FinTech Initiative LHoFT Partners With The University Of Luxembourgbr>
The Luxembourg House of Financial Technology (LHoFT) has partnered with the University of Luxembourg to collaborate on projects within the field of FinTech for the benefit of Luxembourg’s financial services community.
The LHoFT is a new public-private sector initiative dedicated to advancing Luxembourg’s ambitions in financial technology. It aims to foster innovation and develop solutions that shape the future of financial services. The goal is to connect and create value for the entire Luxembourg financial ecosystem. The initiative is backed by the Luxembourg Chamber of Commerce and the city of Luxembourg.
The University of Luxembourg is a public research university with an international, multilingual and interdisciplinary character, situated on Belval Campus and in Luxembourg city. Founded in 2003, the university has already built a reputation as being among the best young universities in the world. It was ranked 11th in the Times Higher Young University Rankings 2017, and 178th in the Times Higher World University Rankings 2016.
Under the partnership, researchers from the university’s Interdisciplinary Center for Security, Reliability and Trust (SnT) and Faculty of Law, Economics and Finance (FDEF) will be granted access to the LHoFT facility at the recently inaugurated House of Startups (HoST). They will interact and work with the LHoFT team as well as the growing number of FinTech firms in residence at the facility. The partnership will also allow the researchers to collaborate with financial institutions that are regularly making use of the Hot Desks at Luxembourg’s dedicated FinTech innovation hub.
SnT researchers are currently developing new solutions for know your customer KYC and initial coin offerings (ICO), using technologies such as blockchain, artificial intelligence (AI) and Natural Language Processing. Whlie FDEF researchers are exploring the law and regulation of FinTech and RegTech as well as studying their impact on financial institutions.
“Bringing research into closer proximity with business will help to better connect the two sectors, providing researchers with invaluable experience of working hand-in-hand with business and, likewise allowing business to leverage the talents and knowledge available at the University of Luxembourg,” the LHoFT said.
Nasir Zubairi, CEO of the LHoFT, said that they believe there is tremendous value that can be created by combining the specialist skill sets and knowledge offered by these research institutions with the practicalities of the business environment to better develop new projects, technologies and solutions for Luxembourg’s financial services industry.
Professor Björn Ottersten, Director of SnT, said the partnership allows their researchers to find new applications for their inventions and create opportunities for FinTech entrepreneurs to draw upon the deep technical expertise and recent research advances from their research institution.
“At SnT we put emphasis both on aligning research with industry from the earliest stages and on translating scientific knowledge into real-world innovations,” Ottersten said. “This agreement fits in perfectly with these aims.”