Enterprise Ireland (EI) has launched a new fund that is designed to support promising fintech startup companies from all over the world.

The fund is based on an investment strategy that made EI the second biggest fintech backer in the world. The agency invested in over 23 companies in 2017, while its biggest competitor, US-based Y Combinator has backed 29 companies.

In total, EI has investments in over 200 fintech startups, with an estimated value of €1 billion as of 2016.

The new fund was revealed at the Future of Fintech event in Dublin. Each chosen startup will receive €50,000 in investments every year. The €50,000 funding is the same value that startups received from EI in previous years. Senior advisor Eoin Fitzgerald stated that the launching of the new fund will be helpful for startups seeking to advance in the fintech sector.

Fitzgerald said,

“The fund is designed to enable recipient companies working in areas including fintech, artificial intelligence, machine learning, augmented and virtual reality, the internet of things, blockchain, and cloud, to reach key technical and commercial milestones.

The launch of this new fund reflects the strategic importance of these sectors for Ireland, and their potential to deliver export and jobs growth.”

Switzerland is very important for venture capitalists like EI to further fintech. Swiss banks have long been a key industry for Switzerland’s economy because they are built on highly stable and competitive location factors. However, what’s now making Swiss banks extremely competitive today is its diverse fintech ecosystem.

Swiss banks are involved in a lot of collaborations that further its financial technology. This is having a positive impact on the country’s economy and banking industry. The economic calendar published on FXCM notes that the Swiss National Bank (SNB) is one of the key indicators that affects the prices of different assets in the country.

The bank holds two press conferences every year when the rates are announced, which in turn creates market volatility. If the outlook of Switzerland’s financial framework is solid, investors become bullish with the banking industry’s future. AltFi suggest that fintech plays a huge role in the future of banking, which is why venture capitalists like EI are constantly funding promising startups that develop financial machineries. Currently, Swiss banks are working to create innovative financial frameworks, and have prioritising developing Swiss cloud solutions as well as further integrating blockchain into their institutions.

The Future of Fintech in Dublin brought 100 international fintech influencers that could further fintech. These included Swiss banks, as well as EI-supported companies such as Cambrist, Governor Software, Touch Tech, and Know Your Customer. The event is tied with MoneyConf, which aims to bring together fintech and cryptocurrency experts. The event is expected to produce collaborations in the near future, as well as encourage potential venture capitalists like EI to put more money into fintech.

Fitzgerald asserts that Irish companies are growing in the financial space, and are dominating the industry by bringing groundbreaking solutions to current hurdles. These include launching technology that streamlines payments and revolutionises regulations.

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