Over the past two decades, the Luxembourg private banking industry has frequently been said to be at a crossroads. In 2000, the Feira Agreement laid out for the first time the principle of “exchange of information” between tax authorities. Then the financial crises of 2002 and 2008 significantly altered the country’s banking landscape. Strong regulatory pressure has since led to the introduction of multiple regulations lying behind esoteric abbreviations — such as CRD, MiFID or PSD — and this industry that had remained relatively untouched until recently has increasingly been affected by consolidation. Most recently, major players have been strategically repositioning themselves towards a more demanding clientele of HNWIs and UHNWIs who require products and services of an enhanced quality. So, Luxembourg private banks have indeed already encountered many a crossroads!
Pour discuter d’innovation et de digital dans l’industrie de la gestion de patrimoine, l’équipe d’Urban BEAST est allée à la rencontre de Najat Diederich Skeate, présidente et fondatrice de la LAWM (Luxembourg Association of Wealth Managers).
By Gary Cywie, Counsel in ICT, IP and data protection, Elvinger Hoss Prussen.
Digital ledger technologies (“DLT”) and blockchains in particular could disintermediate some of the main financial markets post-trade processes, fund distribution and the asset servicing value chain more generally, authors and experts say1. Certain authors believe that markets would become more efficient if the holding, clearing and settlement of securities as well as post-trade reporting were made through blockchains2. For example, transaction costs would be lower and transactions could be settled in close to real-time. These new technologies would also provide greater transparency for regulators (including with respect to KYC/AML) and investors. Even more, they would eliminate a number of risks associated with intermediation. In fact, it would put investors back in the position in which they were before the introduction of information technology in the financial markets sector: in direct contact with the issuer3. Nothing seems to impede such developments from a purely technical point of view. Current national and cross-border legal and regulatory regimes may not, however, be fully ready to govern such developments effectively.
After the successful launch of the Talent Route Network in July 2018, in Valencia Spain, the main European Fintech Hubs have reunited again in Paris, on January 28th prior to the Paris Fintech Forum. Welcome by La Place, the french fintech meeting point at Palais Brongniart, the Talent Route consortium gathered around the table the fintech accelerator Innsomnia from Spain, the LHoFT from Luxembourg, Fintech District from Italie, BlackFin Tech from France, Fintech Scotland, Holland Fintech, Copenhagen Fintech, B-Hive from Belgium and Emprende UP from Perú, who’s supporting the network in Latin American.
From the first wire transfer in 1918 to Blockchain technology and beyond, Car Insurance recently released an infographic on the growth of FinTech.
Banco Best and Credit Suisse Asset Management successfully processed live end-to-end fund transactions, using FundsDLT, a blockchain-based decentralized platform for fund transaction processing.
The InFinance team recently met with Robin Haack (Senior Manager) and Adrien Delogu (Manager), who, at Alpha FMC, thrive at helping innovative companies succeed in the Grand-Duchy of Luxembourg and develop their disruptive products and/or services. During our conversation, the two specialists notably listed the key challenges for FinTechs and RegTechs to enter the market and also discussed some of the latest tech trends, while highlighting the pioneering role of Luxembourg.
Le ministre des Finances, Pierre Gramegna s’est rendu, le 30 janvier 2019, à Paris pour participer à la quatrième édition du "Paris Fintech Forum".
At the Paris Fintech Forum, the LHoFT Foundation, the Luxembourg Fintech Innovation Hub, Deloitte Luxembourg, one of Luxembourg’s largest professional services firms and Upside Partners, a leading innovation and digital transformation advisory firm, signed an agreement to deliver the exclusive Upside Academy Innovation program to Luxembourg financial institutions as part of the LHoFT’s (Fin)Tech Talent Month in March 2019.