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AFI, Luxembourg Ministries & FDEF collaborate for Financial Inclusion

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Published on Friday, 09 October 2020

On 5 October 2020, the Alliance for Financial Inclusion (AFI), the Ministry of Finance and Ministry of Foreign and European Affairs of the Grand Duchy of Luxembourg launched the AFI’s European Representation Office in Luxembourg with a hybrid streaming event.

Luxembourg Minister of Finance, Pierre Gramegna and Luxembourg Minister of Development Cooperation and Humanitarian Affairs, Franz Fayot, were both physically present at the launch to illustrate Luxembourg’s continued support of development aid and financial inclusion initiatives, which are aligned with the Sustainable Development goals of the OECD. University of Luxembourg Law Professor Dr. Dirk Zetzsche, Chair Holder of the ADA Chair for Financial Law (inclusive finance) acted as Master of Ceremonies for the event. 

Following the office launch, the Government of Luxembourg and AFI co-hosted a virtual high-level Joint Learning Program (JLP) on Inclusive FinTech Ecosystems and Cybersecurity for the heads of AFI member institutions. The objective of the JLP was to guide the leaders in making better informed decisions on designing an effective fintech ecosystem, developing or enhancing their national cybersecurity frameworks, and advancing inclusive green finance policies and regulations. 

Professor Zetzsche, along with University of Luxembourg Professor in Media and Data Protection Law, Dr. Mark Cole both presented during the training session. Professor Zetzsche participated in the Roundtable on Developing a Robust FinTech Ecosystem, while Professor Cole facilitated a cyberattack simulation ‘serious game’ with the programme participants.

The Dean of the Faculty of Law, Economics and Finance, Professor Dr. Katalin Ligeti, gave a keynote address on the final day of the conference, stating the importance of the initiative, “Our Faculty recognises and values the power of Financial inclusion as well as the need to share knowledge and experience internationally between academia, businesses and financial institutions”, said Professor Ligeti.

Professor Ligeti also took advantage of the occasion to introduce the Faculty’s new Centre on Sustainable Governance and Markets (CGSM), a virtual platform that combines the joint sustainability expertise of three departments, four disciplines, 200 researchers and 18 nations active in the Faculty of Law, Economics and Finance. The CSGM bundles sustainability research with a special view to sustainable governance and markets.

Professor Zetzsche, coordinator of CSGM, commented further, "We look forward to working with the Alliance for Financial Inclusion on capacity building in the field of Green and inclusive finance. The research provided at the Faculty of Law, Economics and Finance's Centre on Sustainable Governance & Markets will provide the basis for a fruitful interaction with financial regulators and central banks around the world, and in particular in developing and emerging economies. Our various initiatives will assist decision-makers in better regulating in the field of sustainable finance, with a view to ensuring financial inclusion and the proper use of the limited resources of this planet."

 

More information about AFI can be found on their website.

Additional press coverage of the event can be found on RTL, Delano, and Luxemburger Wort websites.