Catapult:
Future Foundation
Program
SHAPE THE FUTURE OF FINANCIAL DATA & DOCUMENT EXCHANGE
Apply now with your solution for a cutting edge platform that will transform the way financial institutions exchange critical data and documents securely.
The LHoFT —
Luxembourg
House of Financial
Technology
Applications OPEN
Apply by: FEBRUARY 28, 2025 | BOOTCAMP: 24-28 March 2025
The Program
The Catapult: Future Foundation Program aims to address critical issues facing financial services by developing shared, mutualised technology solutions that can be used across the industry.
Guided by a Steering Committee of Luxembourg industry leaders, the program seeks proposals for solutions that will help reduce costs, drive efficiency, and improve client experiences while also meeting the highest standards of data privacy, cyber resilience and regulatory compliance.
- Description:
For its inaugural edition, the program will focus on addressing the need for a cutting-edge platform that enables seamless and secure data and document exchange between actors in the financial services industry.
- The Objective:
The primary goal of the Data and Document Exchange Platform is to establish a collaborative ecosystem that enhances the efficiency, transparency, and interoperability of data and document exchange between financial institutions and supporting service providers of Luxembourg. This initiative addresses challenges faced by various institutions through the creation of a unified platform, fostering mutual benefits for all participants.
Who Can Apply?
The program offers participants a unique opportunity to engage with leaders, investors, and founders in Luxembourg’s Financial Inclusion landscape, gaining invaluable insights and knowledge. The program concludes with participants pitching to a panel of industry experts.
- Technology firms, software developers, and system integrators with experience in developing secure, scalable platforms, preferably in regulated industries like finance or fintech.
- Consortiums or partnerships with the technical expertise required to deliver a complex data exchange platform.
- Firms with a proven track record in areas such as cloud computing, data encryption, blockchain, API integrations, financial technology, and regulatory compliance (GDPR, MiFID II, PSD2).
- Firms with an understanding of the specific challenges of financial document exchange and data privacy in Europe.
Open Call for Applications
Interested vendors are invited to submit their applications online, detailing their solution’s alignment with the program’s requirements. The process is divided into the following steps:
- Part 1: General Information: about the company, including its legal structure, contact information, and ownership details.
- Part 2: Business Requirements: how the solution meets the business requirements outlined in the program,
- Part 3: Commercial Assessment: details on the commercial aspects of your solution, including pricing model, development stage, delivery plan, implementation strategy, and any associated costs.
Functional and non-functional requirements:
Functional Key Requirements
| Document and Data Management Requirements: Supports uploading various document types required for onboarding, ensures version control for accessing up-to-date documents, enforces data retention policies for appropriate and secure disposal, tracks document and data expiration for automated management, maintains clear data lineage by tracking the origin, movement, and transformation of data, provides transparency into data sourcing and usage, and allows extraction of documents and data in appropriate formats (e.g., .csv) to reduce manual re-entry. | ||||
| Reporting and Analytics, Audit Trails: Maintains a comprehensive audit trail, ensuring compliance with Luxembourgish and European regulations, and generates detailed reports and customizable dashboards to monitor data exchange progress and user activity. | ||||
| Data and Document Exchange requirements: Facilitates the secure exchange of all required documents and data for a variety of services, ensuring compliance with relevant regulations in Luxembourg. The platform enhances communication with clients and stakeholders through transparent channels, supporting the efficient and secure transfer of key information, including personal, legal, and financial data, across different processes. | ||||
| Integration Capabilities: Integrates with existing systems (e.g., CRM, core banking, onboarding systems) via APIs, file-based integration, or messaging. |
Non-functional Key Requirements
| Data Security Requirements: Ensures data integrity, confidentiality, and regulatory compliance. The system adheres to top security standards, including GDPR compliance, secure data transmission with robust encryption, regular audits, and two-factor authentication (2FA) for enhanced access control. | ||||
| Performance, Scalability, Availability, and Uptime requirements: Ensures high availability with minimal downtime, incorporates a disaster recovery plan, conducts regular security audits, supports (e.g., AI-based) validation for document authenticity, and provides fast processing speeds with scalability to support a growing user base. | ||||
| Regulatory Compliance: Ensures strict adherence to Luxembourgish and European regulatory standards, including GDPR, MiFID II, and AML directives. |
Benefits
- Direct Exposure to Future Clients: Providers will have an exceptional opportunity to work directly with potential clients, gaining valuable feedback and insights into the needs of Luxembourg’s financial institutions.
- Market Readiness: By participating in this program, providers can validate their solution against industry-specific requirements and refine their offering with direct input from prospective users.
- Potential for Program Selection: Providers not only stand to be selected as the winner but also to establish meaningful connections with financial sector associations, positioning themselves as trusted partners in Luxembourg’s financial ecosystem.
- Eligibility for Co-Funding: Selected providers will be eligible for grant funding to support their participation and development efforts, helping to ensure that the solution reaches the desired maturity and meets industry standards.
- Winner Endorsement and Networking Support: After the selection of the winning solution, associations involved in the program will endorse the provider by facilitating connections through workshops, presentations, or participation in special industry events. This post-selection support enhances visibility and credibility, allowing the winner to strengthen its reputation within Luxembourg’s financial ecosystem.
Submitted applications are evaluated against general eligibility criteria, including regulatory compliance, financial stability, and relevant experience. These sections are only required for those selected for further evaluation.
- Part 4: Eligibility Criteria
Shortlisted applicants will be required to provide evidence of their eligibility, including adherence to program criteria, financial viability, and regulatory compliance. - Part 5: References and Experience
Shortlisted applicants must also submit references and examples of past projects relevant to the program. This section is only required for those selected for further evaluation.
Selected candidates will be invited to a 5-day bootcamp in Luxembourg, where they will collaborate with jury members and industry experts to refine their solutions based on practical needs and feedback.
After the bootcamp, participants will have four weeks to enhance and submit their final proposals.
The jury, composed of industry professionals and independent experts, will evaluate the final pitches and select the most suitable solution for implementation.
Selection Criteria & Evaluation Process
The applications will be evaluated based on the following criteria:
- Innovation
- Technical Expertise
- Financial and Operational
- Feasibility
- Compliance and Security
- Experience with Similar
- Projects
Benefits
Direct Exposure to Future Clients: Providers will have an exceptional opportunity to work directly with potential clients, gaining valuable feedback and insights into the needs of Luxembourg’s financial institutions.
Market Readiness: By participating in this program, providers can validate their solution against industry-specific requirements and refine their offering with direct input from prospective users.
Potential for Program Selection: Providers not only stand to be selected as the winner but also to establish meaningful connections with financial sector associations, positioning themselves as trusted partners in Luxembourg’s financial ecosystem.
Eligibility for Co-Funding: Selected providers will be eligible for grant funding to support their participation and development efforts, helping to ensure that the solution reaches the desired maturity and meets industry standards.
Winner Endorsement and Networking Support: After the selection of the winning solution, associations involved in the program will endorse the provider by facilitating connections through workshops, presentations, or participation in special industry events. This post-selection support enhances visibility and credibility, allowing the winner to strengthen its reputation within Luxembourg’s financial ecosystem.
Steering Committee
Observers
Insights from the Steering Committee
❝ The LHoFT’s Catapult: Future Foundation Program” is a key initiative designed to lead Luxembourg’s ecosystem to a competitive edge. By improving efficiency on priority processes, this program fosters the development of ground-breaking solutions that can drive economic growth. The LPEA encourages participation to help shape the future and support new opportunities for creativity and innovation in our industry. ❞
❝ Fintechs and banks should join forces, as their collaboration seamlessly blends the agility and innovation of fintechs with the stability, regulatory expertise, and trustworthiness of banks, creating a true win-win partnership. By working together, in use cases like the data exchange, banks can fast-track their digital transformation, improve operational efficiency and deliver cutting-edge services to clients. At the ABBL, we’ve observed a growing openness among banks to collaborate with fintechs. For instance, our latest study on the digital transformation of private banks, conducted with KPMG, reveals that 74% of respondents are already leveraging FinTech solutions to cater to tech-savvy clients. The ABBL is ready to bridge the gap between banks and fintechs! ❞
❝ Innovation thrives when collaboration is at the core. The Catapult: Future Foundation Program epitomises Luxembourg’s unique ability to bring together diverse stakeholders to address complex challenges with mutualised solutions. This program is a bold step forward in ensuring our financial ecosystem remains efficient, secure, and globally competitive. We appreciate the support of the institutions and associations that have worked hard over the past months to define the requirements. Now it’s time for the technology companies, big and small, to step up and answer the call. ❞
❝ L3A is a strong supporter and fully committed to the LHoFT Future Foundation Mutualisation Project in which we participate at the Steering Committee level. This project highlights the clear market issues around the duplication of a high volume of low-value but time-consuming tasks, with replication of data widespread across the industry and its market participants. Luxembourg would gain a huge competitive advantage through having an efficient infrastructure catering for the simplification of such tasks and data sharing. ❞
❝ The program is a unique initiative that brings together innovation, collaboration, and mutualisation to tackle one of the most pressing challenges in the financial sector: secure and efficient data exchange. By uniting technology providers and Luxembourg’s leading financial institutions, we aim to deliver transformative solutions that will simplify processes, enhance compliance, and solidify Luxembourg’s position as a global leader in financial innovation. ❞
FAQ’s
Who can access our application form? Is it confidential?
Your application form and all information and attachements you provide can only be viewed internally by the LHoFT and the program’s Steering Commitee upon request. You can read more about how your data is handled under section 5 “Data Storage and Processing” in the program’s Terms & Conditions page.
The application form requests for the submission of ESG related policies. What if our business does not have such policies? Are we still suitable candidates?
The ESG-related questions in the application form are included to align with evolving industry expectations around sustainability, governance, and responsible technology practices. However, having a formal ESG policy is not mandatory for your application. If your company incorporates any ESG-related principles—such as data privacy commitments, ethical AI use, sustainable hosting, or governance best practices—you may briefly outline them. If none of these apply, you can simply indicate that an ESG policy is not applicable to your business model.
The application form appears to be in an RFP format and asks questions that seem tailored to a regulated business. What if our business is not a regulated entity, are we still suitable to apply?
While the application form follows an RFP-style format to ensure we gather relevant details, being a regulated entity is not a requirement for participation. The program is open to all technology providers that can offer solutions aligned with the objectives of secure and efficient data and document exchange for the financial sector.
If certain questions seem more relevant to regulated businesses, you can tailor your responses to highlight how your solution meets industry needs—for example, in terms of security, compliance readiness, interoperability, or operational efficiency—even if you are not directly subject to financial regulations.
Is there a pre-defined requirement of providers and recipients of data and documents exchanged that must be fulfilled by out solution?
No, applicants are encouraged to design and detail distinct user paths for:
Providers of Information: Proposals should outline how information providers can submit, update, and share data, ensuring accuracy and usability.
Recipients of Information: Proposals should also include mechanisms for data recipients to access information, sharing, request updates, and be notified of any changes efficiently and securely.
This approach fosters creative and diverse solutions, ensuring that the final system meets the needs of all stakeholders effectively.
Do you have an exact date for the bootcamp?
The initial bootcamp is planned to take place in Luxembourg during the last week of March 2025. Once the exact date is finalized, we will inform all selected participants.
Are only tech providers with an existing legal person are eligible to apply? We are a startup but have not formed the company yet.
While having an existing registered legal entity in the EU is not a prerequisite during the application process, the winning solution must have a registered office at the time of implementation. If your startup is still in the process of forming a company, you are welcome to apply, provided this condition is met later.
Have you established a user journey for participants involved in the exchange of information, whether they are sharing or collecting data? Additionally, are there defined processes for information providers to share or update their details, as well as for recipients to request information or submit update requests?
At this stage, we have intentionally kept the requirements broad to allow applicants the flexibility to propose innovative solutions tailored to their expertise and approach. A defined user journey has not been included in the published requirements. Instead, applicants are encouraged to design and detail distinct user paths for:
Providers of Information: Proposals should outline how information providers can submit, update, and share data, ensuring accuracy and usability.
Recipients of Information: Proposals should also include mechanisms for data recipients to access information, sharing, request updates, and be notified of any changes efficiently and securely.
We believe this approach fosters creative and diverse solutions, ensuring that the final system meets the needs of all stakeholders effectively.
What is the vision of scalability outside Luxembourg?
The winning solution will be piloted in Luxembourg but must ensure Global/European outreach since a large variety of Luxembourg’s financial institution clients are based abroad.
Is the application survey available in a different format?
We can provide a PDF or Excel extract upon request to help you review the required information in advance. However, all applications must be submitted through the official application form.
Please note that submissions via email or other formats will not be accepted.
Is the solution you are looking for something that already exists or can it be something that we can partly cover now and fully cover in the future or a completely new solution that we build from scratch?
It can be something readily available, partly available or available in the future assuming the development pipeline is established with no risk of delay.
Is there any kind of treatment of applications based on the submission date, i.e. the earlier the better, or is there really time until February with same chances for every application?
The chances are the same for all applications until the closing date, assuming of course the applications are completed in full. Fully submitting your application early will help us identify potential clarification points should any arise.
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