Over the years, Luxembourg has become a privileged place for banks, tech companies and start-ups, allowing FinTechs to be created and developed in a dynamic and ever-growing ecosystem. At the end of last year, a platform aiming at fostering FinTech innovation was created. BEAST met with its CEO Nasir Zubairi, prior to his ICT Spring speech next May.
According to you, what are the main strengths of the Luxembourg FinTech ecosystem?
Luxembourg has many areas of advantage. It is the 2nd largest financial services sector in the European Union after the UK, and the largest fund management sector outside the US. It is one of the few places in Europe where you can work in English, apply for your regulatory license in English and write contracts in English – all especially important for FinTech firms looking at establishing a European office. Luxembourg’s success is fostered on its agility and adaptability as well as its internationalism – 81% of the people employed in financial services come from abroad. Luxembourg’s FinTech ecosystem has at its core great connectivity and strong community engagement, particularly from senior decision makers from within some of the largest financial services firms in Europe.
A British citizen, you have chosen to help Luxembourg develop its FinTech ecosystem. A natural choice?
I have lived and worked in eight countries during my career. I enjoy new challenges and exciting opportunities and I see an incredible opportunity for FinTech in Luxembourg. I genuinely believe we can collaborate with all stakeholders in the ecosystem to propel financial services in Luxembourg forward. Startups from Asia, US and Middle East, looking at European expansion for growth, should definitely see Luxembourg as the best place to set up shops. As previously stated, Luxembourg’s trilingual capability, particularly the use of English in business and, very importantly, in dealing with the regulator including filing of license applications, is a huge advantage.
What would be your advice for FinTech companies wishing to settle in Luxembourg?
Speak to the team at the LHoFT; we are here to help, guide and cement you within the Luxembourg ecosystem, to give you a ‘soft-landing’ into Luxembourg and provide you with the connectivity you need to ensure you achieve your business goals.
Register now for ICT Spring: www.ictpspring.com
The entire article can be read in the upcoming BEAST Magazine, which will be available next Monday.