Note from the Publisher: In late June, when the Brexit vote occurred, I thought I’d never STOP hearing the word “Brexit”. Over and over and over again, it looped throughout the news. And then it was gone, at least in the US media. Well, it’s back again. Irish Times has published a post that UK-based fintechs are strongly considering relocation to Ireland while they’re still part of the European Union, but there is internal concern that the Irish regulatory system may not be fully prepared for the coming onslaught of relocating companies.
“Financial technology companies are increasingly considering Irish headquarters ahead of the UK’s departure from Europe, but there are concerns the Irish regulatory system cannot reform itself fast enough to meet demand.
Brexit has pushed the issue into sharp focus with industry insiders saying companies will not wait out ‘political negotiations but seek a quick move to an alternative European Union-passport holding country.
‘It is now that we need to be ready,’ said John Whelan, who leads the international technology practice at legal services company A&L Goodbody in San Francisco.
Mr Whelan told The Irish Times that financial services firms are increasingly reviewing which capital city to chose as a base following the referendum in the UK where the vote was to exit the EU.”