In an exclusive interview with Mark Walker, Editorial Director of The Fintech Times, Peta Conn, director for GB and Europe at Invest Northern Ireland, detailed how the region has evolved into a global leader for governance, risk, and compliance (GRC) and emerging technologies.
According to Conn, Northern Ireland’s success stems from a unique collaborative environment where industry, academia, and government bodies work in tandem to meet market demands.
A foundation of STEM talent
A primary driver of this rapid expansion is the region’s talent pipeline. Students in Northern Ireland consistently outperform those in other UK regions in academic achievement.
To illustrate the scale of this talent pool, Conn highlighted several key statistics:
- Almost half of the students at Northern Ireland’s higher education institutes are currently enrolled in broad STEM-related subjects.
- Approximately 5,500 students graduate annually in finance and technology-related disciplines.
- One in five people in the region now work in financial and professional services.
This workforce is further bolstered by the Department for the Economy and Invest Northern Ireland, which provide significant support for company-level and collaborative training programmes.
Specialised expertise in RegTech and GRC
Northern Ireland has carved out a distinct niche in RegTech. This is reinforced by the development of the North West City Region’s regulatory technology supercluster. Marking a global first, this initiative unites public bodies and researchers to tackle global challenges in sustainability, environmental, social, and governance (ESG) criteria, and artificial intelligence (AI).
“There is no aspect of governance, risk, and compliance that doesn’t exist within Northern Ireland,” Conn stated. She highlighted that local firms are delivering advanced, end-to-end solutions ranging from AI-driven client lifecycle management to immersive incident response training.
The local ecosystem features a strong blend of global giants and homegrown innovators. International players such as Citi, PWC, and Allstate operate closely alongside local leaders like FinTrU, FS.com, and Neueda Technologies.
Strategic advantage and competitive costs
Beyond its talent pool, Northern Ireland offers a highly strategic geographical advantage. It remains the only part of the UK to share a land border with the European Union.
This unique position allows businesses to operate within the UK’s robust regulatory framework while maintaining close proximity to Irish and European financial markets.
Furthermore, cost-efficiency is a significant draw for inward investment. Conn pointed out that operating costs in the region can be up to 40 per cent lower than in other Western European locations. This compelling value proposition has helped Northern Ireland lead the UK in growth for financial and related professional services, recording an annual average real growth rate of 3.2 per cent.
Future growth and AI innovation
Looking ahead, the region is doubling down on artificial intelligence. This effort is being spearheaded by the Artificial Intelligence Collaboration Centre (AICC). Led by Ulster University in partnership with Queen’s University Belfast, the AICC focuses on increasing the adoption of AI technologies across the business landscape, driving technical expertise in areas like fraud detection and cloud computing.
“We are continually looking at what the global financial industry needs in order to move forward,” Conn added, emphasising that the sector remains a top economic priority for the government.
To ensure the region maintains its trajectory as a high-growth fintech hub, Invest Northern Ireland has launched a new three-year strategy designed to further drive innovation and productivity.
You can watch the full video interview with Peta Conn on The Fintech Times YouTube channel