July 2020 \ Cover Story \ COVER STORY
Luxembourg, the Fintech and Payment Hub for Europe

The new dimension of Luxembourg-India’s long-lasting relationship ...

The new dimension of Luxembourg-India’s long-lasting relationship

Luxembourg, a core European Payments Hub

What do Amazon, Rakuten and Alipay all have in common? They have chosen Luxembourg as their European Headquarters. As one of the largest financial centres in the world ($5tn AUM in funds industry; 120+ banks; 100 insurance firms; major custody and listing centre, a regulator experienced in cross-border financial services), Luxembourg has become one of the biggest Fintech hubs in Europe, attracting the most innovative companies looking to showcase their solutions to the financial industry and serve the half a billion European consumers. English is the main business language and the regulator is very innovation oriented, providing European passporting licenses to Payments companies, Electronic Money Institutions and Digital Banks. Furthermore, Luxembourg’s workforce is highly educated and skilled as well as diverse: 47% of the population are foreigners and 200,000 people commute daily from Belgium, France and Germany to work in the Grand Duchy. Luxembourg is ranked first in the world for its start-up environment fostering innovation, according to Cisco’s digital readiness index in 2019.

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