Today, Luxembourg for Finance and the Toronto Financial Services Alliance (TFSA) have signed a Memorandum of Understanding to establish a partnership framework to develop their respective financial services industries.

The Memorandum contains, in particular, provisions regarding mutual exchange of research and information on banking, financial services, securities legislation and regulation in the respective jurisdictions, and on market trends in relevant international financial services activities and products. Specific examples could include the continued development of each jurisdiction as a hub for Renminbi trading, Islamic Finance and Financial Technology (FinTech).

Seminars and training courses may also be organised through the partnership, as well as facilitating contacts for market operators, university institutions, and financial delegations. Future staff exchanges may also be explored.

The MoU was signed by Luxembourg for Finance’s CEO, Nicolas Mackel. On behalf of the Toronto Financial Services Alliance, the MoU was signed by Janet Ecker, President and CEO.

In April 2015, a financial delegation headed by HE Pierre Gramegna, Luxembourg Minister of Finance, travelled to Toronto to promote closer collaboration between Luxembourg and Canada within financial services. The visit focused on cross-border expertise in international banking, asset management and FinTech.