3FOOD

Third Industrial Revolution Consulting Group
OVERVIEW
Luxembourg is an important financial center
at the heart of Europe. Banks, Investment
Funds, Insurance and reinsurance companies
and a multitude of specialized service
providers use Luxembourg as a hub to provide
banking services, asset management,
corporate lending, fund administration and
cross border distribution to a wide range of
international private and institutional
customers. Luxembourg's state of the art
infrastructure encompassing a high quality
FINANCE
Co-Chairs Pierre Ahlborn and Marc Wagener, and
the Luxembourg Finance Working Group;
John Byrne (Foundation for Renewable Energy
and Environment), Job Taminiau (Foundation for
Renewable Energy and Environment), Michael
Casey (AGENTIC), Rik Willard (AGENTIC), John
“Skip” Laitner (Economic and Human Dimensions
Research Associates), and Jeremy Rifkin, TIR
Consulting Group LLC
legislative, regulatory and supervisory framework places its financial center at the forefront of
innovation.
The convergence of the Communication Internet, Renewable Energy Internet, and automated
Transportation and Logistics Internet, atop an Internet of Things infrastructure, enables the
financial sector in Luxembourg to reinvent financial services in a smart digital Third Industrial
Revolution economy.
The emerging “Finternet of Things” (the Financial Internet of Things) will transform every
aspect of financial services, foster new business models, and reshape the industry over the
course of the coming decade. Financial services, more than any other industry, relies on the
collection, analysis, and transfer of data. No wonder industry analysts view the IoT as a game
changer for the financial services sector. Sensors connecting every device across the value chain
will generate Big Data in every sector of the economy, giving banks, other financial institutions,
and insurance companies a steady flow of vital economic data in real time. The data can be
mined with analytics to create algorithms and apps that will allow the financial services industry
to increase aggregate efficiencies and productivity and reduce transactional and marginal cost
in back office functions, the delivery of services to customers, retail payments, investment
advice, investment decisions, and trading by algorithms. The IoT will also enable banks to issue
virtual currencies.
As a financial powerhouse, Luxembourg has the unique opportunity to strategically consider
financial services that could facilitate and accelerate the transition to a digitally interconnected
Third Industrial Revolution economy. Critically, such reinvention undergirds a strategic
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