Extract from a post from POST Telecom’s blog written by Micaël Weber, Internation & Corporate Sales. A paradigm shift, driven by technology, is creating an exciting new era in financial services. Known as “Fintech,” a contraction of “financial” and “technology,” it is a term used for any technology applied to financial services. It describes technologies used in the back office or out front for consumer products – and even applies to disruptive sectors such as alternative currencies.

To learn more about Fintech and why Luxembourg has become a major Fintech hub, I spoke with
Marc Hemmerling, a Member of the Management Board at the Luxembourg Bankers’ Association (ABBL). He told me that Fintech is enabling a new era of financial services by leveraging recent technological advances among others in data analytics and Cloud computing. Innovative business models are springing up to exploit new opportunities in areas of financial services that include trading, payments, mobile applications, retail banking, security/privacy and digital wallets.

Marc described how Fintech stands for “innovation in financial services enabled by technology” with new products and approaches being developed by startups or existing players. ABBL is the professional organization representing the majority of banks and financial service companies in Luxembourg, and it has quickly become a key player in the burgeoning Fintech eco-system in Luxembourg. ABBL is actively working to promote the development of Fintech business, and welcomes the government’s support of start-ups, its supply of state money and its efforts to attract investors. ABBL, while being open to the evolutions that happen in this highly competitive market, is working to ensure a level playing field for all actors according to the principle “same business, same risks, same rules”.

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