The sun has long set on a near blue sky in Brussels and through the floor-to-ceiling window bay of the Kwint guests admire the top down view on the colorful illuminations of the center of Brussels. Together ABBL and ALFI are receiving for an informal get together representatives of the EU institutions. Have registered a number of MEPs and diplomats from the EU Member States working on financial services as well as representatives from the European Commission. The representatives of ten banking and seventeen investment funds associations as well as various consultants are also attending.
As theme of the evening, the two associations have chosen two future oriented issues: sustainable finance and fintech.
On the first ALFI chairman Denise Voss starts with confirming the association’s strong commitment to sustainable finance. ALFI’s and Luxembourg’s early involvement with and current leading position in Europe in what is locally referred to as responsible investment illustrate this. She then elaborates on the Commission’s three legislative proposals (taxonomy, disclosures and benchmarks) before concluding on the future that ALFI sees for labels and the precious role labeling agencies like Luxflag can play.
In his speech, the ABBL chairman Guy Hoffmann stresses the association’s “strong and true commitment to the European Union” before focusing on financial technology usually referred to simply as fintech. He reminds the audience of banks’ early adoption of technology and its service to the customer. The chairman focuses especially on ABBL’s role in bringing together banks and financial start-ups and underlines the synergy potential between the two as well as cooperation projects between the ABBL and the University of Luxembourg. An example of the latter is the use of fintech in the field of KYC (know your customer) and the fight against money-laundering. Mr Hoffmann concludes by giving his vision of the future of banks as a combination between distributor and producer and part of a network of trusted partners.
The rest of the evening is left to informal exchanges on the above and other issues as well as simple networking.
By Antoine Kremer, ABBL & ALFI Head of European Affairs