Reaffirming Ireland’s commitment and strong ties to Singapore’s fintech ecosystem, Ireland’s Deputy Prime Minister Leo Varadkar will lead an Irish fintech trade mission to Singapore, coinciding with the Singapore Fintech Festival.
The three-day trade mission, organised by Enterprise Ireland, the Irish government’s trade and innovation agency, and the largest VC in Europe (by deal count), builds on the EU-Singapore Free Trade Agreement and aims to strengthen ties between the Irish and Singaporean business communities.
It aims to promote the strength of Irish innovation, particularly in the area of fintech, and will include an Irish Pavilion at the Singapore Fintech Festival.
As part of the trade mission, the programme will include bilateral meetings with Singapore’s Deputy Prime Minister Lawrence Wong, Singapore’s Minister for Health Ong Ye Kung, and Senior Minister and Chairman of the Monetary Authority of Singapore, Tharman Shanmugaratnam.
The visit comes as demand for Irish fintech solutions in Singapore and across Asia-Pacific is soaring. Irish fintech exports to Asia-Pacific increased by 14% in 2021 to €116 million, with Irish fintech companies investing heavily in the region, establishing new presences in the market and forging partnerships with local companies and institutions.
Asia-Pacific is the third largest export market for Irish fintech, after North America (€250 million exports) and the UK (€180 million exports).
According to Pitchbook, Enterprise Ireland is Europe’s most active investor by deal count. Pitchbook’s data, covering the period 2018 to H1 2022, showed that Enterprise Ireland had completed 988 investments over that period, 46% ahead of any other European country.
With a portfolio of over 250 financial services and fintech companies, generating over €1.2 billion in revenue in 2021, Enterprise Ireland fintech companies had export sales of €744 million in 2021 – an increase of 19% compared to 2020. Ireland is now the eighth largest exporter of financial services in the world and is the fifth largest exporter of financial services in Europe.
“As a global hub for finance, technology and investor activity, Ireland is at the centre of fintech innovation, helping the industry respond to its challenges and opportunities. From the digitalisation of banking to new payments models and ever-changing compliance requirements, Irish fintech innovation is in high demand internationally, with Singapore and the Asia Pacific region being very important markets,” said Ireland’s Deputy Prime Minister and Minister of Enterprise, Trade, and Employment Leo Varadkar.