Luxembourg (Europe)

The Finance Sector is the biggest source of GDP for Luxembourg. In terms of value creation and international competitiveness, there are important and largely untapped areas where financial innovation will help consolidate and grow the industry in the country, while also helping to transform the corresponding segment of ICT providers to the Finance Sector.

To this day, the industry has demonstrated that purely technological discoveries have not been enough to transform its services, reduce continuously rising costs or avoid the collapses experienced in the cyclical crises of the industry. Opportunities from digitization still remain mostly untapped.

In line with its mission to transfer innovation and accelerate economic impact for the industry, the Luxembourg Institute of Science and Technology is therefore pleased to announce the creation of the Finance Innovation Technology and Systems Centre (FITS).

Luxembourg’s new FITS Centre comes to fill a significant gap in applied research and innovation for the Financial Services industry in Luxembourg and related ecosystems, including the ICT sector.

The measure of success for FITS will be its impact and its ability to bridge a gap between research and industry actors. Its working approach is based on two critical business principles:

Systemic interdisciplinarity: financial innovation challenges cannot be based on Fintech aspects alone but need to be addressed in an integrated and holistic manner as a combination of people, practices and processes.
Industry segment focus: Instead of targeting financial services as a whole, FITS will focus its applied research solely on subjects that generate tangible economic value for the local finance industry.

 

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