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ARTICLE · 15 NOVEMBER 2023

CBI Consultation Paper On Innovation Engagement (CP156)

William Fry LLP
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Taking on board industry feedback and following Department of Finance recommendations on the fintech ecosystem, the Central Bank plans to develop its approach to financial innovation.

IrelandTechnology
Shane Kelleher
Shane Kelleher
Louise McNabola
Louise McNabola
John O'Connor
John O'Connor
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On 8 November 2023, the Central Bank of Ireland launched Consultation Paper 156 – Central Bank approach to innovation engagement in financial services.

Taking on board industry feedback and following Department of Finance recommendations on the fintech ecosystem, the Central Bank plans to develop its approach to financial innovation by:

  • Enhancing its existing Innovation Hub and engagement model; and
  • Introducing an Innovation Sandbox Programme.

Innovation Hub enhancements

The Innovation Hub is the Central Bank's dedicated point of contact for Fintechs (start-ups and incumbents) to ask questions and seek non-binding guidance on financial products, services and processes. The current Innovation Hub has been in operation since April 2018 and has seen 375 engagements to date. Proposed enhancements to be rolled out by the Central Bank, continuing into 2024, include:

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