Fintech in Belfast: A Thriving Hub of Innovation

The global fintech industry has undergone extraordinary growth in recent years, revolutionising the way financial services are delivered. Driven by advancements in artificial intelligence, blockchain technology, and the increasing demand for digital banking solutions, fintech has become a cornerstone of modern economies, enabling greater financial inclusion and efficiency.

With Northern Ireland ranked second in the world for fintech inward investment projects and Belfast ranked as the top city globally, Belfast offers a strategic location and a highly skilled workforce, making it an ideal environment for fintech companies to thrive. The city's emphasis on innovation and its robust digital infrastructure alongside a supportive regulatory environment, and a collaborative business community further strengthen its position as a competitive fintech destination.

What Makes Belfast So Attractive in Fintech?

Belfast’s rise as a fintech hub is no accident. Several key factors contribute to its growing appeal:

Talent Availability: Northern Ireland boasts a highly educated workforce and is home to two world-class universities—Queen’s University Belfast and Ulster University—that produce a steady stream of graduates in technology, data science, and finance.

Cost Competitiveness: Operating costs in Belfast are significantly lower than in other major fintech hubs, such as London or Dublin. The cost of doing business in Belfast is approximately 20-30% lower than other UK cities, making it an attractive option for startups and multinational corporations alike.

Government Support: The Northern Ireland Executive has prioritised the development of the tech sector, providing grants, tax incentives, and funding programs to support startups and attract international firms. Initiatives like Invest Northern Ireland’s tailored support for fintech companies underscore the government’s commitment to the sector.

Infrastructure and Connectivity: Belfast is equipped with state-of-the-art digital infrastructure, including widespread 5G coverage and high-speed broadband. Its geographical location also ensures seamless connectivity to major financial centres in London, Dublin, and New York.

Who thinks Belfast is so special?

Belfast’s fintech ecosystem is vibrant and diverse, featuring global players and innovative startups that contribute to its growing reputation:

Citi: A global financial services leader, Citi established its Belfast hub in 2005. The centre focuses on technology development and operational services, employing over 3,000 professionals, making it one of the largest financial services employers in the region.

TP ICAP: A global leader in interdealer broking, TP ICAP delivers broking services, data analytics, and market intelligence to clients worldwide. In 2016, the company established its Global Technology Centre of Excellence in Belfast to drive the development of strategic applications for its international markets. Since then, the centre has expanded to nearly 300 employees across various functions.

Allstate Northern Ireland: While primarily an insurance company, Allstate’s Belfast office has made significant strides in fintech innovation, particularly in data analytics and digital payment solutions.

FSCom: A Belfast-based consultancy specialising in regulatory compliance for fintech companies, FSCom plays a crucial role in ensuring businesses navigate complex financial regulations efficiently.

Options Technology: A homegrown success story, Options Technology provides cloud-enabled services to the global capital markets sector. Their Belfast headquarters underscores the city’s potential for developing cutting-edge fintech solutions.

FinTrU: Established in December 2013, FinTrU is a true NI success story operating globally with leading Tier 1 international investment banks in major financial hubs, including London, New York, Tokyo, Frankfurt, and Paris. With a workforce of over 1500 across offices in Belfast, Derry/Londonderry, London, Porto, and New York, FinTrU collaborates with clients to develop solutions that ensure compliance with regulations in areas such as Legal, Risk, Compliance, KYC, Operations, and Consultancy.

CME: Chicago-based CME Group is the world’s leading and most diverse derivatives marketplace. In 2012, the company established its Technology and Support Centre in Belfast, which has since grown to a team of over 300 employees. The Belfast centre plays a key role in supporting CME’s technology infrastructure and services, accounting, finance, online marketing, human resources and legal functions.

Aflac: In October 2019, Aflac established a Global IT and Cyber Security Innovation Centre in Northern Ireland, with plans to create 150 jobs over five years. The Belfast centre enhances Aflac’s global operations by providing technical expertise and operational support to drive customer satisfaction and market growth. Northern Ireland was selected for its strong capabilities in mobile and cloud development, as well as intelligent surveillance technology. The centre’s strategic location in the UK also offers an additional time zone, bridging the gap between Aflac’s US and Asian customers, and enabling round-the-clock threat monitoring and response. This investment aligns with Aflac’s focus on leveraging advanced technologies to deliver exceptional customer service.

Partnering with a Strategic Recruitment Expert

A working relationship with a strategic recruitment partner is a crucial factor in helping to identify and recruit the talent you need, having spent the past 6 years placing talent in the Technology sectors across the UK and Ireland we understand the nuances and complexities of today’s candidate-driven talent market. As experts in Technology recruitment, here’s how we can help make your recruitment faster, easier and more effective.

• Access to specialist talent pools: In a profession of specialist skills and experience, specialist talent wants to speak to experts who understand their role and we do just that. At MCS Group, we specialise in sourcing top talent, and each of our Specialist Recruitment Consultants knows the difference between Java and .NET, and the nuances of DevOps and Cybersecurity. Our team also has extensive networks, deep industry knowledge and access to talent pools and skills that you need.

• Industry insights and market knowledge: We understand the evolving demands of the Technology sector and can provide you with invaluable insights into talent availability, competitor landscape, and hiring best practices. From Software Engineers and Infrastructure Engineers to Data Scientists and Security Analysts, our experience and in-depth knowledge of market trends, salary benchmarks, and industry dynamics will enable you to make informed decisions that guarantee success. We can also offer guidance on talent retention strategies to help you build high-performing teams that drive innovation and success.

• Speed and efficiency: Searching for Technology talent can be time-consuming and can involve searching across geographies and industries, we can take the weight from you which frees you to focus on other things. Traditional recruitment processes involving job postings, CV screening, and interviews can be time-consuming and resource intensive. We can streamline your hiring process by utilising our expertise in candidate sourcing, screening, and assessment all powered by best-in-class recruitment technology, ensuring you stay one step ahead of the competition.

• Reduced risk: Making the wrong hire can have disastrous consequences for an organisation, both financially and culturally. In every project we undertake, we use rigorous screening and assessment processes to help you find talent that is not only qualified but also aligned with your values and objectives.

• Building your brand: With Gartner suggesting those that deliver on their EVP decrease employee turnover by 70% and increase the loyalty of new hires by 30% it’s essential to get it right, we should know as we’re experts in Recruitment Branding. From telling your story to optimising the candidate experience, we can help you communicate your employer brand and make you stand out in the “war for talent”.

To find out more about how we can help you attract top talent, communicate your employer brand and build high-performing teams by making your recruitment faster, easier and more effective, reach out to Chris Busby, Associate Director – IT Recruitment,  at c.busby@mcsgroup.jobs or call 028 9023 5456 to find out how we can transform how you recruit.