A Financial Innovation Centre in Luxembourg

The finance sector is the biggest source of GDP for Luxembourg. In terms of value creation and international competitiveness, there are important and largely untapped areas where financial innovation will help consolidate and grow the industry in the country, while also helping to transform the corresponding segment of ICT providers to the finance sector. The Luxembourg Institute of Science and Technology announced the creation of the Finance Innovation Technology and Systems Centre (Fits).

Source : Merkur
Publication date : 07/01/2017

Luxembourg’s new Fits Centre comes to fill a significant gap in applied research and innovation for the financial services industry in Luxembourg and related ecosystems, including the ICT sector. “Business Analytics research” will be a fundamental pillar for the Centre’s ambitions, closing the gaps left unaddressed by conventional and monolithic research on data analytics, artificial intelligence and other computer sciences topics existing for decades. Large data and computing infrastructure for both innovation and proof of concepts will also be essential. In the new Fits Centre, the aspiration and goal will be to move the frontier of commercial high performance and data intensive computing by searching new vehicles to democratise the access to these capabilities through new economies built around communities and application programming interfaces (APIs). The Fits Centre will be led by prof. Dr. Jorge Sanz as its scientific director.

Prof. Sanz was invited to come to Luxembourg as a new landmark in the international expert’s long academic and private industry career, which was first consolidated in the Silicon Valley, USA and recently also in Singapore, Asia.