The Chamber of Deputies unanimously passed bill 7195, which transposes the revised Payment Services Directive (PSD2), on 10 July.

PSD2 requires banks, with their clients' approval, to open up customer data to third party companies. That’s expected to increase competition, as other firms--big and small--will be able to provide investment, mortgage and other financial services to customers using the bank as a sort of platform.

Following the vote, Raoul Mulheims, an entrepreneur who’s co-founded several digital finance firms in Luxembourg, tweeted: “The national law transposing the #PSD2 has been adopted by #Luxembourg parliament a few minutes ago. Excellent news, now let’s move ahead and do business!”