As the role of AI in the financial sector becomes more significant, the Luxembourg bank and research institute are initiating the first AI banking project under Luxembourg’s RDI scheme. The economy and finance ministries are contributing up to 40% of the project’s costs.
Keen to diversify Luxembourg’s economic pillars, the new government is investing in a new project that covers its strongest sector and the most talked about technology. The project, which is a collaboration between BGL BNP Paribas, one of Luxembourg’s oldest banks, and the research centre SnT, aims to develop an intelligent and secure monitoring system for AI solutions in the financial sector.
“The Ministry of the Economy is pleased to be able to support BGL BNP Paribas to carry out this innovative project which will certainly contribute significantly to the development of skills in the field of AI in Luxembourg, said economy minister Lex Delles.
I hope that other major players in the market will follow the example by also launching R&D projects linked to AI.
Lex Delles, Luxembourg minister of economy
Government invests €3m
The state will cover up to €2.95m of the nearly €7.4m which will be spent on the project over the next three years. What exactly will come out of this project is yet unclear, but the hope is that it strengthens Luxembourg’s AI capabilities and incites the market to follow its example.
Speaking of AI, Gilles Roth, minister of finance, said that adopting it responsibly will give companies “a competitive advantage”.
Comprising around fifteen employees, including six data scientists, the BGL and SnT’s new project has successfully identified profiles that are currently challenging to lock down in the Duchy. The goal is for these profiles to contribute to the development of an impactful project, inspiring both new international and local businesses alike.
