Finance & Technology Luxembourg

New technologies have the potential to support the integration of capital markets, improve the provision of financial services and make them more efficient for the benefit of companies and citizens. Integrating them into existing business models also requires a cultural change among those who use them.

Investment services powerhouse State Street, leader in Luxembourg’s asset services market, is undergoing a transformation. The upcoming integration of Brown Brothers Harriman, data management, ESG requirements, digital asset management and the rollout of its upgraded Alpha business platform are on top of mind for country head Ricardo Lamanna. “We create an environment where we progressively shift from being an operational organisation in Luxembourg to being a client-facing organisation.”

A cross-industry working group in Luxembourg is seeking new ways to enable financial technology to thrive in Europe’s tough regulatory environment. Updating the country’s financial services outsourcing rules could help unlock the potential of open banking.