To ask the Minister for the Economy to detail the actions her Department is taking to support the fintech sector in Northern Ireland.

Northern Ireland has a strong and world renowned FinTech sector. Indeed the Financial Times FDI markets has placed Northern Ireland as the world’s top region for Financial Services technology inward investment projects (fDI markets FT 2020). Northern Ireland has also been identified as a top 3 Fintech location of the future, after London and Singapore (fDI markets FT 2019).

There are nearly 10,000 people employed in Fintech roles in Northern Ireland and major companies such as Citi, Allstate, First Derivatives, FinTrU, Insurance Office of America, Peak6, Qarik and Aflac have chosen to locate here.

My Department and Invest NI have been working closely with these and other companies and key stakeholders in this sector for many years with both financial support and sector development through a number of activities including:

 Supporting sector specific trade missions and promoting NI at a number of key trade events

 Arranging a number of “meet the buyer” events with major banks and financial institutions in strategic markets

 Conducting market research and supporting new trade activities in potential new markets.

 Working closely with the NI Fintech Envoy and Fintech NI to promote NI’s Fintech capability on a national and global stage.

 Engaging with national and cross border Fintech organisations to showcase NI’s capabilities in the sector and increase access to investment and funding.

 Working closely with the universities and Further Education colleges along with industry to build a future pipeline of skills and talent for the sector.

My Assured Skills team also works closely with companies in this sector providing pre-employment training to individuals, from a diverse range of degree backgrounds, through its Academy model. Academy participants gain up-to-date skills delivered by Further and Higher Education Institutions, that are highly sought after by Fintech companies. Many Academy graduates have been employed by our local Fintech employers helping to meet the skills demand of the sector.

Invest NI and my Department will continue to work closely with Fintech businesses, as a key element of the Economic Recovery Plan, and to support them during this challenging time.