Bank of London opens new Belfast fintech base in Soloist Building

THE London-based fintech company behind plans to create 232 jobs in Northern Ireland has opened its new base in The Soloist Building, next to Belfast’s Waterfront Hall.

Bank of London has already recruited 50 people to its new Belfast office on the newly refurbished first floor of the building.

Launched last November by Anthony Watson, the fast-growing fintech disruptor has joined KPMG and Pinset Masons in the space.

A former chief information officer at both Nike and Barclays, Mr Watson has described Belfast as “Britain’s gateway to the EU”.

The Bank of London is only the sixth most important clearing bank in the UK. Clearing is the process of settling transactions between banks.

Invest NI has confirmed it has offered financial support for 130 of the 232 jobs the fintech firm plans to create here by 2026.

The financial aid agency indicated that the jobs will attract an average salary of just under £34,000. Two-thirds of the roles will be in operations and compliance, while the remaining one-third will be technology-related.

Bank of London said recruitment in Belfast has “increased ahead of initial estimates” since announcing the move in June.

The company has now appointed its chief risk and compliance officer Stephen Bell as the new head of its Northern Ireland operation.

Bell is a well-known figure in the Irish banking world and has held senior positions at both Ulster Bank and AIB.

Speaking on Tuesday, Bell said the fintech startup has “a deep belief that exceptional and diverse talent will build the future of banking.”

He added: “In partnership with Invest NI, we chose to locate Bank of London’s first UK office outside of London here in Belfast.

“We know we will find that talent here to help us deliver innovation at the heart of financial services and create the borderless infrastructure of the future.

“Our experience to date has shown this to be the right decision and the speed with which we have been able to recruit across a range of skills and experience, not only in technology but also in compliance and risk, is a testament to our commitment to continued investment in Northern Ireland and the wider economy.”

The new offices were visited on Tuesday by Economy Minister Gordon Lyons.

The DUP MLA described the new Bank of London offices as “quite a coup” for Invest NI.

“There is a saying that actions speak louder than words. We often talk about how much Northern Ireland has to offer as an investment location, but securing unique projects like this proves it.”

Invest NI’s interim chief executive, Mel Chittock, said the Bank of London jobs would ultimately generate around £7.8m in wages.

“Its disruptor approach will bring new innovation to our fintech sector, providing new opportunities across a diverse range of financial services roles that will help retain talent here and attract others to return to Northern Ireland,” said he.