Ireland hopes to be gateway to Europe for Chinese firms

Ireland is working to act as a gateway for Chinese companies to access the European market, Irish State Minister for Financial Services Eoghan Murphy told China Daily.

Murphy was in Hong Kong to attend the 10th Asian Financial Forum on Tuesday, and discussed payment technology and cybersecurity.

“One of the industries we are growing in reputation is our financial technology and payment sector in international finance services,” Murphy said.

“We are looking for new relationships to help existing businesses enhance their business, or help new businesses create opportunities.”

The Irish government is working to build an ecosystem based on its talent pool to offer cutting-edge services in fintech and payment services to Chinese companies.

Ireland is banking on Asian Financial Forum the to build connections with the fund industry to cement the country’s role as a fund administration and management center.

Murphy said Ireland and China are entering a key period in financial cooperation.

In December, Ireland became the 17th overseas jurisdiction to be granted a Renminbi Qualified Foreign Institutional Investors quota to invest in the Chinese domestic bond and equity markets. The investment quota was 50 billion yuan ($7.29 billion).

Ireland is also keen to play a part in the Asian Infrastructure Investment Bank.

“Ireland has applied for AIIB membership and the process is going in a positive direction. All of this enables Ireland to be important gateway for mainland investors into Europe,” he said.

Eoghan Murphy, Irish state minister for financial services