3FOOD

Third Industrial Revolution Consulting Group
A long-term national strategy in the field of financial education should be defined and
implemented,
Financial education should be included into the general school curricula.
For consumers and professionals dedicated actions plans should also be rolled out. Dedicated
working groups should be created, implicating all relevant public and private stakeholder.
Luxembourg should strive to allow for a smooth interaction between the development of its
financial centre, on the one hand, and training and education of local resources, on the other
hand.
The main objectives in this field are twofold:
to inform, encourage and motivate young people to experience entrepreneurship and to
look for opportunities in engaging studies in the domain of new, actual and future
financial instruments (ex. FinTech).
In the short term (2016) the holding of one or several meetings between professional
decision-makers of the financial sector and teachers to exchange on actual and future
topics/instruments and issues in the domain of FinTech and their impact on the
Luxembourg Financial Sector could be envisaged.
5.2 Regulatory Framework Review and Adjustment
There is a clear role for the Luxembourg financial community as a first mover in a changing
European environment. Banks will indeed remain key actors but new actors emerge alongside
banks. If these new actors are providing financial services, they will have to be regulated just
like any other financial actor and under the same conditions. This is what is currently happening
in Luxembourg, allowing for a level playing field between “traditional” and “new” actors.
Thus, the following considerations, even though if centered in the narrative on “banks”, have to
be read and interpreted as to allow for interoperability and standardization between the
different sectors in order to ensure that digitalization will be able to deploy its full benefits
whilst continuing to cater for a level playing field.
If we want to have a well-functioning market implementing the new technologies, digitalization
and FinTech have to be considered in a global context, with regard to the actors and the
services concerned. For instance, FinTech actors will face similar privacy issues as
BioTech/BioHealth actors, hence a common working structure should be put in place in order
to solve data privacy aspects together with the CNPD.
313