Industry group Financial Services Ireland (FSI) has named the head of Revolut’s Irish arm as its new chair.

The Ibec group for the sector appointed Joe Heneghan, partner and CEO of Revolut Europe, as its new chair, a move likely to be seen as cementing the financial technology firm’s status as part of the banking and finance mainstream in Ireland. He takes over from Citibank’s fomrer Irish country head, Cecilia Ronan.

Mr Heneghan, who previously held senior roles at Ulster Bank and worked at both First Active and Permanent TSB, said FSI sees significant opportunity for Ireland to win more business in the coming years.

“At FSI we are working to ensure Ireland is the best place for financial services companies to achieve success for customers, clients, society and themselves. The financial services sector employs more than 115,000 people in Ireland, and contributes more than €21.7bn to the economy.”

Director of Financial Services Ireland (FSI) Patricia Callan said Mr Heneghan’s experience and insights in digital transformation will be especially valuable.

As well as leading Revolut Europe, which has 19 million customers, Mr Heneghan also leads Revolut Bank which offers banking services to consumers in 28 EEA markets and is also a member of the European Central Bank’s Euro Retail Payments Board.