Author: ume

The Luxembourg CSSF clarifies the oversight requirements of management companies on fund distributors

The Luxembourg CSSF has issued on 23rd August the CSSF Circular 18/698 that set all substance related to the provisions expected for governance and organizational structures of Luxembourg investment management companies.

The requirements applicable to the oversight of key delegated functions, including marketing and distribution
are of particular interest.

It is expected that the investment management company develop a continuous risk-based approach for the oversight of its distribution network.

This approach needs to be based on
1. the types of distributors/ intermediaries as well as information on the country of establishment of the intermediary and the AML / CFT legal and regulatory  ramework applicable therein, the authority and the supervisory regime which is applicable, the ownership and the control structure of the intermediary;

2. obtaining sufficient information to fully understand the nature of the intermediary’s activities and to assess, on the basis of information available to the public, its reputation and the quality of the supervision to which it is subject;

3. obtaining the documentation required on AML / CFT obligations when entering into an intermediary relationship (“Know Your Intermediary”);

4. the distribution channels; for example, the use of unclear or complex distribution channels and cases where the intermediary is located in a country or territory
with a higher risk, are high risk factors requiring implementation of enhanced monitoring of these intermediaries;

5. country risk.

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ume won the Temenos Innovation Jam Luxembourg

Each year, Temenos runs a competition to find the best fintech firms. This competition takes the form of regionalized demo-based events (Abu Dhabi, Amsterdam, Dublin, Geneva, Hong Kong, London, Luxembourg and Miami).
The Temenos Multifonds Innovation Jam invites some of the newest and most interesting fintech solutions, provides an informal forum for discussing how these innovative solutions can be applied to solve specific business problems across the fund management industry. Fintech providers showcase their latest solutions and compete for a place in the final at the FundForum Fintech Innovation Jam in Berlin, in June 2018.
On 24th April, ume won the Temenos Innovation Jam Luxembourg, winning both on the votes of the jury and the public.
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ume selected for the Fintech Europe 2018 Village Capital

Fintech Europe 2018 is a venture development program for entrepreneurs creating technological solutions that help financial institutions, financial markets, regulators and consumers interact with financial products and services in the digital age.

During the Spring of 2018, Village Capital, PayPal and Middlegame Ventures will scale and support innovative Fintech ventures to foster a new generation of fully compliant financial solutions tailored for the digital age and centered on the financial health of retail and commercial consumers.

 

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ume graduated from the Fit4Start programme – Autumn 2017 edition

On March 12, 2018, Luxinnovation announced the Autumn 2017 Graduates from the Fit 4 Start programme.

Fit 4 Start is Luxinnovation’s flagship programme of coaching and weekly follow-up by “Lean Start-Up” experts. The quality and the success of the core ingredients of the programme are the selection process, coaching, financial support and international visibility.

Of the five participants, three graduated: ume solutions (know your fund distributors), Van Hack (connecting tech talent), and SEE MORE (augmented reality for painting on wall and more). 

read more on luxinnovation.lu

 

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Luxinnovation spoke with CEO Laurent Denayer

Luxinnovation spoke with CEO Laurent Denayer.

How did you first hear about Luxinnovation and our Fit 4 Start programme?

We heard about the Fit 4 Start programme in a discussion we had with Luxinnovation about public aid and coaching support. Fit 4 Start actually provides these two features.

What was your biggest achievement?

All our achievements are linked to our clients’ satisfaction. We have managed to build a good solution that is matching a market need. Winning the award of the 2017 best Fintech Startup at the Luxembourg Finance Innovation Summit has further reconfirmed this.

Read the full interview here

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ume awarded at the Luxembourg Finance Innovation Summit 2017

On November 30th, more than 250 finance professionals gathered at the Etablissement Namur for the 2017 edition of the Luxembourg Finance Innovation Summit. After a series of conferences on the topics of innovation in insurance, financial services and payments, and an insightful startups session, the Luxembourg Finance Awards were distributed to acknowledge and recognized the best practices and solutions available in the Grand-Duchy of Luxembourg.

ume won the Finance Startup of the Year as it enables to save up to 90% of the time and efforts on due diligence process and helps make better informed decision and reduce risks related to fund distributors.

 

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ume selected for the Fit4Start coaching program

Extract from Luxinnovation press release  

On September 27, 2017, Jean-Michel Ludwig, Director, Luxinnovation Start-up Support & SME Performance, announced the 5 new laureates for the prestigious autumn 2017 Fit 4 Start edition. Out of more than 100 submission, the five next participants will be  AR24,  Prometheus,  Qwerteach,  ume and VanHack. Congratulations! 

Last night at Technoport  (Incubator, co-working space and fab lab), Luxinnovation announced the five new start-ups selected for the Fit 4 Start coaching program. Four months of intensive training and a grant of 50,000 euros offers these early stage start-ups a platform to potential success. The programme, which is rapidly gaining in international recognition, is also an initiative (along with Luxinnovation) of the Ministry of the Economy, the aforementioned Technoport and  Nyuko (independent non-profit co-supported by public authorities and the business world (public-private partnership).

Speaking at the event, Michele Gallo, Director ICT Coordination, Luxembourg Ministry of the Economy, pointed out that the level of submissions for the programme continues to grow higher along with the interest of private investors, a sign that the entire Luxembourg start-up ecosystem and the Fit 4 Start programme are developing a strong reputation with an international reach. 

Fit 4 Start supports start-ups in their establishment phase by offering early-stage funding and coaching. The programme helps them develop a prototype of their product and to learn how to test it with their first clients. In addition, participating start-ups get support in presenting their company to investors and contacts with other actors supporting start-ups. At the end of the programme, additional €100,000 is offered by the Ministry of the Economy to start-ups that have both successfully graduated from Fit 4 Start and managed to raise at least €50,000 of private equity. 

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