GenAI and distributed-ledger tech to have ‘transformative’ impact, says Ireland’s digitalisation minister
Generative artificial intelligence (AI) and distributed-ledger technology (DLT) are among the “disruptive technologies” that will have a “transformative impact” for everyone using financial services, Ireland’s government minister for digitalisation said at Global Government Fintech Lab 2025.
Generative AI (often abbreviated to ‘GenAI’) refers to the use of AI to create new content such as text, audio, images and video that can appear like it has been made by a human. DLT encompasses various technologies (of which the best known is blockchain) that record and share transactions across a network of computers without a central authority.
“Digitalisation has completely revolutionised the financial services sector worldwide over the past decade, and shows no signs of slowing down,” Jack Chambers said in the Dublin-hosted event’s keynote speech (11 June). “If anything, new and disruptive technologies such as such as generative AI and distributed-ledger technology look like increasing that pace of change.”
Chambers leads the European Union (EU) member state’s newly renamed Department of Public Expenditure, Infrastructure, Public Service Reform and Digitalisation. A former finance minister, he was speaking at an event – taking place for the fourth year, and the third-successive year in Ireland – that saw public servants and fintech suppliers discussing trends in the use of digital technologies in fields such as government finance, government payments and financial supervision.
“As the digital transition continues to accelerate, it’s incumbent on governments to ensure that policy and legislation can keep pace,” he said, urging that “government must lead and exemplify the adoption and fully embrace the digital and artificial intelligence revolution.”
Read more: UK peers urge tighter AI regulation for transparent and safe adoption in government
Irish and EU policy developments
Ireland’s first national AI strategy – ‘AI: Here for Good’ – was launched in July 2021 and a ‘refresh’ was published last year (‘National AI Strategy Refresh 2024’). The government has also launched an ‘AI Advisory Council’ comprising independent experts. ‘Guidelines for the Responsible Use of AI in the Public Service’ (in Ireland) were published by Chambers’ department last month.
In his speech, Chambers referred the importance of “building public trust and SME [small- and medium-sized enterprise] confidence in how technology can be used safely and beneficially for all.”
He also referenced Ireland’s national payments strategy, published in October 2024 (when Chambers was based in the Lab’s host department – Ireland’s Department of Finance), describing innovation as “especially prevalent” in the payments sector. But access to cash remained important and payments innovation should be “inclusive and accessible to all,” he warned. Ireland’s Finance (Provision of Access to Cash Infrastructure) Act 2025 was signed into law last month.
At the EU level he referenced the digital finance package adopted by the European Commission in 2020 and more specific measures including the proposed third European Payment Services Directive (‘PSD3’), which, he said, “will aim to facilitate the growth of the EU’s open banking sector”; and the 27-member bloc’s Markets in Crypto-Assets Regulation (MiCAR), which, he said, “represents a real opportunity to create an environment to bring clarity, safety and structure to the crypto sector.”
“The government understands that if Ireland is to continue to enjoy growth and prosperity, we all must work together to fully realise the economic potential of the digital and AI revolution,” Chambers said.
“Really strong digital infrastructure” is required, he said, “to underpin the delivery of digital public services by government.”
Read more: Trump orders end of US government cheques in digital disbursements overhaul
Ireland’s ‘thriving fintech ecosystem’
Chambers, who is also deputy leader of Fianna Fáil, described the country – which has a population of just over five million people – as “hosting many of the world’s financial services firms” and “also home to a thriving technology sector, where many global companies have a deeply embedded presence.”
“It’s the fusion of these two elements which has brought all of you to Dublin today, and, crucially, has resulted in a deep talent pool with a thriving fintech ecosystem,” he told the audience, going on to reference efforts by government agencies Enterprise Ireland and IDA Ireland to facilitate the growth of fintech companies.
He also acknowledged the role of the Central Bank of Ireland for its “commitment to harnessing the benefits of innovation” (the Lab agenda featured two central bank speakers: head of innovation strategy and policy Miriam Dunne, and head of division – digital euro unit, Gillian Phelan).
“While the Irish government remains focused on developing this jurisdiction as a global location of choice for fintech firms, this event aims to explore how fintech innovation can be harnessed for the public good,” Chambers said. “We’ve come together today to share our collective knowledge and experience of how public sector organisations are utilising fintech innovation in striving to deliver better public services. It’s clear that innovation thrives in collaborative environments, and opportunities to do that today are really important.”
Global Government Fintech Lab, he said, provided an opportunity to “demonstrate collaborative engagement” and also to ultimately realise “our commitment to see the full potential of digital finance across different governments and agencies.”
“Taking that collaborative approach will help us domestically in Ireland… but also internationally – how we can future-proof public services to better deliver for citizens in the context of a changing world,” he said at the event, which was held at the Market Floor – the original trading floor of the Irish Stock Exchange – EURONEXT.
This article was originally published by our sister title Global Government Fintech: GenAI and DLT to have “transformative” impact: Ireland’s digitalisation minister
About Ian Hall
Ian is editor of Global Government Fintech a sister publication to Global Government Forum. Ian also writes for media including City AM and #DisruptionBanking. He is former UK director for the pan-European media network Euractiv (2011-2018), editor of Public Affairs News (2007-2011) and news editor of PR Week (2000-2007). He was shortlisted for ‘Editor of the Year’ at the British Society of Magazine Editors (BSME) Awards in 2010. He began his career in Bulgaria at English-language weekly the Sofia Echo. Ian has an MA in Urban and Regional Change in Europe and a BA in Economics, both from Durham University.
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