Innovation in financial systems and services presents many challenges, but also real opportunities, which Luxembourg should tackle in order to support its financial sector in its digital transformation. In order to remain competitive, Luxembourg should concentrate its resources on areas where it offers clear advantages that will help to position it as Europe’s most reliable and innovative FinTech ecosystem.
Two areas of focus are particularly interesting. The first is creating a smart regulatory environment based on innovative technology, which can adapt to new risks associated with the introduction of new technologies in close to real-time and which represents a good compromise not only between regulation and innovation, but also between regulation and implementation costs. The second is the improvement of advice in departments dealing with companies and users via the exploitation of mass data.
The European high-performance computing project coordinated by Luxembourg, in partnership with France, Italy and Spain, will contribute, amongst other things, to developing new applications and new services in the financial sector.
Smart Finance involves the following lines of business:
The RegTech programme involves developing a technological platform that will allow all the key players in finance to innovate in disruptive or ongoing ways while effectively aligning these new financial products and services to regulatory frame- works which themselves are constantly evolving.
On one hand, thanks to efficient tools and methods, key financial players will be able to demonstrate that their products and services comply with national and European regulations. On the other hand, regulators will be able to implement regulations closer to reality on the ground by best using the information provided by stakeholders and information related to new risks.
In this new work stream, LIST will develop tools, practices and technologies that will allow companies operating in innovation in financial systems and services to collect and use data at all times as a planning and consulting tool. The first results are expected in 2016.
Solutions developed by LIST are aimed at banks, investment firms, insurance companies, professionals in the financial sector (PSF), support PSF, consulting companies, and audit firms, etc.
Our main partners: Institut Luxembourgeois de Régulation (ILR), Post Group, Lab Group, Score Chain, Commission Nationale de la Commissio de Surveillande du Secteur Financir (CSSF), European Investment Fund (EIF), European Business Reliance Cere (ERBC), Association des Banques et des Banquiers Luxembourgeois (ABBL).