Establishing A Regulated Fintech Firm In Ireland

On 10 December 2021, the Central Bank of Ireland ("CBI") issued a communication to firms seeking authorisation as a payment institution ("PI") or electronic money institution ("EMI"). The communication reminds PI and EMI applicants ("Applicants") of the CBI's authorisation principles, approach and core elements which will be assessed including having to demonstrate their capabilities to manage risk and robust governance, risk and compliance frameworks.

The Second Payment Services Directive 2015/2366/EU ("PSD2"), transposed into Irish law by the Payment Services Regulation, established uniform rules for the provision of payment services across the European Economic Area. Providing any of the eight "payment services" in Ireland requires authorisation, unless an exemption applies.