BNY Mellon said that it will open a new global digital research and development (R&D) hub in Dublin, Ireland with an initial investment of €8m.

According to the US-based financial services company, the Irish hub is aimed at enabling innovation in the fields of artificial intelligence (AI), data analytics, and machine learning, for its clients around the world.

BNY Mellon funds services Ireland CEO and Ireland country manager Paul Kilcullen said: “Delivering innovative solutions for clients has been at the heart of BNY Mellon’s long and proud history in Ireland for almost three decades.

“This investment reinforces BNY Mellon Ireland’s position at the leading-edge of financial services research and development and helps cement Ireland’s position at the forefront in driving innovation in the financial services sector globally.”

BNY Mellon’s investment will be supported by IDA Ireland, the national investment promotion agency of Ireland.

The Irish digital R&D hub is expected to boost BNY Mellon’s position in building AI technologies and grow on existing technology capabilities located in the country.

Besides, its investment will result in more than doubling of its digital team in Dublin, while generating 30 specialist roles initially by the end of 2025.

The American financial services company plans to rope in a variety of AI and technology specialists in Ireland. The roles will be for experienced data scientists, and specialists in product and design thinking, said the company.

Based in Ireland, the team will help deliver on the European as well as global R&D ambitions of BNY Mellon.

IDA Ireland CEO Michael Lohan said: “Today’s announcement of a new Digital R&D Hub in Dublin is a great sign of commitment by BNY Mellon to their Irish operation.

“The decision to create 30 specialist digital roles here is a vote of confidence in the talent and skillset that they have found in Ireland on their journey so far.”

BNY Mellon said that its employees in Dublin, Wexford, and Cork offices work to provide various services to banks, pension funds, traditional and alternative asset managers, insurance firms and corporations. The services include asset servicing, corporate trust, and alternative investment services.

The company said that its digital R&D Hub in Dublin will also partner with education institutes to sponsor and support advance research in AI and offer graduate students with career and mentoring opportunities.