Central Bank is urged to improve fintech resources

A trade group representing major fintech companies including Stripe has urged the Central Bank of Ireland to put more resources behind processing licence applications.

The Electronic Money Association, based in Brussels, told the Central Bank in a letter responding to its strategic plan for the next two years that it needs to ensure it has the necessary personnel and skills to process an increasing number of applications from fintech firms.

It represents companies that provide payments services that require electronic money, or e-money, licences to operate. It counts Revolut and tech giants like Google among its members.

“The number of firms applying for a licence with the CBI to offer payments, e-money or crypto asset services continues to increase, and existing applications will continue to require ongoing and substantial CBI resources,” the organisation said.

“Not appointing sufficient resource to this process may have a reputational impact on the CBI over time.”

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Source: Central Bank is urged to improve fintech resources – Independent.ie