The Central Bank of Ireland is set to launch an innovation hub and an industry engagement programme to keep pace with the fast growing fintech and regulatory landscapes.

The initiative was announced by Financial Conduct director general Derville Rowland.

She said: ““Engagement with the people developing new technologies gives us first-hand knowledge of the innovations they are developing.

“In turn, this enhances our understanding of any potential risks and, importantly, potential mitigants.  Of course, we also need to listen to existing firms that are becoming increasingly innovative and technology-based.”

She noted that the new unit will be a two-way avenue focusing on engagement, sharing and listening underpinned by an Industry Engagement Programme.

All firms can communicate with the Central Bank directly through specific contact points providing an avenue to start a conversation and engage outside regulatory interactions.

The process will enable the central bank to procure information about the developing technologies and an idea about the future prospect of financial services.

Rowland added that the bank also intends to host FinTech Roundtables later this year to bring together all relevant stakeholders and discuss FinTech and related innovation.

She said: “They will be a forum for conversation where we can all learn from each other and share issues and ideas. Given the pace of change in the FinTech space, we understand the importance of holding these Roundtables regularly.”