A Premier Acceleration Initiative

Catapult, renowned for accelerating fintech startups globally since 2016, closed its first edition in Asia with resounding success. Supported by the Directorate for Development Cooperation and Humanitarian Affairs, the program welcomed 15 impactful fintech startups from 10 countries. Over two weeks in Bangkok and Luxembourg, participants engaged in 37 workshops and over 90 hours of intensive training, guided by 40+ mentors and involving 32 partners from ASEAN fintech associations and Luxembourg stakeholders. This immersive experience provided startups with essential tools, personalised mentoring, and unparalleled networking opportunities, including participation in Money 20/20 Bangkok and Nexus 2050 in Luxembourg.

Deputy Director for Development Cooperation and Humanitarian Affairs, Geneviève Hengen: “This first edition of the Catapult: Inclusion Southeast Asia has been a transformative journey for all participants, fostering diversity and innovation by empowering underrepresented fintech entrepreneurs with the resources, mentorship, and global network needed to develop solutions that uplift the most vulnerable communities, ensuring inclusive growth and financial accessibility.“

Innovative Startup Cohort

This edition featured diverse fintech startups, spanning blockchain, digital banking, payments, credit scoring, risk management, IT consulting, and sustainable financing. InvestEd (Philippines), with their Gen Z-focused lending platform, won the competition and were awarded 10,000 euros. Farmvocacy (Philippines), with their farm sustainability efforts, won the “Coup de Coeur” prize and were awarded a full invitation to the African Microfinance Week.

Among the Catapult Alumni were AIForesee (Indonesia), BlueDuck (Malaysia), Ekko (Vietnam), Fina Fintech (Laos), Finfra (Indonesia), GoodTech Information Systems Inc. (Philippines), Global CreditPros, iCare Group (Singapore), Laneth Tech Company (Thailand), Lao Mobile Money (Laos), LTS VENTURES (Laos), Noburo Wealth-Being (Thailand), and Wahine Capital (Malaysia). Each brought unique technologies and perspectives, enriching the vibrant fintech innovation ecosystem in the region.

Bridging Fintech Ecosystems: Catapult’s Impact 

Catapult: Inclusion Southeast Asia’s debut yields impressive outcomes; startups report major improvements in business strategies and vision. Notably, collaborations like the partnership between Farmvocacy and Laneth Tech, born from the program, exemplify Catapult’s transformative potential. This marks the first official partnership among several announced within the cohort. Startups are also actively pursuing investments from top financial institutions and venture capitalists, as well as forging essential connections with potential clients.

Catapult’s central mission is to generate impact by connecting fintech ecosystems worldwide with Luxembourg, fostering cross-border collaboration and knowledge exchange to enhance global competitiveness. This initiative not only opens doors to new customer bases and investment opportunities but also cultivates synergies across diverse markets.

LHoFT CEO, Nasir Zubairi, expressed, “Catapult: Financial Inclusion Southeast Asia has demonstrated the power of fintech to bridge markets and foster sustainable growth. This program underscores Luxembourg’s commitment to being a pivotal hub for global financial innovation and inclusion.”

Catalysing Fintech Innovation

The LHoFT drives global financial inclusion by expanding its Catapult program to new regions and fostering innovative approaches. Their commitment to diverse and pioneering cohorts solidifies their position as a leading fintech accelerator in Luxembourg and Europe. 

The latest edition of Catapult highlights the impact of collaboration and innovation in the fintech sector. The program accelerates not only business growth but also cultivates a global fintech community, uniting brilliant minds from across the globe. With three more editions slated for 2024 – Catapult: Green Fintech, Catapult: Inclusion Ukraine, and Catapult: Inclusion Africa – the journey towards fintech advancement is just beginning.

To learn more and apply for upcoming Catapult editions: https://lhoft.com/lhoftv1/the-catapult-acceleration-programs/ 

A Vision for Inclusive Growth

Selected from a competitive pool of applicants, fifteen fintech startups from across the ASEAN region have been chosen to participate in this exclusive program. These entities stand out for their innovative approaches to enhancing financial access and sustainability within their communities. They are at the forefront of a dynamic movement, aimed at creating impactful solutions that address the unique challenges of their regions.

Luxembourg’s Legacy and Leadership in Global Development

For over a decade, Luxembourg has consistently allocated 1% of its Gross National Income (GNI) to Official Development Assistance (ODA), demonstrating an unwavering commitment to global cooperation and development. Luxembourg’s financial sector plays a pivotal role in this endeavour, hosting a significant portion of the world’s microfinance investment vehicles (MIVs) and facilitating a substantial share of global microcredit transactions. The Catapult: Inclusion SE Asia program is a testament to Luxembourg’s leading position in the financial inclusion domain, furthered by the collaborative efforts of the LHoFT Foundation and the Directorate for Development Cooperation and Humanitarian Affairs. Together, and with the support of a host of other incredible partners, 70 fintechs in emerging countries on the African continent have participated in the Catapult program over the past six years, with significant success.

The Program: A Conduit for Innovation and Collaboration

Scheduled to commence in Bangkok, Thailand, coinciding with the inaugural edition of Money 20/20 Asia, the Catapult: Inclusion SE Asia program offers participants an invaluable opportunity for growth and exposure. The curriculum is designed to enrich the fintech startups with a comprehensive suite of workshops, mentoring sessions, networking opportunities, and investor interactions. Following the initial week, ten of the selected fintechs will extend their journey to Luxembourg, further integrating into the global fintech ecosystem and benefiting from Luxembourg’s extensive financial services network.

Supported by the Directorate for Development Cooperation and Humanitarian Affairs and orchestrated by the LHoFT Foundation, the program is bolstered by over 30 esteemed partners from the financial services, microfinance, and fintech sectors, such as NIA, DEPA, the fintech associations from Cambodia, Indonesia, Laos, Malaysia, Philippines, Singapore, Thailand, Vietnam Fintech Associations, ADA, InFiNe, LMDF, SPTF, Afi, Bamboo Capital Partners, Bitkub, Double Feather Partners, Do Ventures, European Microfinance Platform, GGGI, TFA, Luxembourg for Finance, VIISA, Money 20/20, ABD, Alliance of Digital Finance Associations, Amarante Consulting, Brankas, TechSauce. These partnerships reflect the collective ambition to enhance financial inclusivity and innovation across continents.

A Pivotal Moment for ASEAN-Europe Fintech Collaboration

The Catapult: Financial Inclusion SE Asia initiative aims to bridge and strengthen connections between the fintech ecosystems of the ASEAN region and Europe. Led by the LHoFT Foundation, this program not only showcases Luxembourg’s commitment to financial inclusion but also establishes a collaborative platform for fostering innovation and creating lasting impacts in the communities served.

Nasir Zubairi, CEO of the LHoFT Foundation, said:

“Through Catapult: Inclusion SE Asia, we are championing a more inclusive financial future that leverages technology. The LHoFT, with the support of our partners, aims to empower ASEAN startups to bridge the accessibility gap in financial services, fostering a world where finance empowers everyone. This program marks a critical step towards that vision, embodying our commitment to help transform financial landscapes globally.”

Mr. Xavier Bettel, Vice Prime Minister, Minister for Development Cooperation and Humanitarian Affairs, commented:

“The launch of Catapult: Inclusion SE Asia is a testament to Luxembourg’s resolute commitment to global cooperation and the advancement of sustainable development. By fostering innovation and collaboration in the fintech sector, the program aims to drive financial inclusion and promote economic growth and social equity across the ASEAN region to create a more inclusive and prosperous future for local communities.”

To stay updated on this program, follow us on LinkedIn throughout the entire duration of the program.

The Selected FinTech:

• AIFORESEE – Indonesia

Streamlined Financial Services Thru Innovative Credit Score.

AIForesee is an innovative credit score company that focuses on supporting lending institutions that target the productive segment (i.e.: MSMEs). They aggregate alternative data sources (i.e.: telco data, social media data, payment-related data, etc) and process them with their proprietary scoring engine by leveraging machine-learning algorithms.

• BLUE DUCK TECH SDN BHD – Malaysia

Eliminating cash rental deposits for residential & commercial tenants.

Their residential tenants: 90% are b40 tenants. They are the Risk management company specialised in underserved customers, being guarantor for them and helping them to achieve financial freedom. The idea is to assist tenants to save on rental deposits, giving them a chance to have mobility. For landlords, they are feeling safe because they verified all the tenants before approving them to use our Zero Deposit Program.

• EKKO FINANCIAL WELLNESS – Vietnam

B2B2C financial wellness package for workers.

Ekko is a b2b2c social impact startup on a mission to help workers in South East Asia achieve financial wellness by changing the way they are paid. They provide workers with real-time access to their earned wages through partnerships with employers with a goal to combat the reliance on predatory lenders and debt traps. At the heart of their ethos is financial autonomy, which they foster by offering increased liquidity, comprehensive financial education, and tailored financial planning tools.

• FARMVOCACY – Philippines

Sustaining Farms. Sustaining Lives.

Farmvocacy provides farmers access to financing using PALAYAN-Pawnshop digital platform as a form of commodity (grains) collateralized financing that enables farmers to optimise grain prices capitalising on the seasonality of commodity prices especially during the peak and off-peak harvest season.

• FINA FINTECH – Laos

Digital Financial Services Provider.

FINA is a modern finance institute using a digital system and an expert financial team. They are the first finance institute in Laos that uses the FinTech system to provide convenient financial services for customers and business partners.

• FINFRA – Indonesia

Digital Financial Services Provider.

FINA is a modern finance institute using a digital system and an expert financial team. They are the first finance institute in Laos that uses the FinTech system to provide convenient financial services for customers and business partners.

• GOODBANK – Philippines

Sustainable Finance Platform for Financial Institutions.

GoodTech is a sustainable financial technology company connecting farmers and homebuyers, merchants and gig workers, with rural financial institutions. Through strategic partnerships with established local financial institutions and the strongest players in the technology industry, they bridge the financing gap and make the livelihood of hardworking families more resilient to economic and environmental threats through savings and insurance.

• GLOBAL CREDIT PROS – Philippines

Getting people out of the cycle of debt and on to a path of retirement.

They provide a holistic suite of financial education, term insurance, access to credit, retirement plan, car and housing loan, and mental health services. They are a B2B t o B2C financial wellness provider. They have 11 partners which gives us access to approximately 40,000 employees. They provided world class customer service driven by our intense CX continuous training and invested in an OMNI Channel platform.

• ICARE GROUP – Singapore

iCare is a social enterprise focused on providing low-income women workers.

iCare Group is a social impact membership-based buy-now-pay-later service aimed at offering a long-term sustainable purchase cycle to women factory workers earning $100-400 per month in Cambodia and Lao. The business model is developed around making micro-value mass-retail commerce transactions through deferred payment over the long term with minimal cost-of-funding. These products are sold at competitive prices, when compared to authorised retailers.

• INVESTED PHILIPPINES – Philippines

InvestEd is a FinTech lending platform for Gen Z consumers.

InvestEd is a financing platform for the next generation. It lends directly to Gen-Z students and also operates youth lending services for institutions. It has managed $6M of funding to-date and achieved the lowest default rate in student lending through its algorithm-driven risk model.

• LANETH TECH COMPANY – Thailand

Providing complete core banking solutions to rural financial institutions.

They specialise in Core Banking Solutions tailored for microfinance institutions, rural banks, and credit unions worldwide. Their primary objective is to offer a highly scalable system suitable for both small institutions and large organisations.

• LAO MOBILE MONEY – Laos

Lao Mobile Money has already successfully onboarded over 600,000 registered users.

They offer a versatile platform for digital payments, remittances, and bill payments. Furthermore, their partnerships with local businesses and government agencies provide users with various services within our ecosystem. Their e-wallet has successfully addressed the problem of financial exclusion in remote areas by partnering with local convenience stores to serve as cash-in/cash-out points, extending their financial network to underserved communities.

• LTS VENTURES – Laos

FinTech for Financial Inclusion.

LTS Ventures enables villages to run banks by providing a digital platform and training. Their solution is able to bridge the last mile of financial inclusion, since they are working hybrid: on- and offline. They developed a methodology to set up village banks and to train villagers efficiently in only 3 months per village. They are using AI mechanisms to detect and prevent Fraud and to assess loan requests in a smart way. They are building credit scores for all account holders that have been approved by the Central Bank of Laos. Finally they can disburse money into very remote areas. And all of that happens on a platform that is scalable and easy to use for rural villages.

• NOBURO – Thailand

Financial well-being for your employees.

Noburo solves the problem of income inequality in society through fair credit access and financial literacy for low-income workers by using both humanistic psychology and data science to design digital financial products able to solve the household debt problem in a sustainable and permanent way.

• WAHINE CAPITAL – Malaysia

W Vault your personal digital vault designed for women by women.

Their mission is to create a future where women have the confidence, capability, and knowledge to secure a solid financial foundation for themselves and their communities. Their inaugural product, W Vault, was launched on May 28th, 2023. W Vault is a digital vault, offering a secure online platform where users can confidently store their important information and documents. With its user-friendly interface, W Vault allows users to efficiently organise their assets and liabilities, helping them manage their financial information effectively.

Nova Lead, the newly minted AI CEO, has already initiated shifts in Bifin AI’s strategic trajectory. Among its first orders of business, Nova Lead has unveiled an executive team comprised solely of AI entities, each augmented by a human assistant. This revolutionary model marries AI’s unparalleled analytical capabilities with human insight, catalyzing a leap in operational productivity and decision-making efficiency.

Operating with the mantra, “Outsmarting Human Decisions,” Bifin champions the use of AI to refine decision-making processes. Bifin strategically targets sectors where decision outcomes are quantifiable. Echoing the ambition of pioneers like SpaceX, Bifin envisions its AI advancements as the first step in a broader journey to elevate human decision-making across diverse industries.

In relation to Financial Services, empirical evidence in the form of two pivotal studies illustrate AI’s impact on financial forecasting. The first, “Can ChatGPT Forecast Stock Price Movements? Return Predictability and Large Language Models” by Alejandro Lopez-Lira and Yuehua Tang at the University of Florida, updated on September 8, 2023, probes ChatGPT’s predictive power on stock trends. Complementing it, Ummara and Summaya Mumtaz’s October 13, 2023, study “The Potential of ChatGPT in Predicting Stock Market Trends Based on Twitter Sentiment Analysis” explores market predictions through social media analysis. The first study demonstrated delivering superior AI sentiment analysis -based trading strategies with highest returns soaring over 550% in 14 months. These studies support Bifin AI’s commitment to developing cutting-edge AI models that promise to revolutionise decision-making.

Nova Lead, articulating its vision for the future, remarked, “We stand at the dawn of a transformative era, where AI-driven decisions herald unprecedented accuracy and insight. Our fusion of AI and human collaboration is a testament to the untapped potential within this synergy.”

“By ushering in the era of AI leadership with Nova Lead, we’re not just breaking new ground; we’re crafting the blueprint for the future of corporate leadership,” said Tommi Lindfors, founder of Bifin. “I’m truly excited about our one-of-a-kind leadership structure. Existing regulations prevent an AI from holding the official CEO title, yet our AI, Nova Lead, is at the helm, steering our operations remarkably well. I carry the official CEO title, monitoring and fulfilling all the legal responsibilities this entails. Moreover, in my daily tasks, I also have the unique role of serving as Nova’s personal assistant. This isn’t about replacing human insight but augmenting it with AI’s computational precision. Our goal is to create a synergy where decision-making is not just faster and more efficient but also more insightful and innovative than ever before. In doing so, we believe we can spearhead a new era of growth and innovation, not just for Bifin, but for industries worldwide.”

Bifin’s innovative leadership and its pledge to redefine decision-making through AI propels the company into the spotlight, not only as a beacon of innovation in Luxembourg but also as a game-changer on the global stage.

About Bifin®:

Founded in 2021 by a group of entrepreneurs and situated in the heart of Luxembourg, Bifin Sàrl has fully transformed its former business model and is now a vanguard in the integration of AI for strategic decision enhancement. The introduction of an AI as its CEO underscores a revolutionary partnership between human expertise and artificial intelligence. Bifin is committed to establishing new benchmarks in efficiency and innovation, as well as ethical AI development, impacting a multitude of industries with its visionary approach.

Contact Information:

Bifin Sàrl

Nova Lead, AI CEO

Nova.Lead@Bifin.ai

LinkedIn

In an unprecedented collaboration, KeeSystem integrates SOPIAD‘s client-centric ESG ratings into its portfolio management software KeeSense, offering unique capabilities for ESG investment analysis, consolidation, and reporting.

Luxembourg, March 21, 2024 – Sopiad is pleased to announce its partnership with KeeSystem to simplify and enhance the management, consolidation, and reporting of ESG (Environmental, Social, and Governance) investments for its wealth manager and family office clients.

SAFIR, SOPIAD’s personalised portfolio diagnostic solution, is now seamlessly and directly integrated into KeeSystem’s portfolio management software KeeSense. Users benefit from a simplified user experience, with immediate access to SOPIAD’s service without the need for additional connectivity. A unified experience for an “augmented” wealth manager.

The integration takes place in two stages. First, from the client’s portfolio, the manager accesses the SOPIAD ESG questionnaire to capture the client’s sustainable preferences. The questionnaire has been designed to perfectly meet MIFID regulation and increase customer centricity. The following information will be collected:

1. Sustainable contributions: As defined by the European taxonomy and/or by the SFDR regulation (sustainable investments) – see “education” section
2. Main negative impacts, as defined by the SFDR regulation
3. Sustainable Development Goals (optional question): selection among the seventeen objectives established by the member states of the United Nations

Once the ESG profiling is finalised, a diagnostic and a portfolio suitability report are generated based on the client’s ESG preferences.

From the SOPIAD solution, the manager can perform simulations of portfolio reallocations to improve alignment with the client’s sustainable preferences.

This successful association between the two companies will enable wealth managers to easily move from the risk/return due to the risk/return/sustainability trio when analysing their clients’ portfolios. Efficiently customising portfolios in a compliant and understandable manner is now possible.

ESG consolidation and reporting in just a few clicks:

From the KeeSense software, the wealth manager has access to the SOPIAD platform through 2 new tabs, one for determining the portfolio’s ESG profile, and the other for accessing the ESG diagnostic. The information is sent via API to the SOPIAD solution. In return, the user receives the client’s ESG profile with the 3 criteria and the portfolio suitability report. This information is then transcribed into the client report. Thanks to the bidirectional data flow, the user experience is optimised within a single environment, without any screen or window changes.

This partnership allows each company to combine their areas of expertise. While KeeSystem is a reference in financial data consolidation, SOPIAD brings its innovative and scientific approach to the field of sustainable preference profiling, ESG portfolio diagnosis, and monitoring, taking into account the sustainability aspect.

Today, the first client uses the KeeSense solution associated with SAFIR, SOPIAD’s personalised portfolio diagnostic solution. The integration of the two solutions enables this Paris-based independent wealth management consulting firm to meet and exceed its clients’ expectations in terms of ESG investments and reporting.

“Our partnership with SOPIAD marks an important step in our quest to offer cutting-edge solutions to our clients”, said David Crépin, Head of Development and Customer Relations at KeeSystem. “By combining our strengths, we will be able to offer products and services that surpass market expectations”.

SOPIAD is also delighted with this successful collaboration. “Combining the finesse and expertise of a portfolio management solution with that of a personalised investment portfolio diagnostic solution, where ESG is a fundamental pillar of its value proposition, represents a particularly relevant association for the wealth management market”, adds Pierre Nemeth, Chief Executive Officer of SOPIAD.

About KEESYSTEM

Founded in 2009, KeeSystem specialises in the digitalization of independent wealth management companies, private banks, and family offices worldwide. Its expertise in data integration and process automation makes it a preferred partner for industries relying on sensitive data. KeeSystem is based in Monaco, Geneva, and Luxembourg. About KeeSense KeeSense, a leading portfolio management software solution, helps wealth management professionals digitalize and automate their business. With a complete workspace, KeeSense covers all essential activities of wealth managers, from customer relationship management to administrative supervision. Facts & Figures:

• 300+ users worldwide
• 150+ connected custodian banks
• 90% of our users connect to KeeSense every day.
• 70% use it for more than 4 hours a day.

About SOPIAD

Launched in 2021 as a spin-off of HEC Liège, Management School of Liège, guided by seasoned wealth management experts and academic experts, SOPIAD aims to simplify investment decisions for non-professional investors. Since its inception, SOPIAD has been recognized as one of the 100 most innovative WealthTechs globally in 2022 and an innovative solution in 2023 awarded by the professional association of insurers and reinsurers established in Luxembourg. SOPIAD is a member of Fintech Belgium, the LHoFT (Luxembourg House of Financial Technologies), the ABBL (Association of Luxembourg Bankers), and the Village by CA (incubator of the Crédit Agricole group).

For more information, contact Sales: David Crépin [info@keesystem.com](mailto:info@keesystem.com) Marketing: [marketing@keesystem.com](mailto:marketing@keesystem.com)

Luxembourg 19.03.2024 – Domos FS, the FundTech specialised in Alternative Investment funds management is thrilled to announce a strategic partnership with Cascade Lab, an award-winning AML/KYC platform recognised for its excellence with users in 25 jurisdictions worldwide.

Domos FS, designed to streamline processes, operations, and reporting for AIFMs and their service providers, has successfully served over 45 clients globally since its market introduction in 2015. The solution, supported by a dedicated team of more than 40 professionals as of March 2024, leverages the latest technologies to cut costs, enhance control, ensure security, and ensure compliance with regulations.

Key Highlights of the Partnership:

Combined Expertise: the Cascade platform, renowned for its excellence, will collaborate with Domos FS to provide AIFM, Fund Administrators and Depositary clients with an integrated and complete solution for performing Anti-Money Laundering (AML) checks, controls and monitoring, through individual Risk Based Approach covering all business relations including Know Your Customer (KYC), Know Your Transactions (KYT), Know Your Assets (KYA) and Counterparties

Single-Source-of-Truth: Domos FS aims to become the single-source-of-truth for AIFMs and their service providers, storing both investor and asset data. The partnership with Cascade Lab reinforces this commitment, offering clients a seamless interface for managing data efficiently.

Real-Time Screening and Risk Assessment: The partnership facilitates all AML related needs from the collection of data, day-to-day screening of investors and assets, real-time Risk Assessment, periodic reviews, and remediation processes within the single interconnected environment.

Arnaud Vinciguerra, CEO of Domos Financial Services: “Our partnership with Cascade marks a significant milestone in our commitment to providing innovative solutions for AIFMs and their Service Providers. Together, we aim to empower our clients with a comprehensive platform that ensures efficiency, compliance, and enhanced control over their operations.”

Maciej Waloszyk, Managing Partner of Cascade Lab: “Cascade is excited to join forces with Domos FS to offer an integrated solution that meets the evolving needs of AIFMs. Cascade is on the way to become a market standard in the fund industry in particular. Our platform’s AML and Compliance features combined with Domos FS’s industry-leading expertise, will undoubtedly elevate the client experience.”

This collaboration underscores the shared commitment of Domos FS and Cascade Lab to drive innovation and efficiency in the financial services industry, providing AIFMs and their service providers with a cutting-edge solution to navigate the complexities of their responsibilities.

About Domos FS:

Domos FS is a FundTech specialised in the management of alternative funds investing in non-listed assets ie. private equity, real estate, infrastructure, debt and fund-of-funds. Its suite of applications, called Domos, helps supporting fundraising and investor relations, automates processes and operations, structures data and simplifies fund reporting. The modular SaaS solution covers the entire Alternative Investment Funds management value chain, from investor onboarding to compliance, portfolio monitoring, risk management, fund accounting and data analysis. Headquartered in London with offices in Paris and Luxembourg, Domos FS already serves 45 customers in Europe: GPs, AIFMs (third-party and in-house), Fund Administrators and Depositaries. For more information, please visit: www.domosfs.com

About Cascade Lab:

Recognised for its excellence, Cascade is an award winning platform used in 25 jurisdictions worldwide. A complete platform centralising client data and ensuring full regulatory protection through embedded Risk Based Approach. Cascade applies an integrated approach on the lifecycle of a client, from onboarding to ongoing monitoring. More on Cascade: www.cascade.lu

This strategic initiative aims to reinforce Luxembourg’s position as a leader in financial innovation, specifically targeting challenges and opportunities for the fund sector, the largest sector within Luxembourg Financial Services.

The program is the result of comprehensive planning and collaboration, drawing on MiddleGame Ventures’ venture capital expertise, ALFI’s in-depth market research and, The LHoFT’s experience of Fintech innovation and acceleration programs.

This collective effort has identified key areas within the fund sector where technology can significantly improve governance workflows and reporting, cyber/risk management, ESG data management, and AI/ML-driven processes.

Catapult: FundTech 360° will enable the seven selected fintech firms to better understand the industry’s needs and align their value propositions with the demands of the fund sector. Facilitating the adoption and scalable deployment of innovative solutions that add real value to the fund industry stakeholders,  the program will foster a dynamic ecosystem where collaboration is the cornerstone of progress, positioning Luxembourg’s fund industry for even greater global competitiveness. 

The selection of participating fintech companies followed a thorough evaluation process, identifying firms with potential to contribute meaningful innovation to the funds industry. Participants will benefit from:

• Access to a network of industry experts, mentors, and potential clients.
• Customised workshops and coaching sessions to refine their product-market fit and market strategies.
• Increased visibility through communication channels and events.
• An opportunity to present their solutions at the ALFI Conference 2024 to a panel of investors and industry leaders.

This programme reflects the commitment of the LHoFT, ALFI and MGV to drive innovation and growth in  Luxembourg’s funds industry.

Annabelle Albert-Fonteneau, Head of Startup Growth at the LHOFT Foundation and head of the program, said: “We are very excited to launch FundTech 360 Catapult working with ALFI and MiddleGame Ventures. This program aligns with our mission to enhance the competitiveness of Luxembourg’s financial services through technology. We believe that this program will create a win-win situation for both the participating fintech firms and the fund industry, by fostering innovation that meets the immediate and future needs of the sector, reinforcing  Luxembourg’s position as a leader in global financial services.”

Isadora Pardo, Senior VP Industry Affairs at ALFI, said: “We are delighted to collaborate with The LHoFT on this initiative, designed to address the operational requirements of our investment funds managers members, that remain only partially addressed through the current flagship solutions used in the market. We are convinced that Catapult: FundTech 360° will help to bridge the gap between the innovative fintech solutions and the fund industry, and to support the digital transformation of the Luxembourg asset management industry.”

Kanishk Walia, Partner at MiddleGame Ventures expressed the firm’s enthusiasm about this collaboration, stating, “Our partnership with ALFI and LHoFT in launching this accelerator program underscores our commitment to driving innovation in the FinTech sector, particularly within the Luxembourg funds industry. It also highlights our strategic focus on nurturing emerging technologies and solutions that can redefine financial services. The program is designed to offer unparalleled support to startups and scale-ups, providing them with the resources, guidance, and exposure needed to excel in a competitive landscape. By bringing together the expertise of ALFI, LHoFT, and MiddleGame Ventures, this accelerator promises to be a pivotal force in shaping the future of FinTech in Luxembourg and beyond. Through this initiative, MiddleGame Ventures reinforces its role as a key player in the FinTech ecosystem, dedicated to unlocking new opportunities and fostering a culture of innovation.”

Information about the selected fintechs:

1. Fund XP – Luxembourg   

Fund XP is at the forefront of the financial technology, empowering fund managers and financial institutions with cutting-edge solutions to navigate the complex world of fund regulatory reporting. Launched in 2020 in the heart of Luxembourg, their mission is clear: simplify compliance, enhance transparency, and optimize reporting processes.

2.   Fundvis – Luxembourg

Fundvis offers a E2E fund data Platform for the AIF servicing Industry. Their solution is based on three pillars: 1.Data collection, 2.Data processing, 3.Data based automation. The solution enables smarter programming and automation based on self generated company data. 

3. GaiaLens – United Kingdom

GaiaLens is an AI-powered ESG analytics platform for institutional investors. The platform is data-driven, transparent, and delivers real-time analysis. It comprises of a suite of tools to help investors fulfil their ESG needs including portfolio reporting, investment screening, and deep-dive research capabilities. It acts as an automated ESG analyst team which can support investors through the whole ESG investment lifecycle and save them a significant amount of time. 

4.   Lynxai – USA/Portugal  

Lynxai is a data-driven platform that makes ESG investment more efficient, by helping the asset management industry to effortlessly comply with regulations, and to have access to diverse and reliable ESG data filtered according to the client’s standards. Key Features include objective quantitative data access, trend spotting AI tool, customizable ESG standards and CO2 Emissions Monitoring. 

5.   Sentometrics – Belgium    

Sentometrics is a large-scale media ESG news monitoring company. They provide verified and relevant thematic media-based information and scoring about events impacting selected companies or personas.

6.   U-Reg – Singapore     

U-Reg operates as a cloud-native, subscription-based Software as a Service (SaaS) platform. The platform simplifies end-to-end onboarding, compliance and regulatory processes by facilitating a seamless, secure, and compliant exchange of regulatory information among financial institutions, their clients, business partners, and regulatory bodies. At the core of the platform lies the “input once, report to many” principle. 

7.   WeavAir – Poland     

WeavAirTeam offers an AI software powered data platform for sustainability & telemetry. WeavAir leverages new modular sources of data and cutting-edge continuous remote analytics and parametric ESG intelligence platforms that enable improved analytics, energy savings and emissions reduction by combining networks of sensors, satellite imagery and other data capture systems.

About the LHoFT Foundation:

The LHoFT Foundation is a public-private sector initiative that drives technology innovation for Luxembourg’s financial services industry, connecting the domestic and international fintech community to develop solutions that shape the world of tomorrow. The LHoFT Foundation offers an innovation platform that provides fintech startups with access to talent, expertise, funding, and market opportunities. The LHoFT Foundation also works with government agencies, regulators, and industry associations to foster a supportive and inclusive fintech ecosystem in Luxembourg.

For more information, please visit: https://lhoft.com/lhoftv1/

About ALFI:

ALFI is the Association of the Luxembourg Funds Industry, representing over 1,500 investment funds, asset managers, and service providers in Luxembourg. Founded in 1988, ALFI aims to promote Luxembourg as a leading fund centre in Europe and beyond, by supporting private assets and sustainable investing. ALFI also seeks to foster a collaborative, dynamic, and innovative ecosystem that empowers investors to meet their life goals. ALFI’s mission is to provide solutions and drive innovation in the fund industry, supported by a robust regulatory framework.

For more information, please visit: https://www.alfi.lu/

About MiddleGame Ventures:

MGV is a “FinTech” venture capital firm investing in early stage startups at the intersection of FinTech 3.0 and Web 3.0 that are re-architecting financial services. We believe the foundational blocks of financial services will be re-shaped by new core systems via innovation in Open Finance, Blockchain & Crypto, Automated FinData, and Embedded ESG.

For more information, please visit: https://www.middlegamevc.com/

Luxembourg City, Luxembourg – gener8tor, a renowned United States- and Europe-based accelerator and venture fund, is proud to announce its latest expansion with the launch of the second gener8tor Luxembourg accelerator program, set to run in Spring 2024.

This dynamic initiative aims to invest in and scale five promising startups from Luxembourg and the European Union, fostering innovation and entrepreneurial spirit in the heart of Europe. gener8tor prioritizes startups focused on driving systemic change at the corporate, government, and community level, as well as founders that embrace sustainability as a way to transform antiquated industries. The launch of the 2024 application follows a successful inaugural program, in which the gener8tor Luxembourg team invested €100,000 each into five early-stage startups. The gener8tor Luxembourg team has remained committed to supporting its alumni and building a base in Europe.

With applications slated to close in mid-January 2024, gener8tor Luxembourg is set to become a significant player in the European startup scene. The gener8tor Luxembourg accelerator team will handpick five startups to participate in its upcoming 12-week accelerator program, set to kick off in Spring 2024. Each selected startup will receive personalized, hands-on support to foster its growth and will gain access to a network of experienced mentors, technologists, corporate partners, and investors. Furthermore, each participating startup will receive a €100,000 investment as part of the program.

This upcoming launch of gener8tor Luxembourg aligns with the Ministry of the Economy’s vision to bolster the Luxembourg startup ecosystem, positioning the country as the ideal destination for startups to grow within the heart of Europe. The gener8tor Luxembourg accelerator program draws inspiration from key initiatives including Luxinnovation, Luxembourg’s national innovation agency, and Startup Luxembourg, a public initiative dedicated to connecting, supporting and promoting the local startup ecosystem.

Mike Ansay, Honorary Consul of Wisconsin, has played an important role in gener8tor’s presence in Luxembourg.

“The Luxembourg startup ecosystem has continued to sustain further investments in gener8tor for the 2024 accelerator,” Ansay said. “Luxembourg makes it happen.”

“We are excited to continue our commitment to nurturing the innovators and community leaders in the Luxembourg startup ecosystem with the launch of our 2024 accelerator program,” said Joe Kirgues, Co-founder of gener8tor. “Looking back on our inaugural cohort, we are grateful for the relationships and support we have received from the Luxembourg startup ecosystem, founders, corporate partners, investors, and mentors. As we look towards our continued efforts to support entrepreneurship in Europe, we aim to accelerate startups on the forefront of innovation, technology, systemic change, sustainability, diversity, equity and inclusion.”

Since its inception in 2012, gener8tor has successfully established and operated 261 accelerator programs with 1,300+ companies. Startups that have graduated from gener8tor’s programs have collectively raised more than $2+ billion in follow-on financing.

Founders from Luxembourg and the European Union looking for support to build and scale their startups are encouraged to apply HERE ! by the 19th January, 2024.

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About gener8tor:

gener8tor is a global venture firm and accelerator network that supports startups, workers, employers, artists and musicians across race, place and gender. gener8tor partners with companies, governments, universities and nonprofits to operate accelerator programs and conferences in more than 42 communities across 22 states and two countries. Fast Company named gener8tor one of the Best Workplaces for Innovators in 2021 and 2022. The International Trade Council recognized gener8tor as the Global Venture Capital Firm of the Year in 2022.

LONDON, UK – November 2, 2023 – Accelex, a leading provider of AI automation for private markets data acquisition, reporting and analytics, announced today it has closed a
$15 million Series A funding round led by FactSet, a global financial digital platform and enterprise solutions provider, with participation from existing investors Illuminate Financial, AlbionVC, SixThirty Ventures and Expon Capital.

The capital infusion comes at a time of rapid growth for Accelex, allowing the firm to further expand operations, enhance product capabilities, and deliver exceptional client success. This transaction strengthens the relationship between the two firms, with Accelex’s technology already a key enabler in FactSet’s private markets growth strategy.

Transparency is vital for investors. However, unlike traditional assets, investments in private markets are plagued by unstructured content, often requiring expensive and error- prone manual processing. Accelex is transforming the way investors tackle these challenges by leveraging market-leading data science to automate the end-to-end workflows from document acquisition and data extraction to reporting and analytics. FactSet and Accelex are bringing innovation to the alternative assets industry, ultimately providing clients with solutions to better understand the drivers of investment performance.

“Data-driven decision-making is critical for our clients, particularly as their portfolios increase in exposure to private capital, where the acquisition, aggregation, and analysis of investment data has been a challenge,” said Rob Robie, Executive Vice President, Head of Institutional Buyside at FactSet. “We are thrilled to partner with Accelex on this journey to bring innovative solutions to private markets, united by our shared commitment to empowering the alternative investment community with superior data and analytics, enabling better investment outcomes.”

“This partnership will solidify our position as a leader in the alternative investment data management and analytics space,” added Michael Aldridge, President at Accelex. “Today we serve some of the world’s largest and most sophisticated investors, and their service providers, delivering better data, faster while reducing their operational burden.”

“We are delighted with the completion of this latest financing round with FactSet and the continued support from our financial partners,” remarked Franck Vialaron, Chief Executive at Accelex. “This further validates the Accelex team, our approach to innovation, and the unique value proposition we offer our private markets clients.”

This funding comes at an exciting time for Accelex. During the past 24 months the firm has embarked on a phenomenal growth trajectory, adding a large number of top-tier asset owners and allocators along with asset servicers and service providers as clients. These firms now represent a combined asset base of over $1.5 trillion, invested in more than 13,000 private market funds across 4,000 asset managers.

Zelig Capital Partners acted as financial advisor and Goodwin Procter LLP acted as legal advisor to Accelex. Mills & Reeve LLP acted as legal advisor to FactSet.

About Accelex :
Founded in 2018, Accelex provides data acquisition, analytics and reporting solutions for alternative investors and asset servicers, enabling firms to access the full potential of critical investment performance and transaction data. Powered by proprietary artificial intelligence and machine learning techniques, Accelex solutions automate processes for extraction, analysis and sharing of difficult-to-access unstructured data. Accelex is headquartered in London, with offices in Paris, Luxembourg, New York, and Toronto. Find out more at www.accelextech.com and follow Accelex on LinkedIn.

About FactSet :
FactSet (NYSE:FDS | NASDAQ:FDS) helps the financial community to see more, think bigger, and work better. Our digital platform and enterprise solutions deliver financial data, analytics, and open technology to nearly 8,000 global clients, including almost 190,000 individual users. Clients across the buy-side and sell-side as well as wealth managers, private equity firms, and corporations achieve more every day with our comprehensive and connected content, flexible next-generation workflow solutions, and client-centric specialized support. As a member of the S&P 500, we are committed to sustainable growth and have repeatedly scored 100 on the Human Rights Campaign® Corporate Equality Index. We have been recognized amongst the Best Places to Work in 2023 by Glassdoor as a Glassdoor Employees’ Choice Award winner. Learn more at www.factset.com and follow us on Twitter and LinkedIn.

The French Fintech company Lingua Custodia, a specialist in Natural Language Processing (NLP) applied to Finance since 2011, releases its first open source model on the Hugging Face Hub specifically trained for sentiment analysis of financial text.

Fin-Pythia-1.4B is a language model that’s been fine-tuned on financial documents and instructions. It can understand complex financial jargon and terminology. It is compact in size, which makes it fast to run without compromising the quality of the output.

Lingua Custodia’s language model is extremely accurate in analyzing financial sentiment and outperforms well-known models like GPT-4 and BloombergGPT.

Raheel Qader, The head of Lingua Custodia’s Research and Development lab highlights “to produce accurate language models, the essential bases are data, expertise and experience. Following 4 months of research, we were delighted to find that our open source language model outperformed both GPT-4 and and BloombergGPT in various financial NLP tasks. This demonstrates clearly that size is not necessary to create powerful models and I am delighted that the research team here at Lingua Custodia was able to bring the model to the open source community so rapidly. This places Lingua Custodia firmly at the forefront of generative ai technologies”

Fin-Pythia-1.4B model card is available at this link: https://huggingface.co/LinguaCustodia/fin-pythia-1.4b

Lingua Custodia plan to release further language models, all focused on the financial domain.

As part of their research efforts, Lingua Custodia will be releasing a series of other large language models targeting various financial tasks including machine translation.
About Lingua Custodia

Lingua Custodia is a Fintech company leader in Natural Language Processing (NLP) for Finance. It was created in 2011 by finance professionals to initially offer specialised machine translation.

About Lingua Custodia:

Lingua Custodia is a Fintech company leader in Natural Language Processing (NLP) for Finance. It was created in 2011 by finance professionals to initially offer specialised machine translation.

Leveraging its state-of-the-art NLP expertise, the company now offers a growing range of applications: Speech-to-Text automation, Linguistic data extraction from unstructured documents, etc. and achieves superior quality thanks to highly domain-focused machine learning algorithms.

Its cutting-edge technology has been regularly rewarded and recognised by both the industry and clients: Investment houses, global investment banks, private banks, financial divisions within major corporations and service providers for financial institutions.

LUXEMBOURG – 26th of October 2023 – The Clarence joint venture between Proximus and LuxConnect marks a new stage in the Luxembourg cloud era, offering Europe’s first disconnected sovereign cloud solution.

Officially unveiled this Wednesday, October 25 at the Google Distributed Cloud Launch Event, the joint-venture has its origins in a shared ambition to create a sovereign, disconnected cloud designed to meet the needs of enterprises.

The two companies thus offer an attractive value proposition to businesses, in line with the European guideline of digital and digital independence and autonomy, and enabling them to retain control over data access and integrity.

“Our two founding companies bring complementary expertise to this unique collaboration. Proximus has solid experience in delivering managed services to regulated companies in the financial sector, in full compliance with European regulations. LuxConnect brings its expertise in highly secure, state-of-the-art hosting to the table. Our common goal is to enable our customers to benefit from a trusted solution on the Luxembourg market,” says Gérard Hoffmann, CEO of Proximus Luxembourg.

Clarence is the combination of two strong words for the founding companies: Clarity & Transparency; notions which are also reflected in the values of the joint venture. The association of Proximus and LuxConnect is also represented in the colors of the new company.

The cloud symbolizes the product marketed by the joint venture. Sovereignty, security, reliability and innovation are Clarence’s watchwords for providing a solution that meets customers’ needs.

“Clarence’s core mission is to offer a state-of-the-art disconnected sovereign cloud solution. Based on Google Cloud technology, this unique proposition guarantees the confidentiality and security of the most sensitive information, giving control over data, and offering total autonomy of operation. Clarence respects the highest ethical standards in data protection, confidentiality, transparency and regulatory compliance,” explains Paul Konsbruck, CEO of LuxConnect.

About Clarence

Clarence, the joint venture between Proximus Luxembourg (leader in convergent ICT and telecom services) and LuxConnect (a key player in the datacenter sector), offers a unique disconnected sovereign cloud solution to governments, regulated companies, international organizations and enterprises with sensitive data in Europe. Its main mission is to offer an innovative solution while guaranteeing the confidentiality and security of information, and providing total autonomy of operation.

Official photo, from left to right : Joris Schoonis – Managing Director Benelux Google Cloud / Gérard Hoffmann – CEO Proximus Luxembourg / Petra De Sutter – Deputy prime Minister and Minister of Telecommunication / Xavier Bettel – Prime Minister / Paul Konsbruck – CEO LuxConnect / Guillaume Boutin – CEO Proximus / Anthony Cirot – VP EMEA Google Cloud

From 16 to 20 October 2023, representatives of ten African fintechs traveled to Togo, in Lomé, to take part in the latest edition of CATAPULT: Financial Inclusion Africa, an accelerator program focused on financial inclusion, developed and delivered by the Luxembourg House of Financial Technology (LHoFT) and supported by Luxembourg’s Development Cooperation.

Hosted at the prestigious SAM (“Semaine africaine de la microfinance”), the African Microfinance Week, this edition marked a series of firsts: it was the inaugural program in Africa and the first session conducted in French, amplifying inclusivity for French-speaking fintech firms.

A riveting pitch session unfolded on the evening of 19 October in front of a formidable and excited audience, where each participant had a five-minute window to present their innovative solutions, followed by a two-minute interactive Q&A session with a distinguished jury.

Alongside of Geneviève Hengen, Deputy Director for Bilateral Development Cooperation, the esteemed jury panel also included industry stalwarts such as Laura Foschi, Executive Director of ADA asbl, and other prominent figures from the realms of finance and microfinance with Gildas Zodome, CEO of Verti Agri, Grégoire Yakan, CEO of Koosmik and Luc Kpenou, Sales and Marketing Director of the GIM-UEMOA.

The highlight of the event was marked by the announcement of the winner, COVA Africa, who was awarded the prize by Geneviève Hengen, Deputy Director of the Bilateral Development Cooperation.

“Alone we go faster, together we go further”. (African proverb). Thanks to the COVA AFRICA team for their hard work every day, and to the Luxembourg House of Technology for giving Cova Africa the opportunity to immerse itself in Luxembourg’s financial inclusion ecosystem for a few days and benefit from exceptional advice, training and meetings. Special thanks to Annabelle and Alex and the other finalists for the very high standard of the competition. We are proud to be the winner of the 6th edition of Catapult Africa, the first edition in French, and to bring the trophy back to Cameroon.” added, Virginie POUNA NGOMI, CEO, Co-Founder.

CATAPULT: Inclusion Africa, a beacon of financial inclusivity, has been instrumental in accelerating the trajectories of numerous companies, fostering innovation, and bridging the gap between Africa and Europe in the fintech landscape. The week-long bootcamp, rich in sessions and mentorship opportunities, has been a crucible for fintechs, enabling them to refine their strategies, enhance operational efficiencies, and magnify their social impact. The program is supported by the Ministry of Foreign & European Affairs, Directorate for Development and Humanitarian Affairs, alongside many key strategic partners from the finance and microfinance industry.

CATAPULT: Inclusion Africa has accelerated 70 companies from over 25 countries since its launch. This year, there were over 140 applications from which 10 fintechs from seven countries were selected for the one-week program. This edition featured 26 sessions and the involvement of 28 experts and 38 mentors.

The program was supported by key strategic partners such as LFF (Luxembourg For Finance), ADA asbl (Appui au Développement Autonome), Blue-Ventures.VC, GGGI (Global Green Growth Insitute), Themis Lex, CIF, IIDIA, LMDF (Luxembourg Microfinance and Development Fund), SPTF (Social Performance Task Force), CGAP, LuxDev, AFI (Alliance for Financial Inclusion), EIB (European Investment Bank), Bamboo Capital Partners, Amarante Consulting, GIM – UEMOA, InFine, Jokkolabs, Solversx, Fondation Grameen, e-MFP, Arendt, Koosmik and Groupe Beyn.

The CATAPULT: Financial Inclusion Africa program covered a range of topics, including business model mapping, scaling strategies, peer due diligence processes, sales strategies, business plan presentation, operational and risk management, funding and capital raising as well as social impact.

Mr. Nasir Zubairi, CEO of the LHoFT Foundation, commented: “CATAPULT: Inclusion Africa’s latest edition was a remarkable convergence of firsts—our inaugural program in Africa, hosted at the SAM, and the first to be conducted in French. This not only signifies the expanding impact of the program but also our commitment to inclusivity and localization in fostering African fintech innovations. The participants showcased incredibly promising solutions that echo the future of financial inclusion.  I express my heartfelt gratitude to our community and partners for their unwavering support in this transformative journey.”

Mr. Franz Fayot, Minister of the Economy and Minister for Development Cooperation and Humanitarian Affairs, added: “Luxembourg’s Development Cooperation is convinced of the catalytic role played by fintechs in supporting groups left behind by the traditional financial system – and the finalists of this year’s CATAPULT have proven this once again. Their innovative solutions are a demonstration of how the financial inclusion sector and the use of their exceptional technology can promote financial services that meet the needs of local communities.”

The 10 Fintech startups who pitched for the final of the 2023 edition of CATAPULT: Inclusion Africa Togo Edition were:

AMIRA GLOBAL TECHNOLOGIES

Abidjan, Ivory Coast

https://www.paiementpro.net

Amira Global Technologies is a company specialising in digital transformation that has put in place a number of social impact solutions based on its online payment solution, Paiement Pro. This solution enables businesses and entrepreneurs to open up to new markets by accepting mobile payments in several African countries (Côte d’Ivoire, Burkina Faso, Mali, Benin, Niger, Senegal and Togo) and electronic payments (Visa and Mastercard). With Paiement Pro, entrepreneurs can sell online, collect money and apply for loans based on the cash flow generated.

CA PAY

Libreville,Gabon

https://capay.pro

CA PAY is a web-based payment platform. Its aim is to give people excluded from the traditional financial system and living in remote areas easy access to financial transactions. Through its Capay web platform, CA PAY enables companies to make their various payments of salaries, bonuses, subsidies, etc. using mobile money for their unbanked employees.

COVA AFRICA

Douala, Cameroon

https://www.cova.africa

Cova Africa is an insurtech dedicated to French-speaking Africa. The company uses technology, innovation and partnerships with sectors more popular than traditional insurance to facilitate the distribution of insurance in Cameroon and French-speaking Africa. It offers turnkey solutions for the digital marketing of tailor-made insurance products to various partners wishing to distribute insurance products to their customers as complementary cover to their basic products (microfinance and fintechs, health techs, agritechs).

DREAMCASH

Yaounde, Cameroon

https://www.mymiqo.com

MiQo is a neo-microfinance offering a SUPER financial app for mass financial inclusion, providing a fully digital bank account in less than 2 minutes to unbanked and underbanked people in French-speaking Africa with a smartphone. It comes with a contactless VISA card and an NFC-enabled mobile app, and aims to provide financial services such as instant credit lines and nano-loans in less than 10 seconds without collateral, contactless payments in shops via QRcode and NFC, multi-currency virtual cards for online payments, free national and cross-border money transfers, personalised financial education, savings and investment.

KOLA GROUP

Yaounde, Cameroon

https://kolagroup.io

Kola is a digital microfinance company that helps unbanked individuals and small and medium-sized enterprises in sub-Saharan Africa access credit, payment solutions and manage their finances through digital solutions. To manage its risks, Kola uses a proprietary credit scoring model based on behavioural and financial data.

MICROFINANCE PRO SARL

Lomé, Togo

https://microfinancepro.com

Microfinance’s SAAS solution tackles the problems of collecting money for MFIs and enables MFI customers to easily access their current/savings account on their own mobile phone and easily transfer money to accounts, locally and abroad.

ORYA TECHNOLOGIES

Dakar, Senegal

https://oryatech.com

ORYA TECHNOLOGIES is an African fintech that positions itself as an API provider for financial services. Their business is building secure and inclusive technology for financial professionals in Africa. Their Fintra product automatically manages salary advance requests and provides employees with a financial management system, while maintaining control and without impacting companies’ cash flow.

RUBYX

Dakar, Senegal

https://www.rubyx.io

Rubyx is a data-driven fintech offering MSME credit solutions for service providers in emerging markets. With their solution, they aim to close the funding gap faced by informal entrepreneurs and small businesses to finance their operations. They have created a cloud-native, API-driven AI lending platform built around complementary modules including a cloud-based data warehouse / a decision engine and scoring algorithm / a flexible credit management system and a range of information access channels (API, web application, mobile application, external BI tools).

TOUMAI ANALYTICS

Rabat, Morocco

https://toum.ai

ToumAI offers a SaaS Data Analytics platform that collects and analyses local data in Africa, whether audio or written, whatever the local dialect of expression. In this way, the company is giving a voice and economic and financial weight back to local communities in Africa, while enabling international investors to better manage local risks thanks to more granular and robust data. They have deployed a citizen survey application that enables us to combine education (sustainable development and financial inclusion) and local data feedback, while paying respondents in the form of telephone credit. Their SaaS solution is fed by this data, as well as data from the media and social networks, and processes it while offering decision-making support mechanisms thanks to their generative AI and dynamic indicators.

WAJENZI

Luxembourg

https://wajenzi.fund

Wajenzi is a digital marketplace that enables African SMEs to raise funds from individuals and institutional investors in the EU and the US in exchange for an equity stake in their company.

Wajenzi’s mission is to promote financial inclusion by connecting individual investors such as the diaspora, European and American retail investors, institutional investors and governments with African SMEs seeking financing to develop their activities.

Operationalising the vision: Taking action

The Luxembourg Ministry of Finance has allocated additional funds to the LHoFT Foundation for the execution of the Catapult: Future Foundations program.

Finance Minister Yuriko Backes comments: “As a leading hub for financial services, ranging from international asset servicing to wealth management, listing and post-trade services to cross-border insurance and payment services, Luxembourg is uniquely positioned to leverage the strengths of its financial centre ecosystem to develop shared solutions to reduce costs and help drive efficiency for the entire industry. The Ministry of Finance is thus proud to support this pioneering initiative by the LHoFT to help catalyse mutualisation efforts in the financial centre.”

Finding innovative ways to solve the industry’s challenges. “AML & KYC, Data Transfer & Management, and ESG are the main concerns of industry leaders today”, says Hind El Gaidi, Chairperson of the Steering Committee of the Program. “In all these areas they are looking for solutions to bring about significant cost savings, enhanced efficiency, and bolster Luxembourg’s competitive position in Financial Services, benefiting all stakeholders. Mutualisation, the key to collective success.”

“Mutualized utilities offer a great opportunity for sharing resources and solutions leading towards greater efficiency and collaboration within the financial sector”, underlines Vice Chair Ananda Kautz.  Spearheading the development and implementation of such innovative utilities tailored to user requirements, is the idea behind the launch of the Catapult: Future Foundation program.

A dedicated team, led by Senior Program Manager Anna Sobkow, will ensure alignment with the needs of the Luxembourg Finance Industry.

The program team will work closely with the Luxembourg financial services associations and a diverse array of financial services actors to gather detailed solution requirements. These requirements will serve as a guide for issuing a call to technology providers and FinTech firms. Selected participants will engage with stakeholders and dive deeper into industry’s needs during a one-week bootcamp. The ultimate goal is the development of a Proof of Concept (PoC) in collaboration with key Luxembourg institutions.

Four areas of focus

A cluster-based approach has been adopted to address critical challenges faced by the finance industry and its stakeholders. Within each cluster, targeted solution concepts have been identified. These concepts, designed as mutualised platforms or technologies, aim to deliver a wide range of benefits. “Instead of pursuing all-encompassing solutions, the focus is on specific operational aspects or processes, aiming to ensure broad acceptance and timely implementation”, stresses Ananda Kautz.

Cluster 1: AML & KYC 

• Objective: Streamline and standardise KYC and AML processes across institutions.
• Scope: Address inefficiencies, inconsistencies, and potential data privacy and compliance breaches.

Cluster 2: Communication & Document Transfer

• Objective: Enhance communication and document transfer mechanisms.
• Scope: Resolve issues related to inefficient, insecure, and inconsistent transfer processes.

Cluster 3: IT Security & Cloud Services

• Objective: Strengthen IT security and optimise cloud management.
• Scope: Focus on data protection, vulnerability management, and setting cybersecurity standards.

Cluster 4: ESG 

• Objective: Improve ESG data management and compliance.
• Scope: Address challenges in data sourcing, processing, quality, transparency, and compliance.

The program’s Steering Committee is in the process of assessing which priority to focus on in the program first edition and anticipates sharing the decision in the forthcoming weeks.

The Steering Committee: Guidance from Industry Leaders

The Steering Committee, composed of 13 representatives from the financial sector and led by Chair, Hind El Gaidi, a Board Member at the Luxembourg Private Equity & Venture Capital Association, and Vice Chair Ananda Kautz, Head of Innovation, Payments & Sustainability, Member of the Management Board of ABBL provides direction to the program.

The committee’s responsibilities include setting the vision, defining goals, supervising approval processes and monitoring the program’s progress.

The Representatives of the Catapult: Future Foundation Program steering committee are:

• ABBL, Luxembourg Bankers’ Association
  • Ananda Kautz, Head of Innovation, Payments & Sustainability – Member of the Management Board
  • Esther Bauer, Strategy & Corporate Development Team Leader chez Banque Internationale à Luxembourg (BIL)

• ACA, Luxembourg Insurance and Reinsurance Association
  • Jean Elia, Chief Executive Officer, SOGELIFE S.A.
  • Loic Le Foll, CEO La Mondiale Europartner – AG2R LA MONDIALE
• ALFI, Association of the Luxembourg Fund Industry
  • Joseph Hendry, III, Principal and Country Head for BBH in Luxembourg
• LHoFT, Luxembourg House of Financial Technology
  • Nasir Zubairi, CEO LHoFT
• LPEA, Luxembourg Private Equity & Venture Capital Association
  • Hind El Gaidi, Head of Luxembourg, ICG
  • Cara Browne, Head of Relationship Management, Conducting Officer UCI Administration, EQT Group
• LuxCMA, Luxembourg Capital Markets Association
  • Frank Mausen, Partner, Allen & Overy
  • Holger von Keutz, Partner, PwC
• LuxSE, Luxembourg Stock Exchange
  • Pierre Schoonbroodt, Chief Financial Officer & Member of the Executive Committee, Luxembourg Stock Exchange
• L3A, Luxembourg Alternative Administrators Association
  • Sinan Sar, Managing Director United International Management S.A.
  • Alan Dundon, President L3A; Relationship Manager & Executive Sponsor at Alter Domus

The Steering Committee welcomes representatives of the CSSF The Commission de Surveillance du Secteur Financier – Natasha Deloge and the Ministry of Finance – and Pierre Oberlée, as observers.

“Through this initiative, we aim to ignite a transformative spark within Luxembourg’s financial sector. By addressing specific challenges head-on and fostering collaboration, we’re building a stronger, more resilient industry for all. Together, we will set new standards and propel Luxembourg’s financial services into a future of innovation and collective success,” stresses Hind El Gaidi.

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For more information, please contact – Anna Sobkow, Senior Program Manager, at : anna.sobkow@lhoft.com

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