Digital Banking and FinTech Innovation Cluster (DBFI) of the ABBL was launched on 7 January 2016. Currently, it unites 51 members and 12 FinTech firms interested in exchanging of knowledge and ideas on disruptive technologies but also on how digitalisation and the rise of FinTech may impact the banking sector and the financial services being offered to more and more demanding customers.
The Cluster focuses on the following goals and the respective tasks:
To disseminate the knowledge on Digital Banking and FinTech
- DBFI Cluster organises matchmaking events to facilitate co-operation between ABBL members and selected domestic and foreign FinTech firms. Each event is devoted to a specific topic, for instance: KYC, AML, Digital Onboarding, Payments, Blockchain, Robo-Advisors, Digital Investments, Open Banking and Artificial Intelligence. The Cluster invites representatives of regulators and supervisors to these events to exchange views on specific digital banking and FinTech subjects.
- The Cluster organises workshopson various digital banking and FinTech innovation topics aimed at bringing tangible outcomes. By the moment, 32 Workshops on GDPR & Technology, KYC, AML, Digital Onboarding, FinTech Partnerships, Open Banking, PSD2, Artificial Intelligence, IT skills and Data were successfully conducted. The first set of workshops devoted to the intersection between GDPR and technology resulted in the development of FAQs made available online.
- Training courseson Digital Finance covering such areas as Blockchain, Data Analytics, Marketing Automation, Robo-advice, Digital Finance, Customer Lifecycle Management, GDPR, PSD2, Cloud Computing, and Digital Future of Retail, Wealth Management, Private Banking and Fund Industry are administered in cooperation with the House of Training.
- DBFI Cluster is monitoring national and international FinTech landscapes. The Cluster gets in touch with those FinTech firms that could become relevant to its members. During these exchanges, the ABBL collects essential information to feed the FinTech Map of Luxembourg (fintechmap.lu) and to organize eventual events with the participation of FinTech firms and other relevant stakeholders.
- An interactive FinTech Map of Luxembourg– fintechmap.lu – was developed to provide a non-exhaustive overview of the vibrant and growing FinTech Ecosystem of Luxembourg, featuring the list of FinTech firms and software vendors, funding sources, incubators, facilitators, educators, mass media, policy makers and other stakeholders most relevant to the Luxembourg financial place.
- The ABBL invites its members to establish their innovation facilities in Luxembourg. In 2018, DBFI Cluster organised the event “National and European Funding for Digital Transformation in Financial Services” bringing together Luxembourg Ministry of Economy, Luxinnovation and the European Investment Bank to inform bankers and FinTech firms about different supporting mechanisms available in Luxembourg for innovation and digital transformation.
- A comprehensive database of legislative acts and opinion papers on Digital Banking and FinTech is available for DBFI members.
To influence, explain and cooperate with the regulators in Luxembourg and at the European Union level on the subjects that matter to the member community
- DBFI Working Group “Distributed Ledger Technology” (DLT) works on various subjects related to DLT and its use-cases in banking and finance.
- DBFI Working Group “Cloud Computing” assists ABBL members with the adoption of cloud computing services in Luxembourg.
- DBFI Working group “Big Data / Data Analytics” in cooperation with Commission Nationale pour la Protection des Données (CNPD) developed a discussion paper “The impact of the GDPR Regulation on Big Data and Data Analytics Projects at Financial Institutions” and shared it with all ABBL members.
- DBFI Cluster launched a feasibility study on the establishment of a shared regulatory reporting utility in Luxembourg. The results of the study will be available by the end of H1 2019.
- DBFI Cluster is also represented in the European Banking Federation’s Digital Strategy Group as well as in several working groups such as Blockchain Technologies, Cloud and Platforms. Members of the DBFI Cluster were invited to provide their inputs to a number of documents developed by European institutions and European Banking Federation.
To be an impactful actor in the Digital Banking and FinTech ecosystem of Luxembourg
- The ABBL, Fondation ABBL pour l’Éducation Financière and the University of Luxembourg signed an agreement and launched a 4-year research project on Distributed Ledger Prototype and Data Analytics for KYC Processes. The first phase of prototype development has been completed and the second one is under way.
- The ABBL introduced its FinTech Service Packfor FinTech start-ups allowing them to get connected with ABBL members and to contribute to shaping of the future banking and financial services in Luxembourg.
- DBFI Cluster contributes to attracting IT talents to Luxembourg by organising dedicated workshops and by promoting job offers of ABBL members online.
- DBFI Cluster regularly updates and disseminates the list of banks interested in working with foreign and domestic FinTech firms wishing to open a bank account in Luxembourg.