The LHoFT CATAPULT: Future Foundation Program Initiates Mutualisation Drive for Luxembourg's Financial Services
LHoFT I 8:59 am, 16th October
In response to the challenges
faced by industry participants and clients, the LHoFT is launching the
Catapult: Future Foundation Program to accelerate the development and
implementation of mutualised technology platforms within the Luxembourg
Financial Services sector. The primary objective of this pioneering initiative
is to establish shared utilities that yield collective benefits.
Operationalising the vision:
Taking action
The Luxembourg Ministry of Finance
has allocated additional funds to the LHoFT Foundation for the execution of the
Catapult: Future Foundations program.
Finance Minister Yuriko Backes
comments: “As a leading hub for financial services, ranging from
international asset servicing to wealth management, listing and post-trade
services to cross-border insurance and payment services, Luxembourg is uniquely
positioned to leverage the strengths of its financial centre ecosystem to
develop shared solutions to reduce costs and help drive efficiency for the
entire industry. The Ministry of Finance is thus proud to support this
pioneering initiative by the LHoFT to help catalyse mutualisation efforts in
the financial centre.”
Finding innovative ways to solve
the industry's challenges. "AML & KYC, Data Transfer &
Management, and ESG are the main concerns of industry leaders today",
says Hind El Gaidi, Chairperson of the Steering Committee of the Program. "In
all these areas they are looking for solutions to bring about significant cost
savings, enhanced efficiency, and bolster Luxembourg’s competitive position in
Financial Services, benefiting all stakeholders. Mutualisation, the key to
collective success.”
"Mutualized
utilities offer a great opportunity for sharing resources and
solutions leading towards greater efficiency and collaboration within the
financial sector",
underlines Vice Chair Ananda Kautz. Spearheading the development and
implementation of such innovative utilities tailored to user requirements, is
the idea behind the launch of the Catapult: Future Foundation program.
A dedicated team, led by Senior
Program Manager Anna Sobkow, will ensure alignment with the needs of the
Luxembourg Finance Industry.
The program team will work closely
with the Luxembourg financial services associations and a diverse array of
financial services actors to gather detailed solution requirements. These
requirements will serve as a guide for issuing a call to technology providers
and FinTech firms. Selected participants will engage with stakeholders and dive
deeper into industry’s needs during a one-week bootcamp. The ultimate goal is
the development of a Proof of Concept (PoC) in collaboration with key
Luxembourg institutions.
Four areas of focus
A cluster-based approach has been
adopted to address critical challenges faced by the finance industry and its
stakeholders. Within each cluster, targeted solution concepts have been
identified. These concepts, designed as mutualised platforms or technologies,
aim to deliver a wide range of benefits. "Instead of pursuing
all-encompassing solutions, the focus is on specific operational aspects or
processes, aiming to ensure broad acceptance and timely implementation",
stresses Ananda Kautz
Cluster 1: AML & KYC
- Objective: Streamline and standardise KYC and AML processes across institutions.
- Scope: Address inefficiencies, inconsistencies, and potential data privacy and compliance breaches.
Cluster 2: Communication &
Document Transfer
- Objective: Enhance communication and document transfer mechanisms.
- Scope: Resolve issues related to inefficient, insecure, and inconsistent transfer processes.
Cluster 3: IT Security & Cloud Services
- Objective: Strengthen IT security and optimise cloud management.
- Scope: Focus on data protection, vulnerability management, and setting
cybersecurity standards.
Cluster 4: ESG
- Objective: Improve ESG data management and compliance.
- Scope: Address challenges in data sourcing, processing, quality, transparency,
and compliance.
The program's Steering Committee
is in the process of assessing which priority to focus on in the program first
edition and anticipates sharing the decision in the forthcoming weeks.
The Steering Committee: Guidance
from Industry Leaders
The Steering Committee, composed
of 13 representatives from the financial sector and led by Chair, Hind El
Gaidi, a Board Member at the Luxembourg Private Equity & Venture Capital
Association, and Vice Chair Ananda Kautz, Head
of Innovation, Payments & Sustainability, Member of the Management Board of
ABBL provides direction to the program.
The committee’s responsibilities
include setting the vision, defining goals, supervising approval processes and
monitoring the program's progress.
The Representatives of the Catapult:
Future Foundation Program steering committee are:
- ABBL, Luxembourg Bankers' Association
- Ananda Kautz, Head of Innovation, Payments & Sustainability - Member of the Management Board
- Esther Bauer, Strategy & Corporate Development Team Leader chez Banque Internationale à Luxembourg (BIL)
- ACA, Luxembourg Insurance and Reinsurance Association
- Jean Elia, Chief Executive Officer, SOGELIFE S.A.
- Loic Le Foll, CEO La Mondiale Europartner – AG2R LA MONDIALE
- ALFI, Association of the Luxembourg Fund Industry
- Joe E. Hendry,III, Principal and Country Head for BBH in Luxembourg
- LHoFT, Luxembourg House of Financial Technology
- Nasir Zubairi, CEO LHoFT
- LPEA, Luxembourg Private Equity & Venture Capital Association
- Hind El Gaidi, Head of Luxembourg ICG
- Cara Browne, Head of Relationship Management, Conducting Officer UCI Administration, EQT Group
- LuxCMA, Luxembourg Capital Markets Association
- Frank Mausen, Partner, Allen & Overy
- Holger von Keutz, Partner, PwC
- LuxSE, Luxembourg Stock Exchange
- Pierre Schoonbroodt, Chief Financial Officer & Member of the Executive Committee, Luxembourg Stock Exchange
- L3A, Luxembourg Alternative Administrators Association
- Sinan Sar, Managing Director at United International Management
- Alan Dundon, President L3A; Relationship Manager & Executive Sponsor at Alter Domus
The Steering Committee welcomes representatives
of the CSSF The Commission de Surveillance du Secteur Financier – Natasha
Deloge and the Ministry of Finance - and Pierre Oberlée, as observers.
"Through
this initiative, we aim to ignite a transformative spark within Luxembourg's
financial sector. By addressing specific challenges head-on and fostering
collaboration, we're building a stronger, more resilient industry for all.
Together, we will set new standards and propel Luxembourg's financial services
into a future of innovation and collective success," stresses Hind El Gaidi.
More
about the CATAPULT: Future Foundation Program here: https://lhoft.com/catapult-future-foundation/
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