We want to be talking to innovators, hearing their perspective and seeing where new ideas and technologies are taking us - Gerry Cross, Director of Policy & Risk

• Innovation hub facilitating ongoing engagement with innovative firms
• Level of interest in the Innovation Hub and events programme has exceeded expectations
• Central Bank’s report on outsourcing to issue in the coming weeks

At a Fintech event hosted in the Central Bank of Ireland today Gerry Cross, Director of Policy and Risk spoke to an audience of innovation stakeholders on the Central Bank’s Innovation Hub. The Innovation Hub was launched by the Central Bank in April 2018 for individuals and entities to engage directly with the Central Bank on innovation and FinTech.

Mr Cross said that “Over these past initial few months, we are very pleased to find that the Innovation Hub has is already operating very much as intended. It has…seen a steady flow of enquiries from and engagements with a significant number of entities involved with innovation and technology. This is already a success".

He said that the Central Bank’s approach is to ensure a well-regulated financial sector acting in the best interests of its customers and contributing to well-functioning sustainable economy. The Innovation Hub contributes to this in allowing us to have early sight of new technology developments and their relevance to financial firms.

Mr Cross said “we want to be talking to innovators, hearing their perspective and seeing where new ideas and technologies are taking us. That is why we place so much importance on being accessible through the Innovation Hub and now, through our FinTech events.”

On the Central Bank's forthcoming report on outsourcing, Mr Cross noted that it would identify significant weaknesses in financial firms’ approach as well as discussing current important developments – such as increased cloud outsourcing – and their implications.