Luxembourg's Minister of Finance, Gilles Roth, attended the Singapore Fintech Festival (SFF) in Singapore from 6 to 8 November 2024, during which he signed two memoranda of understanding.
Minister Roth delivered an opening speech on the digital transition of the financial sector at the Singapore Fintech Festival, the world's largest financial technology festival with over 60,000 participants from 140 countries. According to the minister: "We must seize the opportunities of fintech in a changing financial world. New technologies can improve the efficiency of financial markets and make financial products and services more personalised and accessible. Digital innovation also helps to strengthen the positive impact of investments on our societies and the planet. Together, we can shape a financial system that offers prosperity and security to all our citizens".
Minister Roth also visited the Luxembourg pavilion organised by Luxembourg for Finance (LFF) and the Luxembourg House of Financial Technology (LHoFT).
The minister held discussions with representatives of the Singaporean government as well as with leaders of banks, financial institutions, companies and startups from Asia and around the world.
The aim of the trip was to intensify the links and interactions between the two major regional financial centres, Singapore for Asia and Luxembourg for Europe as well as to strengthen Luxembourg's role in fintech, sustainable finance and innovation.
LHoFT signed two memoranda of understanding (MoU) with new partner companies. Currently, Luxembourg has some 280 fintech companies that play an important role in the digital transformation of the country's financial centre and serve the European market via the Grand Duchy.
Minister Roth commented: "Our financial mission to Singapore was very positive for Luxembourg, its financial centre and its citizens. I was able to discuss with fintech companies interested in accessing the European market via Luxembourg. Both our relations with Asia and the fintech sector represent great opportunities for our country. It is important that we are even more present here. With Singapore, we share the same interests as open economies with international financial centres."
Following his stopover in Singapore, the minister continued his Asian financial mission in Japan.