Dear Members, Dear Visitors,
Digital transformation and disruption are the buzz words of the moment. The world is changing faster than ever. Mature solutions and new technologies like Cloud Computing, Artificial Intelligence, APIs, and Distributed Ledgers are reshuffling the game’s cards.
We are facing new local and European regulations parallel to these technological changes. Therefore, the expectations of our customers, the market, the Member States, and the regulators are also evolving quickly.
And so does Finance & Technology Luxembourg. Our Association has been acting for more than 18 years to understand the new technological trends and regulations for only one goal: better serve the financial sector in Luxembourg.
The last years were full of challenges and constructive exchanges with the Ministry of Finance, the CSSF, and all associations representing our customers. Eighteen years old is the legal age, so now, we are mature enough to make significant steps ahead, and we can only do this with the participation of all of you in the financial sector.
By voting in 2003 the legal framework relative to the Support PSFs, Luxembourg aimed at becoming an operational center of excellence. Twenty years ago, it was a precursory act. While some local actors sometimes portrayed it as a protectionist move at the time, the value of the vision has been demonstrated over the years. Moreover, the new rules decided by the European authorities, i.e., the oversight of critical ICT third-party service providers as part of DORA, show that the financial center was almost 15 years ahead.
We are now at a new critical moment in our history. Our knowledge and experience in delivering outsourced services to the financial sector must be considered a considerable strength. Thanks to our local ecosystem, we understand the obligation to provide high-quality services in a strongly regulated framework. Our potential is high, and our abilities are broad.
Our Mission within Finance & Technology Luxembourg is to actively support our members, develop and leverage synergies between Financial Institutions, Fintechs, and Support PSFs or regulated entities, and develop our business abroad by bringing our know-how and expertise abroad. We welcome and value any idea to enrich our role and develop Luxembourg’s financial capabilities. Do not hesitate to contact our Board members under the Team tab. Our industry association is about networking, interaction, and reshaping for the mutual benefit of our members and partners.
August 2023 will be the 20th anniversary of the law that created the Support PSF. It is time to see how far we have come and to draw the next twenty years.
Welcome to Finance & Technology Luxembourg!
« Jean-François Terminaux, Chairman FTL »
Our Association’s mission is to actively develop the finance and technology ecosystem in Luxembourg and abroad.
The initial aim of the Association was to inform, help and encourage synergies between our members and the proactive treatment of subjects directly linked to the development of the Support PSF industry along with the CSSF’s optimization of its supervision by a risk-based approach (i.e., Circular CSSF 12/544).
Following the emergence of new technologies such as Cloud Computing, Artificial Intelligence, APIs, and Distributed Ledgers, and with new regulations implemented on one side by the European institutions, such as DORA or NIS 2.0, and on the other side by the European Bank Authority for ICT and security risk management and outsourcing, it became clear for the Association that there is a continuity of what was realized historically by the Support PSFs in Luxembourg and the new action framework that European regulators bring now as unique rules.
Therefore, today in continuity with our initial goal, we aim to continue to inform, promote, help, and leverage synergies between our members, the Financial Sector, and other industries worldwide.
Our relationship with the Luxembourg Government, the CSSF, the Financial Institutions, and the other associations acting for the ICT and financial sectors’ development in Luxembourg can give our members a substantial extension of their actual knowledge in a more and more regulated financial market.
The exchanges within our Association are based on networking and collaboration between all members and partners for their mutual benefit.
With more than 50 members, Finance and Technology Luxembourg is growing with additional members who aim to participate in the future of our market and the Financial Center of Luxembourg.