Luxembourg is a universally recognized financial center and is primed to position itself as one of the top global centers in the sphere of digital financial services, as well as a hub for financial technology underpinned by the combined efforts of the financial industry, FinTech innovators, public research bodies and government.
There are three key requirements to ensure the sustainability of our collective success and cement Luxembourg's position as a leading financial center in Europe and beyond. Specifically, we must enhance our ability to attract the brightest minds, anticipate industry trends and act strategically and decisively. There is no other financial center in the world where the distance between the office of a bank's CEO, public research bodies, VC firms and the vision of a FinTech entrepreneur is shorter than it is in Luxembourg.
There is little doubt that the paradigm shift in the financial industry would not be happening without help from labs and incubators focused on FinTech; major financial centers around the world such as New York, London, Hong Kong and Singapore each boast a seemingly endless list of such spaces and initiatives. FinTech incubators are hotspots of talent and ambition, and the development of innovation ecosystems where banks, fund managers, entrepreneurs, engineers and public research bodies work closely together on new win-win solutions holds enormous promise. And that is why work is underway to establish the Luxembourg House of Financial Technology—the LHoFT.
The LHoFT will be a one-stop-shop for members of the vibrant FinTech community, whether they are entrepreneurs keen to base themselves in Luxembourg to conquer the European market, innovation-hungry financial institutions, or investors. The LHoFT will federate and connect FinTech actors and resources, strengthen collaboration and focus on issues that are of direct relevance to the Luxembourg financial industry, such as for example RegTech. The LHoFT will also double as a powerful platform for identifying new trends and business opportunities.
We thus encourage all those interested in being part of this initiative to reach out to the LFF team to enquire about different ways to get involved. Let us once again pool our strengths as we have done many times in the last 25 years.
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