech Northern Ireland (Invest NI). Figures published last year by Fintech NI found that there were 74 fintech companies in the region and 7,000 people employed in fintech jobs. “The financial services sector here has a good track record of attracting foreign direct investment (FDI), particularly over the last 15 to 20 years,” said Lee. “Large institutions like Citi, Allstate, CME, TP ICAP and Liberty Mutual have all established a meaningful presence here.” Together, these US multinationals form ‘the foundation’ on which Northern Ireland’s fintech sector has continued to build, Lee said.  “Attracting big international players has helped to grow out our fintech expertise and talent pool, because most of these companies have global technology development centres running out of Northern Ireland, and that has contributed to the rise of some really successful homegrown fintechs,” he said. FinTrU is one such success story. Founded in 2013, FinTrU develops regulatory technology for investment banks, ranging from legal, risk and compliance, to Know Your Customer (KYC). The Belfast-headquartered company employs 1,000 people and, in July, announced plans to create a further 300 jobs at a European Delivery Centre in Letterkenny, Co. Donegal. Another scaling success story in Northern Ireland is FD Technologies (formerly First Derivatives).  Founded in 1996, the Newry-headquartered data firm employs 3,000 people at 13 offices in Ireland and globally and recently announced plans to create 500 jobs at a new technology hub in Dublin. Northern Ireland is also continuing to attract FDI. In June, the Bank of London announced plans to establish a Centre of Excellence in Belfast, creating 230 jobs by 2026.  “We are making strides now and my hope is for a homegrown fintech ‘unicorn’ to come out of Northern Ireland. We’re not quite there yet, but I would like to see this ‘poster child’ for the sector emerge soon,” said Lee. Decline of the unicorn Such is the pace of growth in the fintech sector globally, however, that even the much sought-after ‘unicorn’ moniker is losing its lustre.  “In developed markets at least, I think there is a view that ‘unicorn’ status has lost some of its cachet,” said Ian Nelson, FCA, Head of Financial Services and Regulatory at KPMG Ireland, and a member of the board of the Fintech and Payments Association of Ireland. Even Stripe—perhaps the best-known ‘unicorn’ with Irish origins—has outgrown the label.  Established in Silicon Valley in 2010 by Limerick brothers Patrick and John Collison, the online payments giant’s $95 billion market capitalisation has soared beyond the $1 billion unicorn requisite. “Stripe is really now a ‘centicorn’, if you like, and there are numerous other fintechs in the same sphere, and ‘decacorns’ valued at $10 billion coming up behind them,” said Nelson. “At $1 billion, becoming a ‘unicorn’ has less meaning for fintech start-ups in developed markets, but it will continue to be an important building block for start-ups in emerging markets and less mature fintech hubs.” Among the other trends Nelson is keeping an eye on is the role technology will play in supporting environmental, social, and governance (ESG) capabilities in business. “Since COP26, we have seen a lot of attention directed towards fintechs with ESG capabilities,” he said.  “This really reflects the growing prioritisation of ESG in financial reporting and financial services generally. ESG is going to be a really important play in fintech. “We can expect to see more fintech companies focused on climate change, decarbonisation and the circular economy, and more jurisdictions setting up incubators specifically focused on ESG solutions.” Digital innovation in financial services Already a leader in payments globally, Ireland is now shaping the business environment for digital finance, writes Seán Fleming TD, Minister of State at the Department of Finance As Minister of State with responsibility for financial services, I lead the whole-of-government strategy for developing international financial services in Ireland, titled Ireland for Finance. I very much welcome this timely report on fintech.  In recent years, new entrants and long-standing financial institutions have looked to capture the opportunities presented by digital technologies.  Ireland is well-placed to benefit from the application of new technologies in the financial services industry. We have both a well-developed financial centre and a renowned technology sector.  This makes Ireland a centre of excellence for start-ups and big-name companies that want to establish operations in the European Union.  Ireland has shown leadership in shaping the business environment for digital finance. Important to this is Ireland’s education system, which has produced some of the finest innovators in the world. These graduates are leading the development of cutting-edge technologies.  The Government has an ambitious agenda for education. Two out of 15 Cabinet Ministers are dedicated to education and skills. Consecutive Governments have invested substantially in education, making it a cornerstone of Ireland’s economic strategy.   This economic strategy has created a strong mix of multinationals that have chosen Ireland as a place to do business. We have been very successful in supporting high-potential start-ups, with over 200 Irish fintech firms at various stages of development. Ireland is a leader in payments, and a number of firms have substantial development operations here. The digital finance ecosystem has expanded in recent years to include institutional financial services providers that have chosen Ireland to help them develop their fintech capability. The importance of fintech is reflected in the Ireland for Finance strategy. I identified Fintech and Digital Finance as one of the five themes in Action Plan 2022.  The Department of Finance’s Fintech Steering Group leads the cross-government approach with other departments and state agencies, and with representatives of the financial services and information technologies industries, and third-level researchers. Financial Services Ireland, the Ibec sector representing financial services companies, recently identified the future talent pipeline as being critically important. Particular areas they identify are fintech, digital finance and the environmental, social and governance agenda. I will shortly be publishing the updated Ireland for Finance strategy and fintech will be a key theme, and it will be at the centre of our work in the coming years.

Aug 08, 2022
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Tax
(?)

ROS Form CT1 2022 Updates published

Revenue has published a new Tax and Duty Manual which highlights the updates in the Form CT1 2022 for accounting periods ending in 2022. The updated panels include Company Details, Trading Results, Extracts from Accounts and Irish Rental Income. The Form 46G for accounting periods ending in 2022 is available for filing. Filers can complete the online version in ROS (up to 30 payees), the offline version (up to 3,000 payees) or the 46G Return Tool. Filers should ensure that the period returned in the Form 46G matches the accounting period in the Form CT1.

Jul 18, 2022
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Press release
(?)

Chartered Accountants Ireland publishes blueprint to position business, the economy and society for the next financial year

Holistic paper has over 100 recommendations to improve the business operating environment, meet individual business needs, and those of employees   3rd annual edition of ‘The Next Financial Year’ informed by insights of Institute’s 30,000 members North and South    5 July 2022: Chartered Accountants Ireland today published its annual blueprint for creating a better business environment on the island of Ireland. This is the third year that the largest accountancy body on the island of Ireland has published ‘The Next Financial Year’, informed by the insights of its 30,000 members.     The blueprint contains over 100 individual recommendations to optimise the business environment, particularly for SMEs; to meet individual business needs; and to address personal finance and societal issues so that employees can survive and succeed as well as businesses.     Commenting, Dr Brian Keegan, Director of Public Policy, Chartered Accountants Ireland said: “This document sets out what is required for well-functioning economies and societies into the next year. Is it informed by the views of our members across the island of Ireland, and speaks to structural challenges in the business environment, the individual needs of businesses, and critically, the need of employees living in our communities.”   The business environment  Supporting business  The Institute identifies ways to address pinch points that can slow fast-moving businesses down. It prioritises developing greater capacity for business to success, particularly in the vital SME sector by ensuring supports and systems of compliance reduce burdens on business and promote adherence.     Dr Keegan notes:   “Last year, we noted that government in the future will be bigger, and this needs to happens in a way that helps business flourish. SMEs face increasing financial and administrative burdens in the coming months, from necessary legislative developments on auto-enrolment, the right to request remote working, and statutory sick pay. The timing of these, and their impact on business needs to be considered and balanced. Equally, for each, comprehensive guidance on the new rules is needed well in advance of introduction.”  The broad range of grants and supports in existence, aimed at manufacturing or internationally traded services sectors need to be adapted for SMEs. The Institute suggests widening the eligibility criteria to include ‘traditional’ industries and service sectors so important to local economies and communities. It suggests that the basis on which many grants and supports are offered should be adapted, with value rather than headcount the key performance indicator.    Business rescue process (SCARP)  As we emerge from the effects of the pandemic, and geopolitical and economic shocks continue, the Small Company Administrative Rescue Process (SCARP) can help viable SMEs and save jobs. The criteria for companies wishing to avail of the process mean that SCARP will effectively be available to 98% of companies in Ireland. The Institute recommends that renewed attention is devoted to encouraging the use of this mechanism and suggests that the Government employs an extensive communications campaign to promote it.    Meeting business needs   Access to finance   The Institute notes the detrimental effect that a lack of competition in the business lending market is having, with the exit of Ulster Bank and KBC. The paper suggests Government review the reasons why Ireland lost these banks, as well as examining what can be done to increase competition.     Dr Keegan commented:   “There is widespread support for creating a third pillar bank with many suggesting that role could be fulfilled by Permanent TSB, given the apparent lack of interest by foreign institutions in the Irish market. In addition, credit unions should be supported in their ambition to deepen their involvement as community-based lenders to small enterprises.    “As well as supporting competition in business banking, the Government should also recognise the importance of next-tier, alternative lenders. The non-bank funding market in Ireland is far too small and requires state support to grow. The SBCI needs to continue to grow and develop partnerships to create competition that will benefit and support SMEs.”    Ensuring regional connectivity   Recognising the importance of reliable digital connectivity, the Institute highlights the importance of making up for lost time in the roll-out of the National Broadband Plan. The original 2021 target of 102,000 premises connecting was revised down to 60,000, with just 34,500 premises connected. The paper notes that regional growth and new ways of working will depend on the availability of reliable broadband, which will substantially increase Ireland’s standing globally and bring economic benefits.   Meeting employee needs   Dr Keegan notes:  “Employee needs are at the very core of a successful business environment. ‘The Next Financial Year’ provides measures to address some of the most pressing societal issues facing Ireland, as the cost of living continues to increase for citizens. All around us we can see the impacts of a property market in crisis, the impact of taxation decisions on our competitiveness as a business environment. Many of the 100 + recommendations we are making today will, if adopted, have a real impact on people’s lives.”    Housing the workforce  While affordable housing remains a priority for government, unless there are profound and sudden changes in the housing market, Ireland will not be able to house its population. A sustainable economy requires a functioning housing market. Chartered Accountants Ireland recognises that the rental market is intrinsically linked with the owner-occupier market, and in the short term, increases in supply in the rental market may be achieved at the cost of a reduction in supply in the owner-occupier market, and vice versa.  ‘The Next Financial Year’ notes that tax policy is one of several tools at the Government’s disposal to help with the ongoing supply issues. Targeted tax incentives should prioritise measures that reduce development costs, easing cash-flow concerns and making investment more appealing. At the same time, the return on investment for the Exchequer from such measures should be appropriate.    Retirement planning  Part of meeting employee needs and business needs is helping people to undertake long term planning to ensure financial security in later years. Today, the Institute reaffirms its call for a clear and coherent long-term government pensions strategy, with adequate lead-in time for any changes to allow workers to plan. The Institute also recommends the abolition of mandatory retirement to allow people to work for as long as they choose.   Dr Keegan commented:  “Delay in addressing the pension issue over the last 20 years is storing up a considerable problem for another day, both for employers and employees, so we need to start moving, and keep moving on this reform journey. A consistent long-term strategy for the State Pension, including eligible age increases, we feel must be communicated 10 years in advance to allow people to plan, so there is simply no time for further delay.    “We have long been clear that reform of the State Pension cannot happen without commitment and action to increase private pension coverage. Again, for the ambitious timeline towards auto enrolment to succeed, we need to see the minutiae of what is planned.”   ENDS     For more information contact  Jill Farrelly  PR & Communications Manager      

Jul 05, 2022
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