The government has set a target of adding 5,000 net new jobs in the international financial services sector over the next four year in its updated Ireland for Finance strategy.

At present, a record 52,000 people are currently employed in international financial services, according to IDA Ireland and Enterprise Ireland, and the Department of Finance said it hoped to achieve its 2026 goal by focusing on growth in green, sustainable and digital financial services.

"International financial services is a fast growing sector of the Irish economy. The update of the Ireland for Finance strategy marks the half way point of the original document published in 2019," Minister of State with responsibility for financial services, credit unions and insurance Seán Fleming said.

"I believed it was important to examine how the government can refocus policy in response to all the changes both industry and society have experienced in recent years. The sustainable and digital transitions feature prominently as great opportunities for Ireland’s economy.

“Partnership between the private and public sector is at the heart of this strategy. It is key to ensuring Ireland has the right education mix to meet the demands of industry in the future. Our job targets are ambitious but can be met with everyone working together.”

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With the updated strategy, a steering group within the Department of Finance will be expanded to include the private sector.

The initial strategy had aimed for 50,000 people to be working in the sector by 2025 and was structured around four pillars: ensuring policy, culture and legislative conditions support growth; a collaborative approach to addressing emerging challenges and opportunities in technological developments; ensuring skilled people are employed to meet sector demands; and ensuring Ireland’s international financial offering is communicated to all those who may be attracted to investing in Ireland.

The new Ireland for Finance strategy lays out a vision "to grow and expand Ireland, in a sustainable manner, as a premier European financial centre and a location of choice for specialist international financial services."

The document states that Ireland will need to continue to develop its skills base, and actively engage with partners at European and UN level in shaping the sustainable finance agenda.

It also supports the Central Bank's efforts to pursue "innovation, efficiency and engagement" in deciding regulations, and urges Ireland to capture opportunities in payments, regtech, AI and cybersecurity presented by the global technology sector.

It also aims to increase diversity within the sector to improve decision-making and risk management, and to grow regional financial services clusters.

(Pic: Getty Images)