The Luxembourg Bankers’ Association (ABBL), its Digital Banking and FinTech Innovation Cluster, and interested ABBL members in cooperation with the advisory firm Grant Thornton Luxembourg have completed a feasibility study to understand challenges and opportunities for the eventual establishment of a financial reporting hub in Luxembourg serving the regulatory needs of the banking sector.
At the recent event entitled “Luxembourg Financial Reporting Hub: Leveraging on the Growing Burden of Compliance” held at the premises of the Banque et Caisse d’Epargne de l’Etat, Luxembourg, project partners shared with the banking community of Luxembourg the major outcomes of the study indicating an emerging demand of the national financial marketplace in a regulatory reporting utility. The ambition of this project is to provide the banking sector with holistic services for prudential and regulatory reporting and to foster transparency of reporting processes, higher data quality, less redundant data deliveries, higher flexibility in case of new requirements, and lower costs.
Marc Hemmerling, General Counsel, ABBL – Digital Banking, FinTech & Payments
“The ABBL is proud to support this visionary and forward-looking initiative. I believe that the project will represent a major shift in the way regulatory reporting is done nowadays in Luxembourg”.
Jean Hilger, Head, ABBL’s Digital Banking and FinTech Innovation Cluster
“This will be the largest RegTech project in Luxembourg with a profound positive impact on the financial services sector”.
Partners that supported the first phase of the project
- ABBL – The Luxembourg Bankers’ Association
- Banque et Caisse d’Epargne de l’Etat, Luxembourg
- Banque Internationale à Luxembourg
- Banque Raiffeisen
- BGL BNP Paribas
- Pictet & Cie (Europe)
- Post Finance
- SIX Payment Services (Europe)
Parties wishing to join the initiative are invited to express their interest to the ABBL (email@example.com) until December 2019. The aim is to establish a regulatory reporting hub in Luxembourg by September 2020.
The ABBL will keep its members and the larger community informed about the progress of the regulatory reporting hub project in Luxembourg.
By Andrey Martovoy, FinTech Adviser, ABBL