The cook-off organised by the City of Luxembourg is a subtle reminder that when life gives you lemons, you make lemonade… well maybe this time something more special to celebrate National day followin...
Can Luxembourg’s unique environment provide the launchpad for finance-related technologies?
An attendee takes a picture of Carlo Thelen, head of the Luxembourg Chamber of Commerce, during the inauguration ceremony of the Luxembourg House of Financial Technology, in Kirchberg, on 24 April 2017Luxembourg Chamber of Commerce president Carlo Thelen speaks during the formal inauguration of the Luxembourg House of Financial Technology, in Kirchberg, on 24 April 2017Luxembourg finance minister Pierre Gramegna speaks during the formal inauguration of the Luxembourg House of Financial Technology, in Kirchberg, on Monday eveningNasir Zubairi, CEO of the Luxembourg House of Financial Technology (LHoFT), speaks during the LHoFT’s official inauguration ceremony on 24 April 2017Nasir Zubairi, CEO of the Luxembourg House of Financial Technology (LHoFT), on right, speaks during the LHoFT’s official inauguration ceremony on 24 April 2017Bert Boerman attends the formal inauguration of the Luxembourg House of Financial Technology, in Kirchberg, on Monday eveningHenri WagnerNicolas Mackel (on right)Natacha OskianAida Nazarikhorram attends the Luxembourg House of Financial Technology inauguration ceremony, held the evening of 24 April 2017Attendees network during the LHoFT’s official inauguration ceremony on 24 April 2017Steven LibbyJean HilgerJonathan PrinceNiklas Söderström Pascal NohlDiego De BiasioNicolas Mackel, Marc Lauer and Marc HengenFabrice Croiseaux and Luc Holper Björn OtterstenAnne-Catherine Ries and Natacha OskianGrégory WeberThe cartoonist Jack Zazzera Emilie Allaert of the Luxembourg House of Financial Technology during its inauguration ceremony, held on 24 April 2017A LuxAI robot is displayed during during the LHoFT’s official inauguration ceremony on 24 April 2017Andrew Byford attends the LHoFT’s official inauguration ceremony on 24 April 2017Pascal Martino (right) Attendees network during the LHoFT’s official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017The new offices of the Luxembourg House of Financial Technology, in Kirchberg, are seen just prior to its official inauguration ceremony on 24 April 2017Claude StrasserDavid HagenJean-François Willame and David HagenRobert ScharfeAttendees network during the LHoFT’s official inauguration ceremony on 24 April 2017Visitors try the lift during the LHoFT’s official inauguration ceremony on 24 April 2017Luxembourg-based artist Sumo paints a picture for the Luxembourg House of Financial Technology, during the promotion body’s official inauguration ceremony on Monday eveningNasir Zubairi of the Luxembourg House of Financial Technology gives the Luxembourg Chamber of Commerce’s Carlo Thelen and the finance minister Pierre Gramegna a tour of the LHoFT’s new offices during the promotion body’s official inauguration ceremony on 24 April 2017Pierre Gramegna, the finance minister, speaks with press during the formal inauguration of the Luxembourg House of Financial Technology, in Kirchberg, on Monday eveningThe offices of the new Luxembourg House of Financial Technology, in Kirchberg, are seen during its official inauguration ceremony on 24 April 2017
Photo: Sébiastien Goossens
The newly-inaugurated Luxembourg House of Financial Technology (LHoFT) is a public-private initiative designed to bring players together, and 24 April saw the official opening of its new, temporary Kirchberg premises.
“This is a place for the community to meet, ideate, create, energise and collaborate,” said LHoFT’s CEO Nasir Zubairi to a crowd of around 150 attending the ceremony.
“I have lived and worked in eight financial centres and I have never before experienced the spirit and openness we have in Luxembourg,” he said. “The ability to get key stakeholders and decision makers around the same table, in a spirit of innovation and desire to progress, sets this country apart and will propel us forward.”
Zubairi claimed that around 50 local and international companies have applied for space at the LHoFT, underlying the need to find larger permanent premises. A long term solution is expected for next year. To underline this interest, he welcomed representatives from fintech and venture capital firms from the UK, China, Israel and Finland who were present at the opening event.
International interest
Brexit has helped Luxembourg move up the pecking order for international fintech businesses seeking an EU base, he said. “We are not just seeing interest of firms from the UK looking to move, but also expanding operations from the US, China, Hong Kong, Singapore and Israel seeking a European focal point.”
Points in this country’s favour include a welcoming business culture, English almost universally spoken within a mature financial centre with a “knowledgeable and innovative regulator” that accepts filing in English.
The LHoFT initiative has extensive support across the public and private sectors. Several ministries are involved, exemplified by the presentation given by the finance minister, Pierre Gramegna, at this opening reception. Backing has also come from public enterprises Post Group and the BCEE.
On the private side, partners include consultants, law firms, banks, Clearstream, IT firms, and most recently the Luxembourg-based retailer Amazon. LHoFT's initial six-month set up phase has been coordinated and mentored by the public-private trade promotion body Luxembourg for Finance, with the Chamber of Commerce also providing support.
Platform projects
LHoFT has been given a €2m budget for its first year, and several useful and eye-catching structures and events are in the pipeline. As well as educational programmes, showcases and workshops organised with local and international players, there will also be a “soft-landing platform” designed to make it as easy as possible for fintech firms to set up in Luxembourg.
Zubairi also mentioned how they have participated with 25 big name international players in an EU funding application for a “truly epic” big data platform called Exofin.
No one can safely predict where fintech will lead. LHoFT is a clear statement of intent that Luxembourg wants to ride the wave and make a difference.
