Credit: University of Luxembourg
On Thursday 10 february 2022, the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) announced the launch of Finnovation Hub with the support of the Ministry of Finance, an initiative aiming to help Luxembourg continue to develop as one of the world’s leading financial centres.
Luxembourg's Minister of Finance, Yuriko Backes, signed a partnership agreement with the University to support the creation of the Finnovation Hub at SnT, in the presence of the Minister for Higher Education and Research, Claude Meisch.
The Finnovation Hub will be headed by industry expert Jean Hilger.
Financial services represent the largest sector of Luxembourg’s economy and therefore a priority research area for SnT. The Finnovation Hub will help to identify key areas to advance the digital transformation of Luxembourg’s financial institutions, and work with SnT researchers to develop the new technologies that will help the sector address these challenges. The SnT has expertise in advanced technologies, such as artificial intelligence, machine learning, natural language processing, data analytics and distributed-ledger technologies. These technologies will be valuable to tackle challenges related to cybersecurity, regulatory compliance and fraud detection.
Minister Backes said: “Emerging technologies, including artificial intelligence, distributed ledger technology such as blockchain and quantum computing, bring new opportunities, as well as new challenges for the financial sector. This rapid digitalisation has been further spurred by the pandemic. The Finnovation Hub, supported by the Ministry of Finance, fuels research activities aimed at solving challenges in the financial services sector and will facilitate the transfer of innovative technology to both the public and private sector”.
The Luxembourg government has made research and innovation the cornerstones of its vision for the country's future, said Minister Meisch. He added: "This initiative, supported by the Ministry of Finance, is fully in line with the government's programme and above all, with its national research and innovation strategy, both of which underline the importance of covering the entire innovation chain, from basic to applied research, which are inseparable, interdependent and complementary. The Finnovation Hub is a prime example of how research can be engaged in the service of an entire economic sector in order to adapt an already efficient system to rapidly changing conditions. Thus not only ensure competitiveness, but also expand it".
"The University is very grateful for the Ministry’s support for this ambitious project," said Prof Stéphane Pallage, Rector of the University. "It sits at the crossroads of digitalisation and the future development of the financial industry. Both topics are of crucial importance to Luxembourg, and are also core focus points of the University’s strategic priorities going forward. We look forward to contribute, through research and creative innovation, to pushing the boundaries of knowledge and support the development of new technologies, creating positive impact at economic and societal level".
Björn Ottersten, Director of SnT, said: "We are pleased to have Dr Jean Hilger lead this effort. With a career spanning three decades in digital innovation, Jean Hilger has been an honourary professor at SnT since 2013, as well as the former Senior Vice President and Head of Information Technology at Spuerkeess. He now serves as Innovation Advisor to the CEO of Spuerkeess, Chairman of LUXHUB and Chairman of the Digital Strategy Committee at the Luxembourg Bankers Association (ABBL)".
"The Finnovation Hub will be assisting the financial sector in further embracing cutting-edge technology – with a view to improve efficiency of processes, reforming business models and advancing digital services, to shape the financial industry of tomorrow. These are aspects addressed in highly competitive fields that companies strive to champion in, or challenges that can be addressed in a mutualised setting and benefit the whole financial community" stated Dr Hilger.
