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Ireland’s Digitalisation Minister Highlights Transformative Potential of GenAI and DLT in Financial Services
Ireland’s Digitalisation Minister highlights GenAI and DLT as key drivers reshaping financial services. New policies aim to boost innovation and public trust in fintech.
GenAI and DLT Set to Transform Financial Services, Says Ireland’s Digitalisation Minister
Generative artificial intelligence (GenAI) and distributed-ledger technology (DLT) are poised to bring significant changes to financial services, according to Ireland’s minister responsible for digitalisation. Speaking at the Global Government Fintech Lab 2025 in Dublin, Jack Chambers highlighted these technologies as key drivers of innovation in government finance and payments.
Understanding GenAI and DLT
GenAI involves AI systems that create new content—text, images, audio, or video—that can closely mimic human-created material. DLT refers to technologies like blockchain that record transactions across multiple computers without relying on a central authority.
Chambers emphasized that digitalisation has reshaped the financial sector over the past decade, and with GenAI and DLT, the pace of change will only increase. He stressed the need for governments to adapt their policies and legislation to keep up with these advances.
Policy Developments in Ireland and the EU
Ireland launched its first national AI strategy, AI: Here for Good, in 2021, followed by a refreshed version in 2024. An AI Advisory Council of independent experts supports this work, alongside recently published Guidelines for the Responsible Use of AI in the Public Service.
Chambers underlined the importance of building public trust and confidence among small and medium-sized enterprises (SMEs) to ensure technology is used safely and effectively. Ireland’s national payments strategy, released in October 2024, highlights innovation in payments while emphasizing accessibility, including the importance of maintaining access to cash. This led to the Finance (Provision of Access to Cash Infrastructure) Act 2025, which was signed into law last month.
At the European Union level, key initiatives include the digital finance package from 2020 and proposed updates such as the third European Payment Services Directive (PSD3), aimed at promoting open banking. Additionally, the Markets in Crypto-Assets Regulation (MiCAR) seeks to provide clearer frameworks and safety for the crypto sector across the EU.
Building a Thriving Fintech Ecosystem in Ireland
Chambers described Ireland as hosting many global financial services firms alongside a vibrant technology sector. This combination has created a rich talent pool that supports a thriving fintech ecosystem.
Government agencies like Enterprise Ireland and IDA Ireland actively support fintech growth, while the Central Bank of Ireland plays a key role in fostering innovation within financial regulation.
The Global Government Fintech Lab offers a platform for public sector bodies and fintech providers to collaborate and share knowledge. Chambers pointed out that such collaboration is vital for delivering better public services and preparing government systems for future changes.
Looking Ahead
For Ireland to sustain growth and prosperity, Chambers emphasized the need for strong digital infrastructure and a united approach to developing digital public services. The focus is on ensuring that the benefits of digital finance and AI are accessible and secure for all citizens.
As governments worldwide continue to adopt new technologies, Ireland’s approach offers a practical example of integrating innovation with public trust and regulatory clarity.
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