Daijiworld Media Network - Mumbai
Mumbai, Sep 7: Ireland is keen to understand the rapid growth of India's Unified Payments Interface (UPI) and explore its potential relevance for Ireland, the European Union and other markets, Sean McWilliams, Head of Fintech & Payments at IDA Ireland, said on Monday.
Speaking to IANS on the sidelines of the Global FinTech Festival in Mumbai, McWilliams said his visit was focused on understanding key trends and growth opportunities in India's fintech and payments ecosystem, besides exploring ways Ireland could support Indian companies seeking international expansion.
“UPI is obviously a key part of India's payments ecosystem, and I'm very interested in learning more about it,” McWilliams said, noting that countries and regions worldwide are exploring ways to make digital payments more accessible, seamless and user-friendly.
He said he was particularly interested in examining how the growth of UPI in India could be relevant to Ireland and the European Union and whether there were potential areas of convergence with fintech developments in Ireland.
McWilliams also highlighted Ireland's growing focus on artificial intelligence (AI), saying the country had recently launched a national AI strategy aimed at establishing Ireland as both a national and international hub for the technology.
The strategy focuses on emerging technologies, developing skills and talent, and creating an environment that enables companies to innovate while ensuring AI development remains responsible and properly regulated, he said.
“Ireland has a long track record of innovation in financial services, and AI is now the next key opportunity for companies, from global fintech multinationals to fast-growing startups, to harness technology and drive their international growth,” McWilliams said.
Ireland is also set to host an international AI summit on October 14 as part of its presidency of the European Union this year.
McWilliams said the summit would bring together leading companies, policymakers and international thought leaders to discuss key AI trends, challenges and opportunities while showcasing Ireland's position as an AI hub.
He said Ireland offered several advantages for Indian companies looking to expand globally and diversify their international operations.
“I think Ireland offers a number of key factors that would be attractive to Indian companies looking to grow globally and diversify their international operations,” McWilliams said.