Minister for Finance Paschal Donohoe TD visited Killorglin last week to launch Fintech Next - a major new research collaboration between technology company Fexco, University College Cork (UCC) and Science Foundation Ireland (SFI).
The €3 million project will be jointly funded by Fexco and SFI with critical knowledge and expertise provided by researchers at the Cork University Business School within UCC.
A team of 12 newly appointed researchers led by UCC will work with Fexco to research the areas of treasury and foreign exchange; digital taxation and corporate asset administration.
The team will work to develop commercially viable 'fintech' products and create a dedicated knowledge repository at UCC.
It is hoped the project will help Fexco to spearhead regional development through economic growth, job creation and training.
The research team will be co-located between Fexco's Headquarters in Killorglin and UCC.
According to Fexco the collaboration - led by Professor Philip O'Reilly of UCC - will put Ireland on the world map as a fintech innovation hub.
CEO of Fexco Denis McCarthy explained the goals.
"Investment in research is key to developing and delivering the next generation of products, services and innovations that will disrupt the fintech sector, an industry that has been critical to the continued growth and development of the South West of Ireland and of Fexco," he said.
"Fexco will enjoy a dual benefit from this project, the first is the opportunity to be at the forefront of identifying new trends and technologies that could create new markets for our business and the second in welcoming a team of world-renowned experts to the organisation," said Mr McCarthy.