MoneyConf - which was due to take place in Dublin this June - has been cancelled, with the event now set to be made part of the main Web Summit conference in Lisbon.

The financial technology conference moved to Dublin last year, having previously been held in Belfast and Madrid.

At the time Web Summit founder and CEO Paddy Cosgrave said he saw the conference remaining in Dublin "for the foreseeable future".

However the company has now confirmed a report in The Irish Independent that the conference, which was due to be held in Dublin's RDS from 10-12 June, will no longer go ahead.

It also says that companies that had made plans to attend would now be "accommodated" through refunds and, possibly, compensation.

It is understood that the decision to move the conference was only made in recent weeks, with the company seeking a media partner for MoneyConf as recently as three weeks ago.

In a statement Web Summit said the move was part of an overall strategy that would make MoneyConf a part of its events in Lisbon, Toronto and Hong Kong.

"We feel strongly that a conference with as much potential as MoneyConf, is deserving of a more prominent position on a more global stage," said Paddy Cosgrave. "We decided now was the right time to take action, to deliver an even better experience for everyone involved."

The company added that it would remain headquartered in Dublin, where it employs more than 200 people, with Mr Cosgrave saying "Dublin will always be at the centre of everything we do."