Finnovation Hack – AI Edition: Igniting Innovation in Luxembourg's Financial Sector

Rokia Ouattara I 1:40 pm, 7th December

On December 4th, Finnovation Hack – AI Edition took place at the National Sports and Culture Centre d’Coque in Luxembourg. This event brought together more than 120 students, researchers and young professionals for a day of inspiration, collaboration, and celebration of the undiscovered potential of generative artificial intelligence (AI) in the realm of the financial sector.

Finnovation Hack, hosted by the University of Luxembourg SnT department is an initiative of the Finnovation Hub, supported by the ministry of Finance. Overseen by the Head of Finnovation Hub Jean Hilger who is tasked with identifying key areas of improvement within Luxembourg’s financial industry, Finnovation Hack is more than just an event. This dynamic concept has been crafted to elevate Luxembourg's standing reputation in the global financial arena. Driven by cutting-edge technologies such as AI, natural language processing, and distributed ledger, the initiative goes beyond conventional boundaries. It serves as a catalyst for forging transformative partnerships with financial institutions and setting the stage for a future where innovation and collaboration become seamlessly intertwined.

Before the competition began, renowned broadcaster and Master of Ceremony for the afternoon, Lisa Burke, invited Jean Hilger to the stage to share his welcome words. He expressed gratitude to the ambitious research department and stressed the importance of a double impact on consumers—improved user experience and increased productivity. Finnovation Hack showcased Finnovation Hub’s commitment to continuous innovation in Luxembourg’s finance and technology sector.

Inspirational session: Decoding AI

To keep this aura of encouragement, Digital and Health Anthropologist Maxime Derian took the stage and delivered an inspirational speech about AI as a helpful tool designed to assist rather than dominate. He underlined the exciting possibilities AI brings whilst highlighting the ethical pitfalls. As an expert, he advised adopting a “do it yourself” approach with hands-on learning as the key to being successful in this new dynamic field.

Before the anticipation reached its peak, the five distinguished jury members took their seats: Marc Lauer, CEO of Foyer, Amélie Madinier, CEO of Le Village by CA, Alex Panican, Deputy CEO of The LHoFT. Minayegnan Coulibaly, CEO of GIM-UEMOA and Claude Marx, Director General of the Commission de Surveillance du Secteur Financier (CSSF). Collaboratively, they assessed the competition and all team pitches, leveraging their individual expertise in the insurance and financial sectors.

This symbolized the collaboration of the different sectors involved in driving innovation forward. Their collective expertise created an environment where groundbreaking ideas were not just recognized but also understood in the context of the broader financial landscape.

Competition for innovation: Spotlight on Finnovation Hack – AI Edition’s top projects

People are no longer intrigued solely by the quickness of instant wire transfers but by the simplification of all their digital services. Generative AI is revolutionizing finance daily. Ten teams selected based on the criteria of innovation, functionality/user experience, utility, code quality, and presentation, faced a rigorous 10-minute pitch. With 5 minutes for the presentation, and a 5-minute interrogation from the jury, teams showcased projects on AI-driven identification, collaborative platforms, e-learning, financial agents, and AI wallet management. Finnovation Hack – AI Edition ignited a spark of creativity and innovation that lit the FinTech industry with trailblazing ideas.

Amélie Madinier announced OptiChat by Ilias Sviatko, Dmitrii Koriakov, and Pavel Pantukhov, as the first-place winner and receiver of the €10,000 cash prize for their appeal to senior executives, realistic problem statement and articulated value proposition. Transforming the landscape of Fintech education, their innovative learning platform enables real-time performance tracking and personalized training for employees, setting a new standard for skill development.

The second-place winners, Alexander Yakubov, Patricia Becerra, Dmitrii Koriakov, Sergey Zhitenev, announced by Marc Lauer, was given €2,000 for their proposal on the financial analytic tool that extracts answers to financial questions or challenges with direct references. Finmars demonstrated a clear and realistic solution to a probing problem in the financial industry that has been developed to a high level of maturity.

The third-place €1,000 prize once again spotlighted Ilias Sviatko, Dmitrii Koriakov, Pavel Pantukhov for Zero Enter. Awarded by Claude Marx, this prize recognized their efficient project on TLSNotary integration for secure auditing of TLS-protected data in API communications. Remodeling privacy through the application of Machine Learning's Zero Knowledge Proof, it becomes invaluable for scenarios demanding robust data security, financial transactions, healthcare, and exchanges involving sensitive data.

Finnovation Hub stands as a beacon of innovation, driving positive change in Luxembourg's financial sector. The collaborative efforts showcased at the event align seamlessly with its missions, underlining the commitment to fostering a resilient, forward-thinking financial ecosystem. The journey toward a digitally evolved financial future in Luxembourg is well underway.

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