Create a Fintech Business in Luxembourg
Create a Fintech Business in LuxembourgUpdated on Friday 14th December 2018
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Luxembourg is a top financial center in the world and, according to the government, it has positioned itself as an international leader in the digital financial services industry. This field implies the use of financial technology, mostly known as fintech. With strict but clear regulations for the financial industry, Luxembourg is one of the preferred destinations for foreign investors interested in starting a fintech company. Also, young enterprisers seeking to combine finance and technology have great chances of succeeding on a market like Luxembourg.
If you want to set up a fintech business in the Grand Duchy, our lawyers in Luxembourg can explain the laws you must comply with.
Why set up a fintech business in Luxembourg?
In 2015, Luxembourg was announced as the first fintech jurisdiction in the European Union by the Global Financial Center Report and ever since things have moved at an impressing speed with more and more local banks adopting digital technology in order to offer secure and modern services to their clients. The programs used by Luxembourg financial companies were developed by the rising number of fintech businesses. It should also be noted that Luxembourg was among the first countries in Europe to have its own Fintech platform: the Luxembourg House of Financial Technology.
Luxembourg boasts an impressive number of more than 150 banks and a little over 300 insurance companies, therefore opening a fintech company which caters to the needs of these institutions will most likely be a very lucrative business opportunity.
Our law firm in Luxembourg can assist in opening a financial company in this country.
How to open a fintech company in Luxembourg
Those who want to create a fintech company in Luxembourg must register one of the available types of structures provided by the Commercial Law. Following that, the company must obtain the approval of the Luxembourg Financial Regulator and apply for the appropriate license depending on the services it will offer.
Luxembourg fintech companies can carry out one of the following activities:
- - e-payment services,
- - creation of e-money;
- - creation of blockchain technology;
- - development of software related to the financial sector;
- - development of e-commerce platforms.
For assistance in starting a fintech company, please contact our Luxembourg lawyers.