The 2019 fintech startup of the year is....

The firm, which uses distributed ledger technologies, is housed at the Luxembourg House of Financial Technology (LHoFT). Founded in 2017, last year its turnover was €1m, a figure which it forecasts to rise to over €2m this year and €18m by 2022.

Receiving the prize on behalf of Tokeny, head of business development Mathieu Cottin said he hoped it would bring the firm greater exposure in Luxembourg but also reinforce the idea that their product can bring value to Luxembourg operators.

He added that by recognising a distributed ledger technology-based solution in the prize, it was a natural step forward after the government passed a law in February providing greater legal certainty for the circulation of securities via blockchain technology.

The contest was organised by KPMG Luxembourg and LHoFT and received 194 applications from 33 different countries. Among the ten finalists attending the contest on Wednesday, five represented regtech firms. Second runner up was Uniken, offering cybersecurity solutions to end users of banking and financial services. The first runner up, meanwhile, was Oko, facilitating solutiosn through smartphones and SMS for farmers using TamSat’s free Earth observation data to check rainfall and pay compensation to drought-affected farmers. The product will shortly be integrated into Orange’s services in Mali.

Speaking at the event, Luxembourg minister delegate for digitalisation Marc Hansen said the government was aware that digitalization was more than just another economic sector. He said the new ministry of digitalization aimed to coordinate activities for all actors wishing to follow the digital path.

Among the measures already taken in this direction, Hansen cited the creation of the first e-embassy In Luxembourg, for Estonia, as well as the collaboration between CTIE and SIGI to develop new blockchain applications for the public sector and for use in interactions with the private sector.