Depowise and Altilia win ABBL–LHoFT Catapult Programme driving innovation in depositary banking

A pillar of Luxembourg’s financial ecosystem

With €7.54 trillion in assets under depositary (AuD) and €3.95 trillion in assets under custody (AuC), Luxembourg ranks among the world’s leading fund servicing centres.

Depositary banks safeguard investors’ assets, oversee fund administration, and ensure compliance for UCITS, hedge funds and private equity structures — maintaining the confidence and integrity that underpin the entire fund ecosystem.

Three levers for a smarter future

As digital transformation reshapes the fund industry, DBCL members have identified three strategic priorities to guide innovation in depositary banking:

• Digital standardisation and collaboration through integrated, AI-powered platforms that connect market participants and streamline processes;
• AI-driven data intelligence to manage large volumes of unstructured information and strengthen transparency and compliance;
• Risk-based automation in due diligence and fund onboarding, enabling faster and more accurate risk assessments.

Innovation through partnership

The Catapult Programme, co-developed by the ABBL’s DBCL and the LHoFT, was designed to translate these priorities into action. It connects FinTech and RegTech innovators with Luxembourg banks through mentoring, workshops, and collaboration sessions to solve real industry challenges.

“This programme shows how effective collaboration between the LHoFT, ABBL, banks and FinTechs can deliver value-enhancing results,” said Nasir Zubairi, CEO of the LHoFT. “The programme addressed concrete industry challenges and showcased solutions that will help Luxembourg’s financial sector continue to evolve and remain competitive.”

After a year-long process including workshops facilitated by EY Luxembourg, FinTech scouting, and an intensive bootcamp, Depowise and Altilia were selected as the two winning companies.

• Depowise offers digital oversight and asset-servicing solutions for depositaries and fund administrators.
• Altilia provides a no-code AI platform that automates data and document processing for financial institutions.

“This initiative allowed us to validate our product–market fit and ensure that our roadmap effectively addresses the core challenges faced by depositaries,” said Melanie Moos, Managing Director at Depowise.

Massimo Ruffolo, Founder of Altilia, added: “We extend our gratitude to the organisers and participating depositary banks, whose insights confirmed that our Agentic AI Platform effectively addresses the industry’s operational needs.”

Collaboration at the heart of innovation

For the ABBL, the success of this first Catapult Programme demonstrates the maturity and openness of Luxembourg’s financial innovation ecosystem. “This programme highlights the desire of ABBL members to embrace a collaborative approach with FinTechs. In fact, nearly half of them already have established collaborations,” noted Hélène Lange, Head of Business Coordination at the ABBL.

Luxembourg’s Ministry of Finance also praised the initiative. “Luxembourg’s strength lies in the links and cooperation between its institutions. This is a very good example of how everyone can contribute their strengths to generate innovative ideas for the future,” said Gilles Roth, Minister of Finance.