A great many of you visited the ABBL stand at ICT Spring on 29 and 30 June! We presented the diversity of digital initiatives within the association. Several ABBL members and associates of the ABBL FinTech Circle presented their innovative solutions: Afterdata, Alpha Group, Avaloq, Divizend, Doficy, Jemmic, LuxHub, Quintet Private Bank, VNX and VP Bank.
On the theme of cooperation between financial institutions and FinTech firms, the ABBL also organised a dedicated TV show during ICT Spring. Representatives from Société Générale Securities Services, BGL BNP Paribas, Jemmic and Finologee took part in the discussion, whose outputs are very interesting at a time when digital is reshaping businesses!
Find out more about the key messages in this article.
- For a successful bank-FinTech cooperation, an alignment from both sides is needed, because it is the cornerstone of a successful cooperation;
- From the bank’s point of view: FinTech firms are opportunities for banks. FinTechs possess advanced technologies which are of great value for banks for their digital transformation journeys;
- Some financial institutions outsource specific functions, for example AML/KYC, cybersecurity and beyond, to external solution providers. This allows banks to focus more on core areas of business;
- Some banks in Luxembourg already went for acquisitions of promising FinTech startups to embrace new technologies and business models;
- Regarding the source of innovative ideas in the area of banking and finance: quite often they are driven by existing and emerging regulations;
- The ABBL is the association that unites banks and all their partners in Luxembourg, and ABBL’s FinTech & Innovation Forum fosters cooperation between banks and FinTech firms, conducts advocacy, education, and nurtures new innovative initiatives in Luxembourg. The ABBL has a role to play, to explore and drive mutualisation initiatives in Luxembourg.
The ABBL will be taking part in ICT Spring 2024 and you will of course be invited to participate as a member. Stay tuned!
Contact Andrey Martovoy, Adviser - Innovation & Digital at the ABBL