Background

Until early 2020 the Fintech Corridor, previously known as the M1 Payments Corridor cluster, facilitated the Fintech sector from Dublin to the M1 border in Ireland. Its purpose was to support innovation, scaling and growth within Fintech companies as well as to develop the region into an ‘internationally recognised area of excellence’ within its sector.

In 2017, a feasibility study highlighted the benefits of expanding this cluster cross-border to include businesses along the M1 motorway and Belfast. Findings indicated that this would result in new jobs and increased revenues.

Details of Synergy support

Following the study, the FinTech Corridor reached out to InterTradeIreland for advice on developing the cross-border cluster and available support. In 2019, funding was approved via the Synergy initiative.

Financial support was provided over a two-year period from February 2020, including funding for a Project Manager to oversee delivery and development.

Synergy project outcomes

• Hosted a number of training events for members of the cluster.
• Facilitated several academic to industry collaborations and cross-border company to company collaborations.
  
• Met with key Foreign Direct Investment companies to discuss potential partnerships with SMEs.
  
• Grew their membership by 51 new members from September 2020 to April 2021.
  
• Continued progress to expand the corridor and build a cross-border ecosystem to support and grow partnerships.
  
• Contributed to the development of a new part-time QQI Level 6 certificate programme in ‘Fundamentals of Blockchain’ launching in September 2021 in partnership with an academic partner Dundalk Institute of Technology (DkIT).
  

The corridor is now the primary driving force facilitating and promoting firms to expand into Fintech on an all island basis.