PayPal Europe, FNR, University of Luxembourg sign MoU to set up fintech chair

The Government of Luxembourg announced that PayPal Europe, the National Research Fund (FNR) and the University of Luxembourg have signed a Memorandum of Understanding (MoU) for the creation of a PEARL chair of the FNR in the field of fintech.

According to the announcement, the chair will be set up at the University of Luxembourg's Interdisciplinary Center for Security, Reliability, and Trust and will be funded jointly over a period of five years by the FNR and PayPal Europe. The core purpose of the fintech chair is to demystify digital technologies and rethink the connections between regulators, industries, and the users.

The signing of MoU took place in the presence of Prime Minister of Luxembourg Xavier Bettel, Norbert Becker, Chairman of the Supervisory Board of PayPal (Europe); Yves Elsen, Chairman of the Governance Board at University of Luxembourg; Véronique Hoffeld, Chairman of the Board of Directors, National Research Fund; among other top-notch officials.

“PayPal's decision to invest in research in Luxembourg is an important step in our collaboration with PayPal and a testament to the academic excellence of our university. With PayPal, we have found a reputable partner to help create an international fintech center of excellence within the University of Luxembourg,” Prime Minister Xavier Bettel said during the signing.

The Luxembourg government intends to position the country among other leaders in the field of innovative digital financial services and to make it one of the most important centers for fintech innovations. In order to achieve this, the government is accelerating developments by stimulating closer collaboration between the private sector and public research institutions.

The recent collaboration has been set up in a key sector of Luxembourg that is undergoing accelerated transformation, where innovative digital technologies create opportunities for innovative services.

“Technology is changing the lives of consumers and businesses around the world, even more so in financial services, where the fintech revolution brings growth and new opportunities for millions of people and businesses,” Norbert Becker, stated. “We are delighted to become a partner of the Fonds National de la Recherche and the University of Luxembourg to create the PayPal-FNR PEARL Chair in digital financial services. This partnership supports the Luxembourg government's goal of making it a world leader in innovative financial services.”