Today, what do you think are the main challenges for the future of Luxembourg in the worldwide financial industry?

Thomas Klein. — “Similar to all EU markets, ongoing and evolving regulatory requirements from both domestic and international bodies can pose challenges for financial institutions in Luxembourg. Compliance with regulations requires significant resources and adaptation. Likewise, the rise of financial technology (FinTech) and digitalization is reshaping the financial industry. Luxembourg must adapt to new technologies, cybersecurity risks and changing customer preferences to remain competitive.

At the same time, legacy systems at financial institutions can prove to be slow to change and adapt, which puts strain on both human and financial resources.

What is your own role in the success of the Luxembourg financial center?

“It’s important to note that the success of the Luxembourg financial center is the result of a collaborative effort involving numerous financial institutions, regulators, policymakers and other stakeholders. Quintet Private Bank, like other financial institutions in Luxembourg, plays a part in contributing to the country’s reputation as a global financial hub and a center for wealth management and private banking services.

Quintet Private Bank has a significant footprint in Europe and UK, and serves clients across multiple jurisdictions. Our international network and client base contribute to Luxembourg’s position as a hub for cross-border wealth management and investment services for funds and insurance companies. It is important to us to contribute to the Luxembourg community, participating in various working groups and initiatives. This enhances Luxembourg’s reputation as a global financial center.

How do you foresee the future of the Luxembourg financial center?

“The Luxembourg financial center is likely to continue evolving in response to changing market dynamics, regulatory requirements and global trends. Its commitment to sustainability innovation and sound governance positions it well for a promising future, but proactive adaptation, proximity of the regulator to the industry and collaboration with international partners will be key to its success.”