Luxembourg may not be seen as the next major destination for the European banking exodus post-Brexit, thought it is moving to secure its place as a burgeoning fintech center on the continent. The Luxembourg House of Financial Technology (LHoFT) recently unveiled a new Innovation Hub, which will serve as a co-working facility at the House of Entrepreneurship in Kirchberg.
The effort caps off a bid by the country to secure more fintech investment and innovation, which is seen by many as one of the primary drivers for research moving forward. The fintech space has been heating up in Europe tangentially with other localized trends, such as a push towards digitalization at major lenders and other big data projects.
The recent event at the LHoFT also represented a renewed push towards greater research and connectivity, helping promote the accessibility of Luxembourg’s growing fintech ecosystem. Overall, the LHoFT and its partners are aiming to help foster and drive financial technology innovation within Luxembourg’s financial services community to ensure the future competitiveness of the industry.
According to Nasir Zubairi, CEO of the LHoFT, in a statement on the development: “Over the coming months we will be delivering a number of exciting projects with the community; education programs, hackathons, developer sandboxes as well as the Fintech Awards. We will work with the community to build up a soft-landing platform to make it as easy possible for Fintech firms to set up in Luxembourg and we will promote all of Luxembourg’s strengths internationally to put Luxembourg first in the considerations of Fintech firms looking for an EU hub.”