Economy Minister Conor Murphy is in Singapore as north and south join forces to attract investment for the first time – a move described as “practical and eminently sensible”.
Mr Murphy is attending Singapore Fintech Festival on a four-day trade mission supported by economic development agency Invest NI and its counterparts in the Republic, Enterprise Ireland and IDA Ireland.
They are promoting the island of Ireland as a hub for innovation in regtech, fintech, and financial services.
And 14 companies from north and south have joined the mission – including NI firms EOS IT Solutions, Fern Software, First Derivative, FinTrU, Funds-Axis, Kyber Digital and Neueda.
The Sinn Fein MLA, who has broken with previous DUP policy by making the all-island economy a cornerstone of his term, said: “I’m delighted to lead the first ever all-Ireland trade mission to Singapore.
“It is very welcome that Invest NI, Enterprise Ireland, and IDA Ireland are cooperating to showcase the strength of our companies, north and south.
“This trade event is a great opportunity for our economy. Ireland’s fintech sector is internationally recognised for its innovation and talent.
“And Singapore, as a global fintech leader, is a prime location to showcase our fintech capabilities on the world stage.”
Andrew Webb, Belfast-based chief economist of Grant Thornton NI, said he agreed with the approach of marketing both locations at once to an international audience.
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He said it reflected what was already the practice across the world of business.
“I think this is a practical and eminently sensible initiative that will help show off some of our leading companies.
“Trade missions stand or fall on the quality and quantity of opportunities to showcase our products and services.
“Linking in with Enterprise Ireland and IDA Ireland creates a bigger scale of opportunity and therefore creates the conditions for our companies to make a bigger impact in international markets.
“It is encouraging to see that the business collaboration that happens across the island is increasingly mirrored in our economic development agencies.”
During the mission, the Minister will support the companies at the Singapore Fintech festival, and speak at an Irish Chamber of Commerce event.
Invest NI CEO Kieran Donoghue said: “The Asia-Pacific market presents substantial growth opportunities for Northern Ireland companies, and with our dedicated in-market team on the ground, we are well-equipped to support their expansion and guide them through this dynamic landscape.
“This trade mission, which brings together seven of Northern Ireland’s leading companies, provides an invaluable platform to win business, forge strategic partnerships, engage with regional leaders, and connect with the Northern Irish diaspora. These connections will foster long-term economic benefits for Northern Ireland and the wider island.”
Enterprise Ireland client companies participating on the mission are Continuum Commerce, CubeMatch, Daon, Fexco, GetVisibility, Intuition, Fexco and TransferMate.
Leo Clancy, CEO of Enterprise Ireland said: “Singapore is one of the most developed and innovative financial hubs in Asia and is a gateway for the broader Association of Southeast Asian Nations (ASEAN) and Asia-Pacific markets.
“The Asia-Pacific market is the fourth largest export market for Irish fintech and financial services companies with many Irish companies actively helping the Singaporean and wider Asia-Pacific banking sector to address challenges related to digital transformation, regulatory compliance, cybersecurity, financial inclusion, and sustainability.
“This trade mission will serve to showcase the dynamic and innovative fintech sector across the island of Ireland and support the participating companies to expand their presence in the vibrant Asia-Pacific fintech ecosystem, in a very welcome partnership with our colleagues in Invest Northen Ireland.”