Luxembourg (Europe)

On Thursday 24 October 2019, the Commission de Surveillance du Secteur Financier (CSSF) and the University of Luxembourg’s Centre for Security, Reliability and Trust (SnT) signed, in the presence of Finance Minister Pierre Gramegna, a partnership agreement in the field of artificial intelligence (AI).

The agreement is aimed at positioning Luxembourg as a European centre of excellence and innovation in the field of AI applied to state-of-the-art financial data processing techniques.

As the supervisory authority of the financial sector, the CSSF faces mounting challenges. Civil society demands effective regulation of the financial centre, including minimising financial risks, whereas professionals of the finance industry ask for improved responsiveness.  Claude Marx, Managing Director of CSSF, explained: "Faced with these challenges, the CSSF has implemented its CSSF4.0 strategy. This will be a big step towards achieving close to real-time supervision".

As part of this strategy, the CSSF will increase investment in agent training, review work processes and make extensive use of new digital technologies, such as AI, machine learning and other tools commonly applied throughout the FinTech sector. It is as part of this CSSF4.0 strategy that the CSSF and SnT have begun their partnership.

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PPRO, a cross-border payment specialist, has officially been granted an e-money licence by the Ministry of Finance in Luxembourg, securing its long term future in Europe The new local entity ‘PPRO SA’ (société anonyme) has been authorised to conduct financial services across the EU under the supervision of the national financial services regulator, the CSSF (Commission de Surveillance du Secteur Financier).

PPRO processes cross-border payments for Payment Service Providers (PSPs) and other merchant aggregators. As a financial institution, a license with permission to operate across the European Union is imperative. Without this licence, PPRO would lose passporting rights (the free movement of services within the European Union) once Brexit has been implemented.

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