Luxembourg’s EU Presidency to promote Digital by Default Approach

Luxembourg to become World FinTech Champion. Luxembourg’s Prime Minister Xavier Bettel talked about transforming Luxembourg into a Smart Nation. Luxembourg has many smart minds; he referred to the April report of the World Economic Forum which ranked Luxembourg 5th. Being more productive in the ICT sector means that Luxembourg needs to be more open to attracting expertise from the US and elsewhere. Re-training of people with other existing skills will be important too. The Luxembourg EU Presidency will promote a Digital by Default approach. 

He also talked about the Internet of Things (IoT), describing cars nowadays as computers on wheels. Luxembourg is well-placed to take the lead in data protection and big data, with cyber security a hugely important area. Digital Luxembourg is a new way of doing things, and is not limited to public bodies. Luxembourg will further invest in its already extensive ICT infrastructure. PM Bettel also referred to the 1-1-1 company, an initiative in which AMCHAM pushed and which supports entrepreneurship and removes a level of bureaucracy. New forms of financing are being explored with a seed capital fund of €15m being set up to support and encourage entrepreneurship. He referred to FinTech and stated he will go to New York next week to explore further the issue of virtual currencies by meeting the leaders of companies already active in that area to examine the skills needed for Luxembourg to take a lead; the goal is to make Luxembourg the Global FinTech champion. Via http://www.chronicle.lu/categoriesworkinginluxembourgamcham/item/11919-luxembourg-s-eu-presidency-to-promote-digital-by-default-approach-luxembourg-to-become-world-fintech-champion