"Nasir Zubairi runs the Luxembourg House of Financial Technology (LHoFT) a not-for-profit foundation that is a true co-operation between the government and the financial services sector, and is at the helm of leading the drive in digital innovation in financial services. Investment management is being “digitized” across all parts of the investment management value chain in the Luxembourg ecosystem.”
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Coming from Forbes, a leading US publication, this article represents a strong endorsement of Luxembourg’s drive to leverage its powerful investment funds ecosystem with emerging technology.
From advances in digital distribution, to Know Your Data (KYD) and KYC, Key Investor Information Documents (KIIDs), and automated custody and transfer agency functions, firms in the Grand Duchy have unhesitatingly adopted and customised the latest technology to improve decision-making and efficiency.
Some aspects of the new technology are nothing short of game-changing. The ability for fund managers, acting as an Account Information Service Provider (AISP), to request access to a retail customer’s bank account data will revolutionise the KYC process. The often painful onboarding process will be considerably speeded and streamlined as a result. This is great for fund managers and, more importantly for an industry in which great service has become a key differentiator, customers win too.
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