The 20th anniversary of the “Support PFS Status” is a significant milestone for Luxembourg and holds special importance for our company, Finologee. The Grand Duchy was the first EU member to fully regulate key financial industry service providers which led to a substantial decrease in the efforts both regulated clients and their newly regulated suppliers had to invest in monitoring, due diligence and compliance processes in their individual relations.
For Luxembourg, the creation of the PSF status has transformed the financial sector, providing a regulated framework for core IT and other suppliers to financial industry players that as a consequence promotes growth and development. It has facilitated the establishment of a wide range of new kind of companies and attracted international business and investment. This has played a pivotal role in driving overall economic growth in the country.
For Finologee, the granting of the dual “PSF de Support” license in 2019 was a breakthrough milestone. As the first new generation FinTech company to receive this license in Luxembourg, it allowed us to operate as a Client communication agent and Secondary IT systems and communication networks operator serving the financial industry. It marked a significant step forward in our company’s evolution, leveraging our team’s expertise in providing digital solutions for financial institutions.
For our customers and partners, besides the legal requirement it is, the license serves as a label and as a guarantee of security, reliability and trust. It has been instrumental in providing us with a solid foundation and a clear regulatory framework to operate within and has moreover enabled us to help our clients more effectively and expand our range of innovative services with a secure and proven toolkit. In a nutshell, thanks to the Support PFS license, we have been able to further strengthen our position in the market and continue to deliver cutting-edge solutions to the financial sector.