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Luxembourg To Specialize In 'Digital Financial Services'

by Ulrika Lomas, Tax-News.com, Brussels

17 December 2015


Luxembourg for Finance, the agency responsible for promoting Luxembourg's financial services industry, has unveiled a five-year plan to expand on the finance center's growth.

In its recently unveiled LUXFIN2020 report, the agency points out that Luxembourg has become a leading financial center by offering cross-border products and services in a variety of sectors including banking, investment funds, wealth management, insurance, and capital markets. In addition, it is a popular domicile for financial institutions.

According to Luxembourg for Finance, the recommendations in its LUXFIN2020 report will build on Luxembourg's core strengths. It identifies opportunities in other, newer sectors of the financial services arena. Specifically, Luxembourg will seek to consolidate and develop its expertise in cross-border financial services; seek to expand on the territory's role as a domicile of choice for global financial services providers; and foster innovation to become a leader in digital financial services.

Nicolas Mackel, CEO of Luxembourg for Finance, said: "Luxembourg's financial center will continue to improve its competitiveness and establish itself as the destination of choice in the European Union for international investors. Luxembourg's solid foundations, as well as the vision developed in LUXFIN2020, will enable us to remain a leading international financial center for years to come. In particular, Luxembourg is strategically positioned to become one of Europe's [Financial Technology] leaders and offers the physical, regulatory, and investment environment for financial technology businesses to bring new products and services to market."

TAGS: environment | Finance | investment | business | banking | financial services | capital markets | insurance | investment funds | Luxembourg | professionals | services | Europe

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