SnT is establishing a FinTech Lab
Prof. Dr. Björn Ottersten, Director of SnT presents “FinTech Lab” at the Fintech R&D Innovation Conference, 19th January 2016
You studied and worked in the US (Stanford) and Sweden (KTH). What is the main difference between Luxembourg and these countries with regard to the overall approach to science?
Luxembourg does not have a long history when it comes to research and higher education. This is both a strength and a weakness. We have to work harder to increase the visibility of Luxembourg on the European research scene and to attract students and scientists not yet familiar with the exciting developments in the country. The short history is also an opportunity for us to shape a unique environment for research and innovations in order to bring both public and private actors together, sharing a common vision – this is also what attracted me to join the University of Luxembourg.
What is your Vision for SnT in the FinTech area?
Although the banking and financial sector is a heavy user of ICT, digitalization has not yet transformed or disrupted this sector. The coming years will see a transformation driven by technological advances and Luxembourg must be at the forefront if it wishes to maintain its current position. SnT can play an instrumental role as an R&D partner positioning corporate partners and increasing their competitiveness. In addition, SnT aims to be a catalyst for inward fintech R&D investments in the country.
How much of the R&D currently done by SnT is FinTech related?
In the past 7 years, SnT has built capacity and key R&D skills in enabling technologies for the fintech sector. We have already attracted world-class scientists and over 250 people to the centre. We need to further build on the existing strengths of Luxembourg in order to be even more competitive at the international level. We have identified several key areas such as security, cryptography, blockchain, machine intelligence, compliance and data analytics enabled by big data technologies. These topics concern many actors of the Luxembourg financial market place.
How can the needs of a research institution like SnT be reconciled with the needs of FinTech businesses?
SnT brings expertise in a number of key technologies and our partners bring their knowledge about their own sector. Together we can then address mid-term challenges faced by the partner and related to our areas of expertise. We already have a successful track of projects with 26 partnerships and some 100 scientists contributing to them. This expertise and experience allow us to cater for the needs of the emerging fintech industry.
How can FinTech companies in Luxembourg invest into research? What are the requirements for developing a successful scientific collaboration?
SnT builds strategic partnerships with the ultimate goal of increasing the competitiveness of our partners through R&D investments. Our PPP (Public, Private, Partnership) projects have a 3 to 4 year commitment and are jointly funded by the partner and SnT. The process is facilitated if there is a strong commitment from the partner’s top management team, which has expressed willingness to devote resources to research.
How is SnT contributing to the development of Luxembourg as a competitive FinTech hub?
In the ICT security and Big Data areas, SnT has already made numerous contributions to the Luxembourg sector and indirectly contributed to increase foreign R&D investments through partners from Sweden, Portugal, Brazil and Austria. We hope to play an instrumental role in creating a self-sustaining fintech innovation system in the GrandDuchy.
FinTech R&D Innovation Conference
FinTech Gazette / January 2016