On March 13th, more than 250 finance and tech experts gathered at the Etablissement Namur in Luxembourg-Hamm to attend the first European Open Banking Panel organized by LUXHUB, where international experts discussed the future of banking. During the event, the Luxembourgish startup also launched its Marketplace, which advocates collaboration and innovation at the European level, to answer to the challenges of Open Banking and take advantage of its multiple opportunities.
Nils Jung, Managing Partner of Innopay and moderator of the event, first explained the idea behind the creation of LUXHUB, which actually started 2 years ago, with the goal of ensuring the compliance of banks with the PSD2 regulation but also with the aim of going way beyond and favor cooperation between the different players to reinvent an entire industry. "The platform was built in order for companies to collaborate," he said, before asking: "What happens tomorrow when banks have to open up? It's going to be a very interesting period".
Luxembourg, a longtime friend of FinTech
The organizers had the pleasure to welcome Pierre Gramegna, Minister of Finance, who started his speech by congratulating the LUXHUB team and later highlighted the fact that the startup was built as 4 banks put their efforts together, therefore representing "Luxembourg as its best", with the private and public sectors coming together. The Minister then explained that he has been a friend of Fintech for a long time: "For instance, Paypal established itself in Luxembourg in 2007, when the word "FinTech" didn't even exist. At that time, we were already attractive for payment companies. More recently, we welcomed Rakuten to Luxembourg and have just granted a license to Alipay. In this respect, Luxembourg is well positioned in terms of payment services and FinTech in general," underlined Pierre Gramegna.
The Minister of Finance explained why it was important for such a revolution to take place in Luxembourg: "we are a country famous for banks and for its banking secrecy. But times have changed and transparency is now on the agenda, with the automatic exchange of information and outscouring when it comes to data. LUXHUB came up with a platform of open banking turning challenges into opportunities, and reducing costs and making services more efficient". In this respect, March 13th and 14th are days to remember, with the start the PSD2 testing phase. Pierre Gramegna also tackled the Brexit issue, bringing many uncertainties but also bringing several players to Luxembourg. "We reached out to the UK as we always are in a cooperative mode. Yet, we also need to be competitive, otherwise we wouldn't have attracted all these new players in our country," concluded the Minister of Finance.
Fostering innovation and collaboration
Jacques Pütz, CEO of LUXHUB, then took the stage to present the startup's mission and its achievements so far. He notably highlighted that "most of the players of the finance industry are facing similar challenges and therefore need to reinvent themselves, with strategy being the biggest challenge". In this context, Jacques Pütz and his team aim at tackling these challenges through collaboration. According to him, the power of cooperation will benefit the entire industry and allow the creation of a new Fintech environment.
The pace of change is increasing for financial players of all size, hence the creation of LUXHUB 10 months ago, as the result of 4 banks (BCEE, BGL BNP Paribas, Banque Raiffeisen and POST Luxembourg) mutualizing their efforts to answers to the challenges of PSD2. " Our mission is to interconnect Financial Institutions, Fintechs and other innovative players, to build, together, the Future of Open Banking," added the CEO of the startup, which has already convinced 22 European banks with its PSD2 compliance product. "LUXHUB is all about innovation and collaboration," concluded Jacques Pütz before officially launching the LUXHUB Marketplace, now available at developer.luxhub.com.
Publié le 14 mars 2019