Eoghan Murphy explains Brexit potential to Asian business leaders

Leading players in Asia's financial sector are keen to understand what lies ahead for business in Europe post-Brexit, Minister of State for Finance Eoghan Murphy said, but the UK's departure offers an opportunity for Ireland.

"There is still an impression that Ireland and the UK are one, and part of the message here was to make the distinction and show that we are separate in Europe in terms of Brexit. It's been necessary to do it," Mr Murphy told The Irish Times.

Mr Murphy is on a mission that takes in Singapore, Shanghai and Tokyo, aimed at promoting the Government's International Financial Services (IFS) 2020 strategy and the Second European Financial Forum which takes place in Dublin Castle on January 24th, as well as Irish financial services companies active in Asian markets.

Brexit opportunities

“Brexit as a subject is not so much to the forefront here as it would be in Europe, but when people think of Europe here, they think of Brexit. This gives us a chance to pitch Ireland as a financial services centre,” said Mr Murphy.

He wanted to show the diversity of financial services on offer in Ireland, especially in the area of fintech.

In Singapore earlier this week, Mr Murphy gave a lecture at the National University of Singapore entitled From financial crisis to Brexit – an Irish perspective.

“A consequence of the UK referendum result is the need to drive home the value Ireland attaches to our access to the single market and the benefits our exporters derive from EU trade agreements across the globe,” he said.

He found awareness of Ireland in Shanghai even higher than in Singapore.

“I sense a huge potential here in Shanghai. The Government strategy has been working here in terms of building things up,” he said.

Mr Murphy said the EU Apple tax ruling only came up in discussions with the media.

Apple case

“There was no clear understanding of the Apple case – people were talking about a fine, for example – so it was necessary to explain the particulars of the case. I used the opportunity to show we are implementing best practice on international taxation and send a positive message out,” he said.

While in Singapore he met his finance ministry counterpart, Indranee Rajah, and Jacqueline Loh of the Monetary Authority of Singapore.