3FOOD

Third Industrial Revolution Consulting Group
We could anticipate in this context e.g.:
The new regulation on data protection, AML 4,
The ICT standardization,
The Digitalisation of the EU single Market,
Mifid II and the new financial instruments
Luxembourg should strive to anticipate the EU regulatory framework and to identify the
advantages for the country included therein, in order to be a first mover within an EU
regulatory framework.
Luxembourg stakeholders encourage the TIR-team of experts to provide further advice and
guidance on how to reach this objective, e.g by creating specialized task forces mandated to
study upcoming EU regulation in order to develop a strategy on the implementation process.
The digital transformation in financial services requires a fast paced regulatory adjustment by
EU policymakers in order to enable financial innovation for the benefit of consumers and the
EU economy in a fast-moving global context:
All sectors, not least banking, are being transformed by the new digital environment
and related innovative business models.
Banks are already leading actors in this transformation and they contribute in many
ways to the new digital ecosystem, in particular through payments and digital banking.
Furthermore, they have embraced the digital innovation opportunity in many ways,
accelerating the rethinking of their traditional business model, proposing innovative
products/apps, engaging in FinTech partnerships, and financing innovative starts-ups.
In this sense, the new digital environment represents a great opportunity to develop
further financial services and bring the banking industry up to an even higher level of
performance to the benefit of its users.
o Note: Insurance and reinsurance companies are, next to banks, active players in
this field. Digitalization means a direct link between the client and the company,
not only to subscribe contracts but also to manage them actively, in particular in
case of a claim.
o In addition, (re)insurance companies are not only involved in the “digitalization”
because they make use of technology, but also because they (partly) cover the
underlying risks.
Given this, as well as their prominent role of financing the economy (including the
digital economy), banks welcome an opportunity to act as a strategic partner for
building a successful digital single market within the European Union.
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