Digital Banking and FinTech Innovation Cluster (DBFI) of the ABBL was created in January 2016. Currently, the Cluster unites 47 members and 6 FinTech Service Pack users interested in exchanging the knowledge and ideas on new disruptive technologies and 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
- Workshops on specific digital banking and FinTech topics aimed at bringing tangible outcomes: 19 Workshops on GDPR, KYC, AML, Digital Onboarding, FinTech Partnerships, PSD2 and API were successfully conducted. The first set of workshops on GDPR resulted in the development of respective FAQs made available online;
- Training courses on Disruptive Banking and Financial Services in Transition covering such areas as Data Analytics, Digital Transformation and Distributed Ledger Technology in Banking were delivered in 2017 cooperation with the House of Training;
- The interactive FinTech Map of Luxembourg was developed providing a comprehensive overview of the national FinTech ecosystem: fintechmap.lu
- A comprehensive database of legislative acts and opinion papers on Digital Banking and FinTech was developed and made available to DBFI members
- The database of detailed profiles of FinTech firms and software vendors for the financial services sector was developed and made available to DBFI member
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
- Working group “Big Data / Data Analytics” developed a consultation paper on the impact of the GDPR regulation on big data / data analytics projects and remains in contact with Commission Nationale pour la Protection des Données (CNPD);
- Working group “Distributed Ledger Technology” (DLT) develops a consultation paper touching upon Smart Contracts, Cybersecurity and GDPR in the context of the DLT and intends to present it to Commission de Surveillance du Secteur Financier (CSSF);
- Task Force “Cloud Computing” was set up to provide ABBL’s comments and suggestions on CSSF circular 17/654 “IT outsourcing relying on a cloud computing infrastructure”. A follow-up conference with the participation of the CSSF was conducted on 13 June 2017 and attracted more than 120 attendees;
- The DBFI Cluster in cooperation with the CSSF conducted a study on Outsourcing KYC/AML tasks to specialised third party providers. The results of the survey were shared with ABBL members;
- The DBFI Cluster launched a discussion on the establishment of a regulatory reporting hub in Luxembourg. Respective conference with the participation of Austrian National Bank, Banque Centrale du Luxembourg, CSSF and Luxembourg Stock Exchange was conducted on 21 September 2017 and triggered further reflections on this topic;
- The ABBL contributed to two taskforces at the European Banking Federation: Blockchain Technologies and Cloud. Members of the DBFI Cluster were invited to provide their inputs to a number of EBF’s position papers and to demonstrate their DLT proof of concepts to the representatives of the European Central Bank and the European Parliament.
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. Three ABBL members volunteered to pilot the forthcoming proof of concept (alphabetically): Banque et Caisse d’Epargne de l’Etat, Luxembourg, BGL BNP Paribas and BNY Mellon Luxembourg;
- The ABBL introduced its FinTech Service Pack for FinTech firms allowing them to get connected with ABBL members and to contribute to the shaping of the future banking and financial services in Luxembourg. The list of ABBL’s FinTech Service Pack is accessible here.
- The DBFI Cluster updated the list of banks and their employees responsible for working with foreign FinTech firms wishing to open a bank account in Luxembourg. The document was shared with key stakeholders in Luxembourg and abroad.