The financial centre is one of the central strengths of the Grand Duchy. How is it doing today?

Falk Fischer. – Luxembourg financial market is in an era of major tectonic shifts – be it the rise of digitisation, the fusion of technologies, new players, the war for talents or the pandemic environment. The private banking industry has grown stronger out of all these challenges, as they have accelerated their transformation into the digital era. However, the tech transformation in private banking is still in its earliest stage to detect potential for further business growth. 

To guarantee the competitiveness and sustainability of the financial industry in Luxembourg, what do you think should be the main actions to be taken in 2022?

In order to remain competitive, it is of central importance to deal with two major issues: globalisation and technology. Significant signposts and milestones would be, for example: positioning as a digital leader in Europe, European No. 1 location for global/sustainable financial service providers, expanding the geographical radius of action beyond the borders of the European Union, increasing the attractiveness as an EU onshore location for international investors and financial institutions.

What could the Luxembourg financial centre look like by 2030?

The Luxembourg financial industry is no longer the same as it was ten years ago. And it will not be the same in ten years as it is today. It will not develop in single steps, but in leaps and bounds – just like society. Only the large institutions that can afford, for example, an efficient, advanced IT structure will remain competitive. This is the basis for meeting the constantly growing demands of clients for sustainable, future-proof products, security and digitisation, as well as the regulatory requirements for transparent business. The shift into technology will require workforce with a different profile than today. 

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