Applications Open for Catapult: Future Foundation Programme

The Luxembourg House of Financial Technology (LHoFT) recently announced the launch of the Catapult: Future Foundation Programme, inviting technology firms and startups to tackle the challenge of creating a secure, efficient and scalable platform for data and document exchange for the financial industry.

The programme, supported by various financial associations and institutions, aims to address critical issues facing financial services by developing shared, mutualised technology solutions that can be used across the industry. The inaugural edition focuses on addressing the need for a cutting-edge platform that enables seamless and secure data and document exchange between actors in the financial services industry.

In a statement, Luxembourg’s Minister of Finance, Gilles Roth, described the programme launch as "a significant step in our commitment to fortify Luxembourg's financial sector through collaborative innovation". He added that the initiative "underscores our dedication to maintaining Luxembourg's position at the forefront of financial services, leveraging digitalisation as a key enabler for sustainable growth".

Startups, scaleups and established technology firms with expertise in regulated industries across Europe are invited to apply by 28 February 2025. The five-day bootcamp will take place in April, with the winner announcement set for June 2025. For further details, visit https://lhoft.com/catapult-future-foundation-call/ 

Interview with LHoFT CEO Nasir Zubairi & Programme Manager Anna Sobkow

Speaking to Chronicle.lu, LHoFT CEO Nasir Zubairi explained that the Catapult: Future Foundation Programme "was born out of a broader recognition of the need for new, shared and mutualised infrastructure across the financial industry". Programme Manager Anna Sobkow added that the programme was "inspired by the increasing need for innovation in data and document exchange within the financial services industry", not least in the context of increasingly complex data-sharing requirements. "By creating a foundation for mutualised solutions, we hope to streamline processes, reduce costs and enhance trust within the financial ecosystem," she explained.

A working group dedicated to mutualisation was first set up, under the leadership of the Haute Comité de la Place Financière (HCPF) and chaired by Nasir Zubairi. The group comprises various stakeholders from Luxembourg's financial sector, who reviewed the subject. The LHoFT was tasked with implementing the recommendations presented to the HCPF. A steering committee subsequently "identified eleven key priorities that could be addressed through mutualised solutions, with secure and efficient data and document exchange selected as the first priority to tackle". Mr Zubairi added that the programme "builds on this foundation, aiming to catalyse innovation and collaboration in addressing systemic challenges in a way that benefits the entire ecosystem".

Asked how mutualised solutions across the industry might help solve issues linked to data exchange in financial services, Nasir Zubairi said they "allow financial institutions to leverage a common infrastructure, reducing duplication of effort, enhancing efficiency and ensuring standardisation". Such solutions could be "particularly valuable" in data exchange. Anna Sobkow agreed that mutualised solutions are promising in terms of addressing long-standing data exchange challenges. "Financial services are inherently interconnected, requiring institutions to exchange sensitive data securely and efficiently. Fragmented systems often lead to inefficiencies, higher operational risks and inconsistent client experiences," she said. "Shared solutions can create standardised frameworks, ensuring compliance, security and interoperability across the sector".

Anna Sobkow noted that, in recent years, such issues had "intensified due to rising regulatory scrutiny, digital transformation pressures and increasing cybersecurity threats". A mutualised approach could "help the industry adapt and thrive amidst these challenges." Nasir Zubairi also stressed the role of "growing regulatory demands, increased volumes of data and the rapid pace of digital transformation" in the evolution of data exchange challenges. "A scalable shared platform will reduce redundancies and foster trust among stakeholders, including clients, who should benefit from more streamlined processes, thus enhancing value to them while maintaining compliance," he said.

Anna Sobkow shared that the inaugural programme focus on "creating a cutting-edge platform for seamless and secure data and document exchange" was a use case proposed by the industry representatives. "Data exchange lies at the heart of many critical processes, from customer onboarding to compliance reporting. The lack of a unified, secure and efficient solution hinders operational efficiency and adds to compliance burdens. By addressing this need, we aim to unlock significant value for the sector, enabling financial institutions to focus on innovation rather than operational hurdles," she stated. Nasir Zubairi agreed that "the secure and efficient exchange of data is critical". "However, legacy systems, siloed processes and evolving cyber threats pose significant challenges. It is essential for competitiveness to develop innovative platforms that can handle these demands with agility," he clarified, adding that the focus "aligns with the industry's need to balance operational efficiency with security and regulatory compliance".

On the collaborative nature of the programme, Nasir Zubairi and Anna Sobkow noted that this was key to its success, from start to finish. Industry stakeholders came together to define and agree on the requirements for the mutualised solution and call for applications. As Mr Zubairi noted, this helped ensure the focus is "both practical and aligned with the needs of the entire ecosystem". Stakeholders will also evaluate and select the winning solution together, "ensuring that the chosen approach is not only innovative but also broadly supported". Ms Sobkow also noted the importance of innovation and mutualisation in helping "ensure the platform can scale effectively and serve diverse stakeholders", as well as "contribute to a secure and efficient data exchange ecosystem".

As for what participants can expect from the programme itself, the focus is set to be less theoretical and "more on hands-on collaboration and discussion with industry stakeholders and experts", shared Nasir Zubairi. This will comprise interactive group and one-on-one sessions addressing "the technical, regulatory and business needs" of the sector. Participants will "gain a deep understanding of the real-world challenges and expectations" of Luxembourg businesses. The LHoFT CEO added that the programme is "designed to foster meaningful connections and facilitate constructive feedback, ensuring that participants leave ready to refine their proposals for final consideration of the jury".

Anna Sobkow described the five-day bootcamp (the final application phase) as "a dynamic and immersive experience" involving direct interactions with industry experts, working group members and the jury. In addition to allowing participants to "refine their solutions, align their proposals with market needs and build robust value propositions", the bootcamp will "provide practical insights into regulatory compliance, scalability and integration capabilities, equipping participants to succeed in the final pitch".

Nasir Zubairi and Anna Sobkow also shared that the "emphasis on tangible, industry-wide impact" and on "mutualisation, collaboration and innovation within the financial services sector" are what make the Catapult: Future Foundation Programme unique. "Unlike traditional accelerator programmes, it focuses specifically on addressing systemic challenges in financial services through mutualised technology solutions," said Mr Zubairi, adding that Luxembourg was the "ideal" place for such an initiative due to its "position as a global financial hub", offering access to "a diverse network of financial institutions, policymakers and technology providers". Nasir Zubairi and Anna Sobkow added that the combination of collaboration, mutualisation and innovation made the programme stand out as "a catalyst for meaningful change". "By aligning with Luxembourg's strategic focus on financial services and technology, the programme paves the way for a more connected, secure and forward-looking industry ecosystem," concluded Ms Sobkow.