Financial services represent the largest sector of Luxembourg’s economy. Fintech is one of the strategic research priorities of the university’s Interdisciplinary Centre for Security, Reliability and Trust (SnT), which will host the Finnovation Hub.
Technologies for digital transformation
SnT has a long track record of leveraging advanced technologies, such as artificial intelligence, machine learning, natural language processing, data analytics and distributed-ledger technologies, to enhance competition in the financial sector. These technologies also tackle challenges related to cybersecurity, regulatory compliance and fraud detection. The Finnovation Hub will analyse the needs related to advancing the digital transformation of financial institutions in Luxembourg, and then develop technologies that will help the sector address the challenges identified.
The Finnovation Hub fuels research activities aimed at solving challenges in the financial services sector and will facilitate the transfer of innovative technology.
The Hub is created with the support of the Ministry of Finance. “Emerging technologies, including artificial intelligence, distributed ledger technology such as blockchain and quantum computing, bring new opportunities, as well as new challenges for the financial sector,” said Minister of Finance Yuriko Backes when signing the partnership agreement with the university. “The Finnovation Hub, supported by the Ministry of Finance, fuels research activities aimed at solving challenges in the financial services sector and will facilitate the transfer of innovative technology to both the public and private sector.”
Research for a stronger economy
Research and innovation are an essential part of the government’s vision for Luxembourg’s future. “The Finnovation Hub is a prime example of how research can be engaged in the service of an entire economic sector in order to adapt an already efficient system to rapidly changing conditions. Thus not only ensure competitiveness, but also expand it,” said Claude Meisch, Minister for Research and Higher Education.
The initiative will also further enhance the digital transformation of the economy. “It sits at the crossroads of digitalisation and the future development of the financial industry,” said university rector Stéphane Pallange. “Both topics are of crucial importance to Luxembourg, and are also core focus points of the University’s strategic priorities going forward.”