Uncertainty breeds certainty
In these troubled times, new paradigms emerge. Uncertainty is growing fast and has to be mitigated. Brexit, a major uncertainty in Europe, will generate global business instability but will represent new business opportunities.
In our global economy, business has to adapt and benefit from the opportunities that may arise during these difficult situations. In particular, in the financial industry, Brexit will generate new opportunities for European major financial centres : could they be Dublin, Frankfurt, Paris, Luxembourg or Amsterdam.
The Banking & Financial sector, including the new fast-growing FinTech industry in Britain is highly linked to ICT and the Data Centre eco-system.
How will the Data Centre industry support the financial sector in the UK and adapt to stay in the European Union? How will the Data Centre industry comply with the new European regulations, – such as the General Data Protection Regulation? London has built over the last decades an incomparable and powerful technological and financial hub. Certainly, the City will cope with the Brexit challenges and will have to maintain unrestricted access to the European Union’s market.
Naturally, London has to find an ideal partner inside the Eurozone. An assessment has been made that in the financial sector, 30.000 employees could leave the City and move to Dublin, Frankfurt or Luxembourg.
For London’s financial industry, Luxembourg is an obvious choice to gain access to the EU after Brexit. The two capitals share a business friendly approach and their expertise is complementary. Luxembourg is the second largest investment fund centre in the world after the United States, the premier captive reinsurance market in the European Union and the premier private banking centre in the Eurozone. Luxembourg’s strategy is not to take business away from London, instead the goal is develop a partnership.
In parallel, the financial sector also has to cope with the uncertainties issued by technology. FinTechs are redefining the business models of the financial industry. London’s startup scene is a cornerstone for future collaboration with other jurisdictions on a global scale. Luxembourg as London’s partner, will provide the Financial Passport to operate in the Eurozone. Doing business together in the financial and FinTech industry in these uncertain times, will generate new collaboration in the ICT sector. Luxembourg’s competitiveness is based on its strong points : business-friendly culture, international and multilingual place, political and economic stability, AAA ratings, and national “Digital Luxembourg” innovation program.
In the digital area, infrastructure is key. Luxembourg is focusing on high quality ICT services running on unique Tier4 data centres, certified by the Uptime Institute (the highest level of security and availability). EBRC (European Business Reliance Centre) is the leading Trust Center for the Digital Economy in Luxembourg by offering a unique foundation for digital-based leaders with three Tier4 data centres and high-availability services. EBRC, a company running ICT outsourcing services for the Banking and Financial sector including FinTech companies, has built a unique expertise in Cloud based IT outsourcing services, IT security and Resilience services running in its Tier IV data centres. EBRC has been internationally recognized through 60 awards, including , the Uptime Institute Brill Awards, the Data Center Facilities Management EMEA, 2015, and the Data Centre Europe Awards (BroadGroup – London), 2008, 2009, 2012.
This view was provided by Yves Reding, CEO at EBRC