The digitalisation of financial services brings about immense opportunities for the Luxembourg financial center and has become of great importance to the future of banks, the asset management industry and other financial service providers.

In this context, the Luxembourg Bankers’ Association (ABBL) has launched a “Digital Banking and FinTech Innovation Cluster” while the Association of the Luxembourg Industry (ALFI) will establish a “FinTech Forum” which will kick off next week.

The creation of this new ABBL cluster is part of a strategic priority given to digital banking and innovation in financial services and aims at supporting banks in achieving the digital transformation of their business.

The digital transformation of financial services is also changing the way the asset management industry is developing. The ALFI “FinTech Forum” will focus on FinTech developments believed to have a disruptive impact on the sector and which could bring along fundamental change to existing business models or processes in the asset management industry.

The two groups will aim at building and spreading digital or fintech know-how and share information on initiatives in the digital and FinTech area that are occurring at a Luxembourg, EU or worldwide level.

In addition to these sectorial initiatives, Luxembourg for Finance is discussing with stakeholders the creation of a House of Fintech expected to be launched in Q2 2016. The purpose of this space dedicated to financial technology will be to bring the different communities – innovators, investors, professionals from the financial industry and academics together and thus create synergies.