START-UP & INNOVATION/EXPERT OPINION
FinTech: Exceptional things happen in Luxembourg Nasir Zubairi, CEO of the Luxembourg House of Financial Technology (LHoFT), and EBRC discuss the opportunities and challenges to make Luxembourg an efficient international FinTech hub.
Nasir, you've been in Luxembourg for several months now. What made the biggest impression on you when you discovered this country?
The first time I came to Luxembourg was in 2015. I was invited to speak at the ICT Spring. Back then, what I saw of the country was mainly my hotel and the conference centre. But at that time, I already picked up on the attitude of the people I had the opportunity to meet and which, in my opinion, is quite unique. I immediately understood how Luxembourg could be a great place to develop a business, because incredible things can be done here. Simply because the local players, instead of just wanting to grow their own business, want to and are able to collaborate and do something great for the whole country. I've never seen something like that anywhere else. This undoubtedly explains how a country of 500'000 inhabitants managed to become the second biggest investment fund centre in the world in just 20 years. It also explains why, in so many areas, Luxembourg has achieved remarkable results. This would not possible without the people supporting these businesses and even the entire national economy.
In which way can this community help make Luxembourg into a FinTech hub that matters? To achieve this, we have to be able to rely on a committed community. It is the people here, all working towards the same goals, who allow us to do incredible
things. I am always impressed by the ease of bringing these players together at a table, and by the commitment and availability of the CEOs at the heart of our joint actions. I lived in the biggest financial centres of the world, in London, New York, Tokyo and Singapore, but I have never felt a spirit of community similar to the one that prevails in Luxembourg. There is a real desire to do great things together. In London or New York, people work for their own interests, not for the United Kingdom or the New York financial centre as a whole. There is a great openness among the business leaders here, and great humility, little ego, and a real willingness to learn in order to move forward. This readiness to learn in a changing world is crucial for the success of what we seek to accomplish.
Nasir Zubairi, CEO, Luxembourg House of Financial Technology (LHoFT)
Luxembourg had a reputation for being relatively conservative. How did things evolve in this regard? Everything changes. Historically, financial services around the world have grown by recruiting the brightest minds on the planet. Banks recruited the best students from the most prestigious universities. This is no longer the case. These brilliant minds are now turning to Google, PayPal or Amazon. Banks are no longer attractive. And they took more time than others to adapt, because of a strong culture within them. Banking players think they know what they have to do and how to do it... They think they know everything. But they are mistaken. We have to be humble, ask questions, even
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