On 31/07/2024
Inovatic
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Insights #1 on the Luxembourg financial market out of the Fintech Lu trip
Inovatic’s team took part in the Business France Fintech Tour in Luxembourg ! Here is our summary of the event and the stakes of the financial sector in the Grand Duchy.
Born from the merger between UBIFRANCE and the French Agency for International Investment (InvestInFrance), Business France is a French Government agency under the supervision of the Ministry of Economy and Finance. It promotes France as a business country and encourages exports, investments and partnerships with foreign countries.
Every year, Business France sets a FinTech Tour across Switzerland and Luxembourg, 2 Middle Europe countries renowned as worldwide financial centers. In particular, Luxembourg is a leader in asset management, private banking, and is known to be the European Fintech Silicon Valley. Held in the Village by CA Luxembourg, this event was the occasion to gather French Fintechs with several main financial actors from the country. The event included presentations, pitch sessions, and B2B meetings with key decision-makers.
As an innovative financial actor, Inovatic took this opportunity to meet diverse actors from the Luxembourg financial scene: innovation or digital transformation managers, CIO, head of acquisitions, investment solutions of well-known banks, key players of the FinTech ecosystem.
What are the peculiarities of the Luxembourg financial sector?
While Luxembourg tends to still be considered as a tax haven, the local legal authority, called CSSF (Commission de Surveillance du Secteur Financier) aims to ensure the safety and soundness of the financial sector, to struggle against money laundering. Its supervision is independent, forward-looking and risk-based, in a spirit of cooperation at a national, European and international level. The CSSF has full authority to sanction financial institutions wrongdoers.
In this context, financial institutions have to reinforce their KYC and compliance processes, to be in accordance with Luxembourg and European laws, while still ensuring a quick and fluid customer experience. At the same time, in this era of economic crisis, granting credits becomes more and more risky.
Inovatic grants credibility to your credit-ability
Inovatic can help financial actors in this context. Our mission is to empower chiefs of Risk in their compliance journey and chiefs of innovation in their digital customer experience delivery. We enable them to deliver upper business value by providing the right risk assessment to their stakeholders.
Inovatic captures, gathers and controls financial as well as extrafinancial data based on annual reports, consolidated reports and also bank statements, which gives to deciders a short term and long term view on their clients health.
Our cloud-based solution is designed to be easily interfaced with any legacy information system. We reach the 100% confidence score, because we leverage the power of Machine Learning & human intelligence with our Backoffice team. Our complete process is designed Compliance by default: built for maximum traceability auditability and data privacy.
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