PayPal Europe, the Luxembourg National Research Fund (FNR) and the University of Luxembourg signed a Memorandum of Understanding (MoU) granting the cr
PayPal Europe, the Luxembourg National Research Fund (FNR) and the University of Luxembourg signed a Memorandum of Understanding (MoU) granting the creation of a FNR PEARL chair in the field of financial technology.
The Luxembourg government announced that the chair will be established at the University of Luxembourg`s Interdisciplinary Center for Security, Reliability and Trust (SnT). The project will be funded by the FNR and PayPal Europe over a period of five years, according to the publication.
The goal of the new chair is to research digital technologies and improve the link between users, regulators and industries, reported cryptocoinnews.com.
“With PayPal, we have found a reputable partner to help create an international fintech center of excellence within the University of Luxembourg.”, said Prime Minister Xavier Bettel who was present at the signing.
This partnership is key for the financial technology sector in the country that undergoes changes recently.
Located in western Europe between Belgium, Germany and France, Luxembourg is said to be a Fintech friendly location.
The Luxembourg-based bitcoin exchange Bitstamp became the world`s first nationally licensed bitcoin exchange as of 1 July 2016.
Also, the publication`s writer speculates that the favourable conditions of Luxembourg may attract businesses in the sector who consider leaving London post Brexit.
It remains to be seen whether Luxembourg will turn into one of Europe`s leading financial technology hubs.