Delano Plus - Innovation & Digital by Maison Moderne

Innovation & digital JANUARY 2022

CONVERSATION

Urban Gillström and Helena Nordström: shaping the future of social media networks – DOSSIER

Digitalisation in finance – SUCCESS STORIES

Four purpose-driven startups

PUB VIDE xxxx.

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The world has changed tremendously in the last decades, and pivoting to a modern and radically new system will be critical for businesses, governments and individuals in the years to come. “Business as usual” is bound to phase out with the development of increasingly advanced technologies that are set to overhaul the existing business landscape. This digitally led transformation is, however, not isolated; especially in the context of industry 5.0, where human interaction with technology and machines is expected to evolve. Undoubtedly those at the forefront of leveraging the power of technological innovations will reap the benefits. It’s no longer a question of if, but when. Currently, buzz words--such as the Internet of Things, artificial intelligence, machine learning, blockchain, etc.-continue to find expression with innovative applications today. For example, the evolving discussions around digital twin concepts, smart cities and, more recently, metaverse ambitions by Facebook, all attest to the transformational power that technology wields. At the EU level, the Commission’s proposed “Path to the Digital Decade” encompasses digital transformation targets for Europe's economy and society by 2030. At the level of the grand duchy, the pillar of “digitalisation, innovation and governance” has been identified as an integral part of the recovery plan. And at an individual level, consumer behaviour is expected to adjust to tech trends, as observed with the rise of e-commerce and even social media platforms, for example. With so many rapid changes underway enabled by technology, this supplement zooms in on various aspects linked to digital and innovation themes, and highlights the enormous benefits as well as key areas for attention--such as cybersecurity, privacy and regulatory concerns--that accompany an inevitable paradigm shift to a reinforced ecosystem and future. Journalist ABIGAIL OKORODUS

JANUARY 2022 INNOVATION & DIGITAL

Editorial #TransformationalPower

Innovation & Digital January 2022

06 ON THE RADAR

Dossier

The digital moment – AI perspectives, govtech, digital performance

Blockchain technology for more transparency –

10 #5G – SÉBASTIEN FAYE

Why financial services are counting on digital trust

“ Unravelling 5G technology for nextgeneration industry”

–

Freeing up compliance officers

12 #ARTIFICIALINTELLIGENCE 14 CONVERSATION WITH URBAN GILLSTRÖM AND HELENA NORDSTRÖM

24 TOOLBOX

p.14

Four exciting space initiatives

Greenworlder’s Urban Gillström and Helena Nordtsrtöm on the future of social media networks

26 CONVERSATION WITH DIANE TEA

“ Embrace emerging technologies, or be left behind” 30 SUCCESS STORIES

Four purpose-driven startups 34 FORECAST

Photo

Guy Wolff, Illustration

Salmoé Jottreau

How can companies make better use of data via HPC?

p.18 How big data analytics and cybersecurity concerns are affecting strategy

JANUARY 2022 INNOVATION &V DIGITAL

DIGITALISATION IN FINANCE

Ristretto

“ As a user you should be able to control your footprint”

On the radar

JANUARY 2022 INNOVATION & DIGITAL

The digital moment Technology continues to hit Luxembourg in differently shaped waves: the health system takes its first leap as GovTech heats up, while stats show that most companies don’t use cloud computing or AI.

€1bn

The amount of money that Luxembourg plans to invest, between 2021 and 2024, in furthering digitalisation skills, infrastructure, competitiveness and training.

Public opinion of AI Percentage of the Luxembourg public that feels positively and negatively towards various use areas of AI. Not every area provoked the same pattern of thought, with “Security and defence” and “Mobility” trending more positively and “Health” and “Education” more negatively. Source

Liser

Source Luxembourg government’s “National Plan for a Green, Digital and Inclusive Transition”

80%

50%

The percentage of the Luxembourg public who think that the government needs a digital ethics committee. Source

Liser

29%

Makes life easier

40%

Presents risks

30%

The percentage of enterprises in Luxembourg that use cloud computing, as of 2020, versus an EU-wide average of 36%. The grand duchy’s number rose from 25% in 2018. Source

Eurostat

Photo

Romain Gamba (archives)

“ This is a key moment for digitalisation.” Paulette Lenert (LSAP)

So said the health minister at a press conference in October about the deployment of direct, immediate payment of medical bills. This first phase of digitalising Luxembourg’s medical system involves the transfer of documents via a virtual platform.

20%

15 13

10%

0% Environment

Industry

Education

Public research

3 QUESTIONS TO

DAVID FOY

Head of international business development (digital economy) at Luxinnovation

60%

51 50%

40%

30 30%

20%

10%

0% Energy

Public services

Health

Mobility

Security and defence

What is the role of govtech in the digital economy? There are two distinct roles to mention. The first is the digital transformation of public services to facilitate the exchange between all parties, be they G2G, G2C or G2B. The digitalisation of public services also affords facilitated access for those with mobility, geographic or timing challenges. The second role is to consolidate data such that it can provide value and insight back to decision-makers. Increasing the speed and quality of exchanges can accelerate the competitiveness of a national economy. How is the digital sector consolidating? We see that the advanced digital technologies that can help societies (by stimulating economic growth, improving citizens’ lives, etc.), like HPC calculators or artificial intelligence algorithm platforms or data spaces, require large investments. Not every citizen or every organisation can, alone, invest and take in these technologies. So we now see efforts to roll out and deploy them. I also see a more extensive use of the XaaS business model for these advanced technologies, coupled with upskilling efforts. Consolidation also translates into concentrating on your core business: the era of cooperation is here. What did you observe at Expo 2020 Dubai? Dubai positions itself very similarly to Luxembourg in its approach of being a living lab. Investments have been made to provide infrastructure and support for testing and validating new technologies similar to the campus structures we see here.

Luxinnovation

Photo

70%

JANUARY 2022 INNOVATION & DIGITAL

On the radar

Luxembourg scores above the EU average in four out of five categories, ranking third overall in connectivity. The low performance in integration of digital technology by businesses (19th overall) can be partly explained by the low proportion of SMEs that sell products across the border or online. Scores shown out of 100. Source

Digital Economy & Society Index 2020, EU Commission

80% Luxembourg

EU average

70%

63.2 58.9

58.4

60%

49.2

50%

38.5

40%

41.4

30%

20%

10%

0% Connectivity

Human capital

Use of internet services

Digital public services

Integration of digital technology by business

AI use in companies Percentage of enterprises (with a minimum of 10 employees and excluding the financial sector), per EU country, that use at least one of four AI applications: a chatbot, machine learning for internal big data analysis, natural language processing or a service robot (2020 data). Source

Eurostat

ia Latv

Slov enia

rus

gary Hun

Cyp

Pola n

Aus tria

nia

aria Bulg

Rom a

mbo urg Net herla nds

Lux e

atia Cro

Fran c

Esto n

Cze ch R epu blic

ece

Slov akia

ium

man y

Gre

Ger

Belg

Italy

gal

Swe de

ia uan

Port u

Lith

Spa in

mar Den

Finla nd

Malt

Irela

EU2 7

JANUARY 2022 INNOVATION & DIGITAL

Luxembourg’s digital performance

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Ristretto #5G

JANUARY 2022 INNOVATION & DIGITAL

“Unravelling 5G technology for next-generation industry” Luxembourg Institute of Science and Technology’s Sébastien Faye underscores the value of real-time data and ongoing 5G projects to support a growing ecosystem. What added value does 5G offer compared to older technologies? 5G is a service-oriented architecture. [In comparison], three main targets--the improvement of the [connection] speed, lower latency, and the ability to connect more devices, beyond what was possible with 4G--[stand out]. Today most connected devices are smartphones, but this will increase with several use cases that will benefit from this technology. While previous technologies had a uniform beam for all users within a given coverage, 5G adopts an active antenna system with multiple and very precise beams directly connected to 5G devices. Another technology behind 5G is network slicing. The objective here is to create--in addition to the physical network--a set of virtual networks [slices] for low latency, output or connectivity [to support specific business needs]. Of course, it depends on the operators’ commercial offers, but technically speaking, it is possible [with 5G].

because the regulations are not well adapted to 5G, then the validated deployments for 5G are more dangerous. This is not the case. It’s just that if we apply this same methodology to 5G, then some antennas won’t be able to transmit because they are not compatible, so it’s going to slow down the deployment of this technology. Is it too late to catch up with countries like China? I wouldn’t say so. It may have taken a bit longer than in Asia, or even in the US, but today, we have the 5G infrastructure (base stations, antennas, etc.) deployed in Luxembourg and in Europe, and several funded projects at national and EU level. I think the development of new services and applications that might benefit from this infrastructure is critical. There are tons of possible applications, but not all are developed yet. Can we estimate a timeframe for full 5G deployment, considering ongoing 6G discussions? Probably in the next few years, but the development of applications would be very progressive. With higher frequencies, new possibilities for developing applications will open. At EU [level], one goal is to cover major roads and highways by 2025. By 2030, it will be time for 6G. In terms of business applications, I think we’d already see a lot of interesting applications and services in about five years.

Could you briefly summarise some List 5G projects? 5G-Planet is an awareness-raising platform for 5G [using] a digital replica of the country--which the public can interact with in a simulation environment--to see the impact in several scenarios. Ensuring data is managed in a secure way is an area that the 5G-Insight project targets. The 5G-Emit project, which ends in 2023, assesses electromagnetic field (EMF) exposure. As a network operator, you cannot deploy an antenna anywhere as rules [including EMF exposure limits] apply. But the compliance assessment methods in place today are not necessarily compatible with 5G. What 5G regulations do service providers comply with? [Well], the 4G regulations are used for 5G. But just to be clear, it’s very conservative and applies the precautionary principle. [Some may think that]

Sébastien Faye is a research and technology associate at List

What’s next for businesses? Investing [in 5G] is key for companies. List supports companies through different projects and offers them a means to test, plan and design applications [while considering crossborder deployments]. Companies should think of ways to optimise their business. I think all sectors have a lot to gain from real-time data. Interview ABIGAIL OKORODUS Photo GUY WOLFF

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Ristretto #ArtificialIntelligence

SHAPING THE WORLD

“Beyond the automation of existing businesses and services, AI enables unexpected innovations that change the way we consume, work and live. With the right guidance, we and AI can shape a better world.” Maxime Cordy, research scientist at the University of Luxembourg’s SnT, has worked as a postdoctoral researcher in fields like applied AI and software engineering. STAYING COMPETITIVE

“AI development is high speed, and its impacts on the world are here to stay. AI is not a trend; it is a matter of evolving or staying comfortably behind.” Pablo Villaluenga, managing director of Tryolabs Europe, which is a company specialising in AI-powered solutions and collaborating on AI projects for social good. 3

TRUST FACTOR

“Artificial intelligence is a fantastic opportunity for Europe. And citizens deserve technologies they can trust.” President of the EU Commission Ursula von der Leyen on new standards presented in April. 4

SKILL SETS

“The biggest hurdle in the deployment of AI remains the lack of training, experts and general knowledge of AI among company executives, and the war for talent is not over yet…”

Gilles Rock of Luxsense geodata, a company operating in remote sensing and collection and processing of 3D data and high-res images.

SnT, provided by participant, Shutterstock, Edouard Gasche

From PwC Luxembourg’s Use of Data Analytics and Artificial Intelligence study, issued earlier this year.

Selected by Natalie A. Gerhardstein

Photos

JANUARY 2022 INNOVATION & DIGITAL

PRACTICAL ASPECTS

“We use drones… to collect the high-resolution dataset that can be analysed using machine learning and AI. This is how we detect disease hotspots in vineyards.”

FR/EN

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17.03.22

Thursday 18:30

Registration and information www.paperjam.lu/club

JANUARY 2022 INNOVATION & DIGITAL

Urban Gillström moved to Luxembourg for Greenworlder and is in love with the startup’s vision on social media

“As a user, you should be able to control your footprint” Greenworlder CEO Urban Gillström and CMO Helena Nordström discuss Luxembourg’s digital landscape, the future of social media networks and how they hope to make an impact by leading through example. Interview TRACY HEINDRICHS Photos GUY WOLFF

The time of fake news, greenwashing and user-data exploitation are over--social media needs to make a 180° turn. That is the message of Greenworlder, a Luxem bourg-based startup. With knowledge, integrity and sustainability at its core, this new digital platform invites users to join a safe space where they can cooperate with responsible partners to address climate change. Why did you come to Luxembourg with the idea of sustainable social media? URBAN GILLSTRÖM Why I came was that I was totally in love with the vision, and I like the[se] kind[s] of big global challenges and change projects. I love the project. Why the company was founded here [is because] we are a European-based alternative to other social media networks. A sustainable alternative based in Europe, [with its] core in Luxembourg. There are no other European-based alternatives. They are predominantly US or Asia-based. We selected Luxembourg because it’s a small country, multicultural, multilingual, and it’s a very strong ecosystem for what we want to achieve. It’s a strong ecosystem for startups, so we have a very strong element of support and backing. Also, in the area of sustainability, there are very strong organisations, and there’s a very expansive policy in Luxembourg that we tap into. We work closely with List [Luxembourg Institute of Science and Technology], for instance, in terms of the

URBAN GILLSTRÖM Gillström has an IT and media background. Over his 28-year-long career, the Swedish native has worked in Singapore, Mexico, Costa Rica and other locations. After experiencing the “dark side of the internet”, as he puts it, where he worked on tracking and tracing 80% of European consumers, he was recruited to join Greenworlder as CEO.

HELENA NORDSTRÖM Nordström, also from Sweden, describes herself as an “addicted social media user”. The chief marketing officer (CMO) of Greenworlder has always been in the tech industry: she’s worked in software development, strategy and marketing for large corporations like Ericsson in Sweden, as well as being a strategy consultant. In 2017, she decided to work for the climate cause and has worked with multiple tech and sustainability startups.

sustainability, validation and research of the partners we want to bring in. [There is also] a very strong focus on integrity: a lot of the regulation of the European media landscape is controlled and done from Luxembourg. Big organisations like the CNPD [the national commission for data protection]… We work closely with them, because we are completely CNPD-compliant. We are going to do it very differently. I’ve always been

in discussions with the CNPD on how we can become a textbook example on how to respect the end-user and how to really do things in line with GDPR… Now we get the testing ground for a multilingual situation in a small community. That will be a very good stepping stone for us when we go out in the surrounding markets in Benelux, France, Germany and the UK. Obviously, coming from Scandinavia, the Nordic [region] is also very important for our expansion, so the more I look at it, the more I think it’s a very good decision to be here in Luxembourg. Having been here for a little bit, what do you think of Luxembourg’s digital landscape? Do you think it’s evolved enough? UG I think it’s quite evolved in some areas and quite progressive and expansive. We can bring some things, such as the sustainability and climate focus we have in the Nordics. That’s something we can bring to Luxembourg with the ambition to drive it further. But in general, it’s very positive. The media [offering] in terms of the digital landscape--there’s still some needed development, but I still see some progress compared to the countries with the highest level which you would typically find in Scandinavia. What kind of progress do you mean by that? UG I think of the whole digitalisation of things and the way you do things. The

JANUARY 2022 INNOVATION & DIGITAL

Conversation Urban Gillström and Helena Nordström

Conversation

JANUARY 2022 INNOVATION & DIGITAL

digitalisation has gone a little bit further in Scandinavia than in Luxembourg and the surrounding markets. I think generally Benelux is quite advanced, but I’ll say that the UK, in terms of the internet landscape, is ahead still. Regarding social media: using the internet generates quite a high global carbon footprint. Should we not get away from the internet, rather than being more on it? UG That’s a very good question. I think that we should use the internet to reduce the carbon footprint, but, generally, as an online company as we are ourselves, we typically have quite a low footprint. But you’re raising an important question when it comes to server capacity and data centres. That’s a clear focus for us--to make sure that we are really sustainable with how we work with data centres when we expand. I think the internet as such will have a positive impact on sustainability and the environment. HELENA NORDSTRÖM I don’t think we can go back to not using the internet. It’s just one of those things that we need to deal with and do it in a good way. We were using services; we are dependent on other suppliers right now. We will try with them as much as possible to make it sustainable. And who knows? In the future, we might make something ourselves. UG Exactly. We’ve been looking at that and I’m looking right now at those development partners. We will do a lot of development ourselves here in Luxembourg and we’re building a strong team, looking for a lot of people in terms of development and platform management. Some of our partners will also be nearshore and offshore… We’re very careful in selecting from a sustainable point of view the partners we bring onto the network as well, to make sure that anything we do on the network should be beneficial for the environment. HN We’re developing the frameworks for which type of partners we allow to use our services. And we’re also going to work together with our advisers to see how we can be ‘sustainable natives’, if that’s even a word, in a really good way, not just to greenwash. We’re thinking about working to do joint research in terms of greenwashing because--although we are a platform that wants to support sustainable solutions,

Helena Nordström describes herself as an avid social media user and considers it to be an essential part of society

“ We hope that we will drive industry change across the board” HELENA NORDSTRÖM CMO Greenworlder

Urban Gillström and Helena Nordström

and more content on that--we’re also a communication platform, so we need to make sure that whatever is said on our platform is not [greenwashing]. If a company’s claims are not correct, we will probably not be able to totally avoid that, but we will try to see how it can be done. Helena, as someone who describes themselves as a ‘very addicted social media user’, do you think it’s possible to get people to leave the golden nugget of instant gratification through Instagram likes, etc., for something that makes you think more? HN We’re not going to get people to completely leave the platforms that exist. Today, people are opening one app after another. We’re hoping we can pull people more onto our platform because of what we stand for, but also, as their awareness grows of what the other platforms are doing, they will hopefully spend more time with our platform. Through that, we hope that we will drive industry change across the board. If you think about Tesla’s mission statement, it’s ‘increasing the speed at which the world is electrified’, so to speak, it’s not ‘bring electrical cars to the market’. Although we hope we’re going to be really big, we also hope that we will have a major effect on other platforms, as they will be forced to change as people become aware of the alternatives in the market. Do you not think that people who join Greenworlder already want to see that change in the world? Would you not create an echo chamber with your application because you would only have people in the same mindset of wanting the world to be better? UG We want to be unbiased. Obviously, we are biased for some questions. We are biased for making a better climate, for respecting users and having a high integrity network. Okay, we’re going to get some of the users [who] have a very clear focus on that, but we target every user. We are a fun social media platform with all the features that you would expect. So, no, I don’t think we’re going to create an echo chamber because that goes against the third pillar in our foundation, which is knowledge. Today, there is so much fake news out there and a lot of algorithms that create the echo chambers you’re talking about. That’s what we’re

Knowledge, integrity and sustainability are at the core of Greenworlder. The social media network allows users to own and control their data in a safe environment, while also working closely with legislation to ensure not just their users’ safety, but also the sustainability of their partners. The app, launched at the KlimaExpo 2021, was founded by Danish lawyer Peter Bartholin and engineer William Ahlefeldt. Greenworlder offers a European alternative to users who are becoming increasingly aware of their digital footprint. The company aims to have 1% of social media users on its platform by 2025.

to be with experts who can guide us with the user’s wellbeing in mind. Exactly how that could be done is work in progress, but that’s one of our core missions. UG Yes. As a user, you should be able to control your footprint and control the information you give away. You should be able to switch off things that you don’t want to see and don’t like. Your user profile should have a toggle where you select for your own benefit, which you can’t do today.

Do you think they are already changing or a bit slow on the uptake? HN Sensitive question. I think they’re slow. UG Absolutely. It was well known by some players what was going on in terms trying to avoid. It’s very important for us of the well-being of teenagers, or that elections were manipulated using platto be totally unbiased and transparent. forms, but it was going to limit the profitability, so it’s not moving at the right Another big issue with social media is pace. Because it’s not a core purpose of the mental wellbeing of users. Facebook and Instagram have these companies; the companies are about recently been revealed as negatively making money. We listened to a very affecting the mental health of young interesting talk [by] one of the investors users in the long term. of the big social media networks who UG We had a very important discussion turned from being the coach of top manabout that even this week because one agement to become an activist against of our advisors wrote a very distinct piece them because he tried to get them to on his blog on the platform on that exact change. They didn’t change fast enough, topic. We think we should also take respon- and they didn’t listen, so he became an sibility to regulate how much people use activist and changed not just that comsocial media. From the wellbeing point pany but the whole industry, and went of view, we should perhaps not increase into politics to do it. We think that by the number of hours that people are using doing it the right way and get[ting] attenour social media network. We want some tion, it will stimulate the other players. of the hours that are being used today to We don’t see everyone like competition. be diverted and enable them [for] some- It’s an ecosystem: some you can partner thing good. At the same time, for the with, some are just a part of the ecosyssocial good, we are looking at ways to tem we don’t go to because we want to get young people to reduce their time on respect our integrity. screens and social media platforms-which could be seen as counterproduc- So you think social media can impact tive, but we think that we can do business the world for the better? in the responsible way. We are a com- UG What we really want to do is call out mercial company, but we will never over- to the sustainable leaders that can make step those core aspects of integrity, an industry change. And by actually comknowledge and sustainability. I think bining doing good and having a strong dealing with that problem is very impor- focus on the climate and environment tant, and we will not exploit teenagers and doing business at the same time… We wanted to call for action for a big in that way on our platform. No way. industry change by using a sustainable So less but more meaningful use then? social media network. UG Exactly. HN And algorithms developed for good rather [than] get[ting] you more addicted and more polarised. Whenever we’re going to implement algorithms, it’s going

JANUARY 2022 INNOVATION & DIGITAL

MORE ON GREENWORLDER

Dossier

JANUARY 2022 INNOVATION & DIGITAL

Blockchain technology for enhanced transparency While there have been plenty of innovative developments in banking and finance, there are also challenges, from know-your-customer automation to cybersecurity. This section reflects on this rapid evolution, beginning with a discussion with HSBC’s Luxembourg country CISO, Krystina Gray. Text BIANCA PANAINTE Illustration SALOMÉ JOTTREAU

Digitalisation of the economy and big data are constantly reshaping the organisational design of the financial sector. As 4.6bn people regularly interact via social media, businesses are now creating data via media services while digitalised government-to-citizen services multiply, and data is steadily growing. Furthermore, the Internet of Things (IoT) regularly produces swathes of data which, if effectively harnessed, can allow businesses to provide added value, generate adaptive responses, give insights into finance trends and possibilities, deliver deep analytics and customise the user experience in real time. Soon machine- learning tools will interrogate big data platforms and assess patterns and trends, track developments, identify market opportunities or risks, or predict con-

sumer preferences. In the financial sec- the information to the source, altogether tor, digitalisation uses advanced analytic reducing time and paper inefficiencies. systems, machine learning (ML), optimal HSBC is one such company investing character recognition, artificial intelli- in and developing BT in a bid to improve gence (AI), robotic process automation efficiency, transparency and security and distributed ledger technology. across established networks. As its Luxembourg country chief information secuBlockchain technology rity officer (CISO) and head of resilience Blockchain technology (BT) is consid- risk Krystina Gray explains, since May ered one of the pillars of industry 4.0, 2018, the bank “has completed trade and one which allows for novel business transactions involving millions of dollars” models. In finance, BT is referred to as through a platform of which it was a distributed ledger technology, allowing founder. BT has also been the modus users to add to the ledger without liais- operandi for letters of credit, as this is a ing with a centralised authority. Block- fast and secure alternative, “reduc[ing]… chain can be applied to numerous processing time from between five and recordkeeping tasks, and as more agents 10 days to a matter of hours. HSBC is manage their documents via blockchain also a part of eTradeConnect, the first applications, it will provide for enhanced blockchain trade finance platform in transparency, as select users can trace Hong Kong, and is one of the 12 banks

Digitalisation in finance

Automation and artificial intelligence Robotic process automation (RPA) implies the use of software robots programmed to enter into applications, retrieve data, undertake calculations and instructions and, once the task is complete, they log out. RPA is intelligent automation, where machines perform tasks and make decisions on their own, can be coupled with ML software for client management. Moreover, new generation RPA systems incorporate learning capabilities, entering the realm of AI. ML is operated by algorithms that increase organisational performance by processing structured data, recognising patterns and generating auto-corrective behaviour. Deep learning focuses on unstructured data and abstract data coming from exchanges between communications platforms and devices, such as the IoT. AI covers everything from business operations, customer service, marketing and risk management. Gray stated that in Hong Kong, AI and ML technologies are used to ensure ATM replenishments, reducing the number of delivery journeys and CO2 emissions. 96.7% of payments made in the first six months of this year were processed without any manual intervention, allowing its personnel to focus on excellent customer service. Big data analytics AI systems can process big data in real time, and organisations engaged in big data can perceive huge benefits. Learning algorithms allow advanced analytics with mathematical models embedded in software and sensitised to data patterns to forecast future trends. HSBC has a particular advantage, as it owns the information on its more than 40m customers worldwide. “Using tools such as artificial intelligence, we can analyse customers’ behaviour, compare it with that of similar customers and identify anomalies for review.” Gray argues that systemic biases in the data or any other concerns are dealt with immediately, as “HSBC reviews findings and passes on the right information to the right people in a timely way--both at the bank and in law enforcement agencies.”

KRYSTINA GREY Country CISO and Head of Resilience Risk, HSBC Overseeing the implementation of Luxembourg’s ICT policy, effective management of ICT and security risks, closely working with IT and cyber teams throughout HSBC group in implementing ICT policies and improving security risk posture Effective embedding of the Risk Management Framework, strong stewardship in line with the nonfinancial risks and responsibilities

Vice-president and founder Women Cyber Force, Women4Cyber Inspiring and helping future generations understand the importance of women in the cybersecurity sector, mentoring and empowering long-lasing career choices for women

Cybersecurity, essential at HSBC Businesses are increasingly connected to the internet and digital systems, implying exposure to cyberattacks. Aimed at accessing, changing, or destroying sensitive information, extorting money from users, or interrupting the business processes, cyberattacks are the 5th top-rated risk and have become the new norm across public and private sectors. According to US-based insurance broker Embroker, by 2025, cybercrime will cost companies worldwide an estimated €9.04trn annually. Cyberattacks’ consequences can impact business for weeks, months, and even years, leading to financial losses, loss of productivity, reputation damage, and legal liabilities. Banks and financial institutions are prone to cyberattacks, as they gather credit card information, bank account information and personal customer or client data. Gray, whose role requires working closely with cyber and IT teams, admits that the financial services industry faces increasingly sophisticated cybersecurity threats. HSBC has a robust cybersecurity structure and resourcing models built around key cyber capabilities with clearly defined roles and responsibilities. Its security oper-

ations centre provides proactive 24/7 monitoring, technical analysis support and threat responses. She explains that the bank strongly invests in technical controls designed to prevent, detect and respond to cybersecurity risks, including participating in working groups and industry bodies sharing information on new tactics and approaches. Moreover, “we operate a regular internal threat-led testing, continuous vulnerability scanning and assurance regime to continuously test our cyber control environment in line with the latest threats. During 2019 and 2020, we completed several cyber-related simulation exercises… Additionally, our cyber control maturity is assessed annually by an appointed external auditing body.” HSBC periodically informs its customers, runs cyber awareness campaigns and even has a dedicated training programme. “Over the span of my career, I have been involved in preventing unauthorised access, exercising the ‘need-to-know’ and ‘least privilege’ security principles, creating secure communication channels, encrypting data, preventing attackers from intercepting, through ‘man-in-themiddle’ attacks and making data inaccessible if obtained. Nowadays, I am responsible for ensuring risks identification and applying the proper controls, which in itself is an important solution to preventing potential cyber threats.” A force for empowerment Gray also serves as vice president of Women4Cyber, which promotes women professionals and facilitates their access to professions in the field, raises awareness on the subject through conferences and training, creates networking opportunities with domestic and foreign entities and supports the EU’s gender strategies. In Luxembourg and across the EU, Gray constantly advocates for the cybersecurity profession, especially for women. “I strive to provide women and my children with examples of women in leadership roles and removing gender biases. I’m very fortunate that I can do this through Women Cyber Force and Women4Cyber Luxembourg,” Gray says. “We want to create long-lasting career choices for women, either via mentoring and empowering or via keeping a network for future work opportunities within the field and by helping each other.”

JANUARY 2022 INNOVATION & DIGITAL

participating in we.trade, a European-based joint venture providing a blockchain platform for open account trade transactions.

Dossier Digitalisation in finance

JANUARY 2022 INNOVATION & DIGITAL

Why financial services are counting on digital trust Electronic signatures could become more popular if proposed EU rulebook reforms pass, according to a paper published by the Luxembourg House of Financial Technology. Delano spoke with Lhoft’s Jérôme Verony about digital IDs in the financial sector. Interview AARON GRUNWALD

The European Commission has proposed changes to the EU’s 2018 regulation on electronic identification and trust services for electronic transactions (known as eIDAS). The refinements could make digital IDs more widely used across the bloc and, coupled with an existing Luxembourg archiving law, could create a “competitive edge” for firms based in the grand duchy. So argued Jérôme Verony, research and strategy associate at the Lhoft, in “Electronic signatures and digital trust services: Catalysts for financial sector evolution,” released in July. Verony told Delano in an interview that the market for digital trust services is fragmented in most EU countries (an exception being Luxembourg, which is dominated by Luxtrust) and there is little cross-border competition. That is mainly because today, “electronic IDs are still based on IDs issued by national authorities” and “there’s a lack of compatibility between different public sector services across the European Union”. However, “the pandemic showed that remote services” in the financial sector, such as opening new accounts and electronically signing contracts, have gained consumer acceptance. “This is not just a blip, it’s not just something that came due to the pandemic and then it’s going back to normal. This is something that will be sustained. People have become used to doing remote services in the finan-

Number of trusted service providers reviewed in the digital trust whitepaper, which can be downloaded from Lhoft’s website: www.lhoft.com

cial sector. And so companies really need to adapt to this in the long term,” he said. The paper outlined the major legal and technological questions, and provided a “curated list of trusted service providers” that financial firms can screen themselves. Verony said there are no obstacles to tapping vendors cross-border, but some are stronger in certain categories than others. If the commission’s proposal passes, EU citizens will have an “electronic data identity wallet” which can be used to sign all sorts of official documents and access accounts. While “that’s still a few years off,” he noted, “our recommendation to the industry would really be ‘don’t wait this out’.” The legal and technical frameworks will take time to develop, but “meanwhile, the customer is there. So, you need to work with the tools that you have. You can’t wait for the ‘perfect solution’ to emerge five years from now and do nothing in the meanwhile.”

Financial institutions have already been gaining time and money, quite often by eliminating errors that occur when paper documents are manually entered into electronic systems. Going fully digital “provides your customers with an experience that they actually like better”. Cyberworries Consumers may be worried about security and privacy, and “they’re very valid concerns.” But he reckoned that “there’s a very robust legal framework” and technical standards in the EU. “It’s not something that anybody takes lightly.” A major data breach would cost a “company a lot of revenue, especially in a sector like financial services. So, if a major retail bank were to lose a lot of data or have their customers’ IDs breached, that would be almost like a death knell for that company.” Consumers should be reassured by “the fact that there’s a mutual interest there.” Plus, Verony posited, paper-based manual processes are not necessarily more reliable. “You have a lot of weak points in that chain. And as you move towards a more integrated system internally, that actually strengthens your cybersecurity.”

Dossier Digitalisation in finance

Freeing up compliance officers Financial firms and professional service providers devote a significant amount of time and money on know your customer and anti-money laundering checks. Oxana Turtureanu of Digitalus argues that the startup’s real-time approach is much better. Words AARON GRUNWALD

store any data on the subjects.” That means the sources checked can vary based on specific client needs, changing regulatory requirements and the latest information available. For example, the system collects the social media accounts of the person being checked but does not scan any of their social media posts. That could change, if EU money-laundering rules require it in the future, a proposal being mooted. The approach also means privacy protections are built in. While financial regulations are strict, “we also have GDPR”, the EU data protection rulebook, which needs to be observed. More philosophically, “we care about privacy a lot, so we don’t do more than necessary,” she states. “We invested time and effort to develop a technology that will do these searches on demand” instead of storing reams of data. For the moment, the company is focussed on a funding round and on signing up small- and medium-sized clients in the EU. Does the outfit plan to expand outside the bloc? “We hope to [someday], but first let’s tackle this market.”

Digitalus

When Oxana Turtureanu was carrying Luxembourg. Digitalus got started in out know your customer and anti-money 2020 as a university spinout and did beta laundering checks while working at a testing for roughly a year before formally bank in Moldova, there was “a lot of man- launching in September 2021. The startup ual work”. It’s not only financial institu- automates the time-consuming data search, tions that do KYC and AML checks. creating what it calls a “unified digital Accountants, lawyers, fiduciaries and profile”, which gives compliance officers others need to verify that their clients more time to analyse and interpret results. are not engaged in wrongdoing, or face The company’s solution “utilises natural hefty fines--that sometimes can amount language processing and analytics to to “millions of dollars and even billions clean and process large volumes of data, helping our customers separate the sigof dollars”--levied by regulators. “The key challenge for these compa- nal from the noise. We don’t give you all nies is first to find broad and reliable data the data we find, we check it.” on their KYC subject, and second, not burn a hole in their P&L [ledger] while Privacy concerns doing so,” says Turtureanu. “These com- Existing providers maintain archives of panies hire armies of KYC officers, who “cold data” from a limited number of often spend more than 60% of their time sources, according to Turtureanu. In conon collecting data from multiple sources trast, Digitalus does a “scan only when to support case investigations,” she says. it is needed by the KYC officer, we don’t “An average compliance officer needs to go through corporate data, politically exposed persons lists, information about beneficial owners, social media, sanctions lists, adverse media, and this results in hours spent on collecting data with limited information [confirming] that this data is relevant. I know this firsthand, because I did that as a senior economist in Moldova, and I had to do this every day.” However, “the hardest part for the KYC officer is actually to take the DIGITALUS decision. So instead of thinking about a Co-founded by CEO Beltran Fiz, COO decision, about analysing the data of the Oxana Turtureanu (pictured), CTO Georgios Varisteas and technologist subject, they need to spend hours on Raphaël Frank. gathering the data.” Spun out of the University of That’s why Turtureanu jumped at the Luxembourg’s Interdisciplinary chance to co-found Digitalus after comCentre for Security, Reliability and pleting her master’s at the University of Trust (SnT) in 2020.

Photo

JANUARY 2022 INNOVATION & DIGITAL

Electronic Signatures and Digital Trust Services: Catalysts For Financial Sector Evolution

Check out the new whitepaper on LHoFT.com

Jérôme Verony

Research and Strategy Associate

Luxembourg House of Financial Technology [ LHoFT ]

Toolbox

JANUARY 2022 INNOVATION & DIGITAL

Innovative lab

Satellite operator SES and the University of Luxembourg’s Interdisciplinary Centre for Security, Reliability and Trust (SnT) are creating a joint research laboratory with the aim to drive innovation. The joint lab will focus on investigating the potential of throughput satellite systems for nextgeneration network technology, including the advantages it will have for quantum communications and cybersecurity. The partners plan to leverage access to Luxembourg’s Meluxina supercomputer. SES also plans to launch the first three of its O3b mPower satellites--its new medium Earth orbit system--in December with two more launches scheduled for 2022. O3b mPower foresees delivering services in the third quarter of 2022.

Futrism

Four exciting space initiatives Words ABIGAIL OKORODUS

Enhancing IoT

In September, the Luxembourg-based company revealed it had six pending patent applications in the US and Europe to improve satellite-based IoT and machine-to-machine (M2M) communications in remote locations. OQ expects to have the patent in Europe by 2023 and earlier in the US. It plans to begin customer demonstrations, thanks to the successful completion of the in-orbit commissioning (IOC) of its Tiger-2 nanosatellite. Over the next years, it aims to launch a constellation of 72 small satellites to provide 5G IoT and M2M communication. Commercial services for latencytolerant, low-power devices are foreseen by 2022. CEO Omar Qaise says negotiations are also ongoing with “cellular chip partners to scale up the satellite access capability to existing cellular IoT chips globally.”

Space applications requiring large structures are often constrained by the maximum length of booms which can be stowed within the launcher fairing. To overcome this limitation, Kleos Space is developing in-space manufacturing technology called Futrism. The company is also moving to its new headquarters in Kockelscheuer, which will house its mission control centre and testing and operations facilities. Having completed the launch of previous satellite clusters in November 2020 and June 2021, respectively, Kleos foresees its next launch aboard a SpaceX Falcon 9 in January 2022. The launch of its fourth satellite cluster is expected by mid2022.

Lunar resources

The European Space Resources Innovation Centre (ESRIC)--a joint initiative between the Luxembourg Space Agency and the Luxembourg Institute of Science and Technology, in partnership with the European Space Agency--and Airbus will collaborate on lunar resources extraction technologies following an MoU between both parties. ESRIC recently launched the world’s first startup support programme dedicated to space resources.

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JANUARY 2022 INNOVATION & DIGITAL

Conversation

“Embrace emerging technologies, or be left behind”

Diane Tea is the vice-president of the Luxembourg Business Angel Network (LBAN) and chairs its membership and sponsorship committee

The board director and tech angel investor points out key technology trends for the next decade, tech-induced opportunities for a more inclusive society--including the need for tax credits to aid a digital shift--and shunning gender segregation in tech. Interview ABIGAIL OKORODUS Photo GUY WOLFF

Diane Tea

The grand duchy is a popular financial hub, but how can it support a more inclusive economy while leveraging technology? In today’s world, actually for a long time now, it’s been quite obvious that we can’t live without technology. And even if Luxembourg is a finance hub, finance is based on technology nowadays, and nothing can function without it. It promotes economic inclusion, efficiency and innovation. But at the same time, it can pose some risks that could widen the digital gap between those who can benefit from technology and those who are excluded from it and risk falling behind as the world moves forward. During the pandemic, we [saw] that technology was what kept businesses, schools, even government supply chains up and running. Some inequities were also revealed. This is where a country like Luxembourg, and similar industrialised countries, can play a role...There are several areas where Luxembourg can support by leveraging technologies to shrink these inequities; however, I would focus on three main areas. First, support the digital shift. It is crucial to have a resilient business, and we’ve seen that companies and organisations with modernised networks and access to collaboration technologies had the agility to adapt to fast-changing conditions. Despite teleworking, such companies remained productive and competitive. But what about the others without sufficient funds to embrace and leverage innovation and these technologies? They are left behind. We’ve seen that early adopters of new technologies and innovations can develop a bigger competitive advantage and could even become monopolistic because they have the money to innovate faster and could add between 15% to 20% in profit. I didn’t invent these numbers. These are the statistics observed in the world. This is where public institutions could help strike a balance by developing policies and regulations to enable firms who cannot afford to leverage innovation and embark on a digital shift. A concrete policy example, among many other actions, is the provision of tax credit to allow these organisations to take on the digital shift because it costs money, and not everybody can afford it. Second, improve on digital literacy and digital skills. Those without access or dig-

The new ultra-broadband strategy Luxembourg’s ultra-high-speed broadband strategy for the 2021-2025 period targets two main actions: reducing the digital divide, and fostering dynamism and competition in the telecommunications ecosystem. The strategy aims to have 100% coverage by 2025. Main objectives of the strategy: Making connectivity accessible to everyone Accelerating the transition of households and businesses to more efficient and sustainable technologies Accelerating the deployment of future-proof infrastructures Improving transparency and strengthening consumer protection Developing Luxembourg as the platform of choice for ICT services of today and tomorrow Source

digital-luxembourg.public.lu

ital skills would be left behind. Many countries, in Europe and beyond, have tried to adapt the education systems to the world of today and of the future, but it’s not going fast enough. More effort has to be made to accelerate digital literacy, especially with young kids. Studies estimate that around 65% of today’s primary school children will work in future jobs and fields that don’t exist today. Can you imagine if they are not prepared because the education system is not adapted today? They will be left behind, as opposed to other countries with more advanced digital literacy. Let’s take China as an example. For a long time, they have understood that the traditional school system is no longer adapted to the world of today and of the future. Today up to 50% of jobs can be replaced by automation. That’s why it’s so important public institutions do something to accelerate the change in the education system, so that children can gain sufficient digital skills, but also learn about how to use technology and what makes technology. This way, they can acquire sophisticated skills for future jobs. Third, expand and support more entrepreneurship. This is an area where Luxem bourg is already very active, but maybe more could be done. It’s about expanding and supporting entrepreneurship [even

further] because the nature of work has changed. Technology is causing and will bring about displacements in the labour market. Jobs will disappear. Therefore, entrepreneurship is crucial for job creation. Today a startup can only survive with technology, or at least some sort of technology integration. For instance, tech startups introduce new products and open new markets, and [in] this way, they make a huge contribution to sustainable economic development and job creation. What key technology trends do you think will shape the next decade? Let me start by giving some examples. We know that technology is interfering in even more sectors, not just by automating low-level tasks in manufacturing plants or in back offices, but we see technology interfering in more complex tasks in law firms, health[care], [etc.]. Virtualisation is also becoming more important. It offers an augmented reality that aims to simplify our daily life--whether private or professional--by anticipating our needs and replacing our hands and eyes. Tesla’s autopilot is a concrete example using image processing, placing camera sensors around cars that capture and send millions of images and data in real time to their central supercomputer, which is based on graphics processing unit (GPU) and artificial intelligence (AI). The supercomputer processes the data to determine the best course of actions in real time. In my opinion, the key trends can be classified in four areas. First, faster network for connectivity with high bandwidth, high speed and low latency. Today 5G is being deployed. 6G, estimated to be 50 times faster than 5G, will come along soon. And maybe 7G and higher [networks] will be developed [in this period]. Second, hardware with higher computing power to deal with mass data while becoming smaller. This includes GPU advancement and electronics miniaturisation. Third, AI advancement, development, research and quantum computing. Finally, strengthening of cybersecurity for networks, systems and devices. As the world becomes more digital, we may not be able to prevent hackers from breaching systems. This means we need to strengthen cybersecurity. As hackers become more intelligent, we need to always be one step ahead.

JANUARY 2022 INNOVATION & DIGITAL

SPOTLIGHT ON CONNECTIVITY

Conversation Diane Tea

JANUARY 2022 INNOVATION & DIGITAL

LBAN IN NUMBERS With the boom in technology, some people may be concerned about the replacement of jobs… It is the course of life. Evolution has to happen, and we cannot stop technology from evolving, even if we want to. So it’s better for mankind to adapt to that evolution. Traditional jobs today didn’t exist 1,000 years ago, and humans adapted. How can the private and public sectors increase the number of women in tech? Personally, I think there will be even more women in the technology sector. I’m not worried about this because--based on my observation and from my personal experience--women enter the tech space because there’s a need for them to do this. Statistically, in developing countries in southeast Asia and even Turkey… there are more women working in technology sectors. This is because there is a need, and technology offers them access to better jobs and a better life. In Europe and western countries, this need is arising. [Besides], technology is evolving very fast and interfering in our professional lives, so there is a need anyway for everybody to embrace technology and the education that comes with it to gain digital literacy and sophisticated skills. As this need grows stronger, it will drive a growth in the number of women who will embrace technology and choose to work in the sector. An important point I’d like to make [here] deals with the [perception] of measures taken today. Some of them are seen as punitive because they stigmatise women by excluding men. I believe that any measure taken to incentivise women to embrace technology and work in tech sectors should not differentiate between men and women but rather drive societal change. Are we leaving the older generation behind? How can they take part in the digital shift? The aim here should not be to acquire [in-depth] skills or knowledge on how technology works, but how to use simple technology. [For example], the use of social media to stay connected with loved ones. We’ve seen how important it was during the pandemic. A lot of administrative processes today are becoming more digitalised. For example, Payconiq and MyGuichet.lu [are prime examples].

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they are at the beginning of the journey. Yet, there are achievements--personal Members financial investments, developed products, existing partners, a first customer, [etc.]-that need to reflect [in a pitch]. Third, the growth potential. This will Projects invested in 2020 reflect the potential of your startup to scale up and gives the investor an idea of the return of investment [ROI]. I have Invested by members in total seen a few startups who are satisfied with having Luxembourg or the greater region in their reach. This is not sufficient because we all know that the growth potential is Invested by members very limited, and they could be absorbed in Luxembourg by the competition in future. Investors were mostly attracted to Fourth, the financials and projections. fintech, marketing and advertising, All that has been achieved in terms of internet and web services and real estate sectors. Equity (41%), numbers--monetisation, ROI, capital convertible debt (31%) and preferred expenditures--needs to be clear. equity (19%), were the Finally, the team. [Precisely], how the main types of investments. entrepreneur demonstrates his or her Source LBAN (2020 figures) leadership. Talking about the team should include the complementarity between the team members, operating policies, and processes and procedures to support a potential staff growth in the future. How will seniors cope with this change Many startups are dying because their and digital transformation? In countries growth cannot be sustained. I can give like Luxembourg and [other] industrial- many examples. ised countries, baby boomers need to have access to this basic education with- What tips can you give to startups looking for funding in Luxembourg? out having to pay. The challenge of funding is not pertinent How has the tech engineering field to Luxembourg. And I think Luxembourg changed compared to when you were and public institutions are doing a lot to in school? support startups. The advice I usually Well, I’d say it has evolved. More than give to startups is to step out of the crowd... 20 years ago, when I was in the engineer- Come up with a solid pitch to sell the ing school, we were already talking [and identified value of your business and how learning] about AI. Also, I took telecom it differentiates from the competition. engineering [classes], which was fairly Use today’s technology to gain visibility. new at that time but has [now] become Attend networking events… Participate standard. I would say topics have evolved, in startup contests [to] gain visibility in [although] the topics are still more or less the press, and train yourself on how to the same. have an elevated pitch. With a solid pitch, the entrepreneur will be perceived as As someone who has been on the jury completely knowing the business. of different startup contests, what Finally, build your personal and comattributes do tech angel investors look pany branding. As the head of a startup, for in a pitch? your personal branding reflects on the I would classify them in five main areas company’s brand; [the two] cannot be that will apply systematically for any dissociated. With many products and startup and investor. First, a solid vision. services to choose from, people tend to This includes the problem the startup buy value. And how to get into the heart aims to address, its value proposition and of your buyers is through your personal and company branding. business model. Second, the commercial traction. The startup doesn’t have to be profitable and that’s why they are called startups, because

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Success Stories

JANUARY 2022 INNOVATION & DIGITAL

Four purpose-driven startups The startup field continues to evolve in new and surprising directions. Delano spoke to entrepreneurs who are going screenless, circular, educational and more. Interview DELANO STAFF

The company’s tagline is “the best wine from every vine”. But how do they get it, exactly? Founder Alan Ames explains that Vingineers blends satellite data with drone footage, and then uses AI-based models to analyse the result and produce advanced vineyard analytics. In practical terms, this translates into reports on field health, projections about harvests, advice on the best sampling spots, digitalising the grape-to-bottle process and other services for farmers. “Every single vine gets its own personality, with hundreds of metrics about the health of that vine,” Ames says. Ames, who worked for over a decade as a satellite engineer, spent several years experimenting with the product and offering bespoke services to winegrowers “We look at before setting up in every single vine Luxembourg in 2021. as an individual.” The startup’s next tarAlan Ames get: scaling up. “We’re CEO, Vingineers launching a new vision of being able to provide something for wineries worldwide using satellite data,” he says.

YEAR OF CREATION 2018

SECTOR Language learning

YEAR OF CREATION 2021

SECTOR AI, viticulture

CEO Michelle Glorieux

INNOVATIVE EDGE Screenless in a digital world

CEO Alan Ames

INNOVATIVE EDGE Specialised application of AI

HEADQUARTERS Luxembourg City

HEADQUARTERS Esch-Belval

Mehdi Farahmand, Luxembourg Chamber of Commerce ; provided by participant, Alan Ames

Technology has opened up countless doors for language learning, but a young company in Luxembourg has wil“This is fully decided to close one of them: its product is my life’s purpose, not an app. Ta-Da!, I truly believe.” founded by Michelle GloMichelle Glorieux rieux in 2018, is entirely CEO, Ta-Da! screenless. “We are the first language-learning solution that marries both the physical and digital world in one product,” says Glorieux. The product is books: Ta-Da! publishes a range of titles for kids aged 0-14 who want to learn English, Spanish, German, French or Chinese, with more languages--including Luxembourgish--on the horizon. Glorieux calls it a “tactile experience” and stresses the importance of that for children. “Parents want to do everything they can for their kids’ creativity when they’re little,” she says. “After that, they can work on their coding genius side.” Ta-Da!’s success is bolstered by its many partnerships, including with linguists, parents and all-star musicians and illustrators.

Vingineers

Photos

Ta-Da! Language Productions

Success Stories

Asets-Lux

Filip Westerlund was cleaning up plastic on the Swedish west coast when he realised something: he was wearing, head to toe, the same toxic material that was (and is) choking the natural environment. Fast forward to 2020: Westerlund founds Our Choice, “the world’s first circular sneakers”, in Luxembourg. The shoes are made of vegetable-tanned calf leather (sourced as a byproduct from the Italian food industry), natural rubber, eco-cotton and coconut fibre. Zero plastic. But, Westerlund explains, the company is far more than a goods manufacturer. It represents a rebuttal to the throwaway culture of fast fashion, a community movement towards taking care of your belongings and cherishing them. “It’s about returning to a personal relationship with your fashion items,” he says. To that end, Our Choice sneakers are durable, mendable and meant to last a long time. You can send them back to the company for repairs or upcycling, and when their wearability is truly exhausted then the raw materials are biodegradable. By prolonging your relationship with any garment, Westerlund reasons, you attach a story to it. Enhancing that connection is a QR code on every pair of sneakers, tracking their trans“We’re not only providing transparency a c t i o n a l a n d r e p a i r history. and traceability to users, Westerlund studied but we’re making them as a psychologist, which may explain his interest active agents in the in what his users know circular supply chain.” rather than (merely) how Filip Westerlund much they buy. “I believe CEO, Our Choice education is the new marketing,” he says. “It’s all about conveying the message and helping every one of us do better.”

“Up until yesterday we were screaming our lungs out, saying, ‘Use our product to do it faster!’ But today that competition has gone out the window because, “Time is of primary whether you do it or I do it, essence for the energy we’re both going to lose. We’re both going to die in sector ecosystem.” Ashwini Oke climate change.” CEO, Asets-Lux So says Ashwini Oke, founder of Asets-Lux, a Luxem bourg startup that helps firms in the engineering, procurement and construction (EPC) sector accelerate their activities. Oke and her team have created a trademarked Integrated Design Suite (IDS)--the world’s first, she says--which gathers all the disciplines involved in an engineering project onto one platform in the cloud. It performs simulations and computations and uses immersive 3D graphics. “Imagine I give you a technology that converts kitchen waste oil into aviation fuel,” Oke explains. “That’s a technology. Kudos to that. But taking it and putting it into execution is a tremendous amount of engineering.” The average project in the EPC sector takes two years to implement; the IDS platform, Oke estimates, cuts that time down by 40%. When asked what Asets-Lux’s biggest hurdle is, Oke quickly names change management. “Our biggest challenge in the energy sector are the entrenched, monopolised products that have consistently been used for the past 30 years.” Interestingly, one of her approaches on that front has been via education. As part of the startup, which is still in its early stages, Oke has launched a postgraduate course on the EPC sector at an Indian university. “We let the students become our pioneers,” she says.

YEAR OF CREATION 2020

SECTOR Apparel

YEAR OF CREATION 2017

SECTOR Cloud computing

CEO Filip Westerlund

INNOVATIVE EDGE Circular economy, repair-oriented

CEO Ashwini Oke

INNOVATIVE EDGE Education strategy

HEADQUARTERS Esch-Belval

HEADQUARTERS Dalheim

Provided by participant, Filip Westerlund, Ashwini Oke

Our Choice

Photos

JANUARY 2022 INNOVATION & DIGITAL

S AV E

THE

DAT E

TECH 50 AWA R D S

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How can companies make better use of data via HPC? The University of Luxembourg, with Luxinnovation and LuxProvide, launched the 10-petaflop Meluxina in June. Two actors weigh in on what high-performance computing (HPC) can deliver for business. Words BIANCA PANAINTE

PASCAL BOUVRY CEO LuxProvide

RAMONA CAULEA European project administrator Luxinnovation Luxinnovation helps industrial companies of all types and sizes to manage their digital transition. Meluxina was designed to meet the needs of the private sector; 65% of its capacity can be directly used by companies. HPC operates across all sectors of the industry: healthtech, mobility, space, smart cities, energy and creative industries. Using the large amounts of data, the HPC is able to perform simulations that “mimic reality in all its complexity,” according to Caulea. “Space is one of the most promising sectors, with a lot of potential to be explored when the HPC comes into play.” The upcoming project will connect the Luxembourg Digital Innovation Hub (LDIH) with the European network of DIHs, allowing companies to access expertise within the European network. Pre-exascale computers are the next frontier of computing, and by 2027, a “€7bn investment will see Europe reaching this next frontier of high-performance computing with the acquisition of exascale supercomputers.”

“We foresee using Meluxina in the healthtech, fintech sectors… and in the agricultural domain.”

Luxinnovation/Marion Dessard, LuxProvide

“Space is one of the most promising sectors with a lot of potential to be explored when the HPC comes into play.”

Employing its unique expertise, LuxProvide provides hardware architecture solutions to help big companies, SMEs and startups. The company supplies state-of-the-art simulation and modelling applications using artificial intelligence, machine learning and big-data analytics. The two main domains are industry 4.0 and space; however, the company “foresees using the HPC in the healthtech and the fintech sectors,” Bouvry explains. Several projects are underway. “We are currently negotiating and working on a joint private equity management project involving the University of Luxembourg, the European Investment Bank,” the CEO adds. The “Sustainable and Trustworthy Artificial Intelligence Recommitment System” is a research project aimed at encouraging private equity partners to invest in innovative and sustainable technologies. “We are currently interacting with the ministry of agriculture for future projects in the agricultural domain,” Bouvry adds. LuxProvide also recently invited startups to apply for HPC access within the framework of the 12th Fit4Start edition.

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