Nasir Zubairi: Empowering Fintech Collaboration for Luxembourg's Financial Ecosystem

As the CEO of The LHoFT (The Luxembourg House of Financial Technology), Nasir Zubairi is spearheading a groundbreaking public/private sector initiative that aims to propel fintech innovation in the grand duchy of Luxembourg to unprecedented heights. But Nasir's influence doesn't stop there; he has made his mark on the global stage as a trusted advisor and a respected voice in the domain of finance and technology.

With over 26 years of experience in the financial services industry, Nasir brings a wealth of knowledge and expertise to the table. He honed his skills in the capital markets, working with esteemed institutions such as RBS, ICAP, HSBC, and EBS. During this time, Nasir witnessed firsthand the transformative power of technology and its potential to reshape the financial landscape.

However, it was in 2011 that Nasir's journey into the field of fintech truly began. Embracing his entrepreneurial spirit, he ventured into building multiple fintech businesses across different verticals, cementing his reputation as an innovative force in the industry. Nasir's ventures not only showcased his business acumen, but also highlighted his unwavering commitment to driving positive change in financial services.

Recognized as a thought leader, he has advised the boards of leading financial institutions, central banks, and governments worldwide. This recognition led to his appointment as a Non-Executive Board Director at Skandinaviska Enskilda Banken (SEB) S.A., a ‘traditional’ bank that sought Nasir's invaluable insights into the rapidly evolving fintech landscape.

But his work on the global stage doesn't end there. He serves as a member of the International Monetary Fund's High-Level Advisory Group on Finance and Technology, where his expertise guides critical discussions and policy decisions. Nasir's insights are also sought after by the Organization for Economic Cooperation and Development (OECD), where he contributes as a member of the Blockchain Expert Policy Advisory Board.

Having lived and worked in eight countries, including the United Kingdom, the United States, Japan, Singapore, Indonesia, Germany, Belgium, and his current home in Luxembourg, Nasir possesses a unique understanding of global financial ecosystems.

As a council member at the British Chamber of Commerce and the British-Luxembourg Society, he actively contributes to strengthening the relationship between the two countries and fostering business ties. In an ever-evolving landscape where finance and technology intertwine, the CEO stands as a driving force, bridging the gap between traditional institutions and cutting-edge innovation.

As he continues to shape the future of fintech, we couldn’t be prouder to speak with Nasir in an exclusive interview for Machinelab…

As the CEO of The LHoFT, what are the key objectives and strategies that you are currently focusing on to drive fintech and digitalisation for Luxembourg's financial services industry?

The LHoFT aims to ensurethe future competitiveness of the financial services industry with a focus on digitalisation, and to position Luxembourg as a leading hub in the EU for fintech. Our main strategy involves fostering innovation, collaboration and knowledge among stakeholders in the financial services industry. This is achieved through various initiatives such as our incubator and accelerator programs, our workshops and intrapreneur programmes, as well as community events and a plethora of research projects. Our ultimate goal is to create a thriving ecosystem that attracts global talent and investment while driving the digital transformation of the financial sector.

How have your experiences working in Capital Markets at institutions such as RBS, ICAP, HSBC, and EBS shaped your understanding and approach to the fintech sector?

My experiences working in Capital Markets have given me a level of understanding of the challenges and opportunities facing the financial services industry. It has also given me perspective on the potential impact of fintech on traditional financial institutions. I believe this has helped me approach the fintech sector with a well-rounded understanding of the needs and priorities of both traditional financial players and fintech innovators.

‍You've lived and worked in many different countries across 3 continents. How have these diverse experiences influenced your leadership style and perspective on the global fintech landscape?

My diverse experiences living and working in different countries across three continents have given me a broader perspective on leadership and the global fintech landscape. I have been exposed to different cultures, work styles, and business practices, which I believe, have helped me to be more adaptable, open-minded, and creative in my leadership approach. It has also helped me understand the unique challenges and opportunities facing different regions and industries, which is crucial for developing a global strategy.

As a part of prestigious bodies like the IMF’s High-Level Advisory Group for Finance and Technology and the OECD’s Blockchain Expert Policy Advisory Board, how do you leverage these positions to benefit the LHoFT Foundation and the Luxembourg fintech ecosystem?

Being a part of bodies such as the IMF’s High-Level Advisory Group for Finance and Technology and the OECD’s Blockchain Expert Policy Advisory Board has given me access to valuable insights, networks, and resources that benefit the LHoFT Foundation and the Luxembourg fintech ecosystem. It also enables me to contribute to global fintech policy and innovation discussions, which helps to shape the future of the industry.

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Can you share some insights into your time as a Venture Partner at FinLeap? What key lessons did you learn from the rapid scaling and business launches during your tenure?

My time as a Venture Partner at FinLeap taught me many key lessons about rapid scaling and business launches. One of the most important lessons was the importance of building a strong team and culture that is aligned with the company's vision and values. I also learned the importance of testing and iterating quickly, and being open to pivoting when necessary. I learned the importance of being focused on the customer and how best to act on their feedback. Most importantly, the time cemented my belief that risk management is the key to success – it is not what goes right that makes you succeed, it's having a good plan in place to cope with what goes wrong.

You have a reputation for transforming ideas into launched businesses in an impressively short time. What's the secret?

Execution and focus is the key. This involves prioritizing tasks based on their impact and feasibility, building a strong team, and leveraging technology and data to make informed decisions. It also involves being willing to take calculated risks and being agile enough to pivot when necessary.

‍What gets you up in the morning? What is your driving force?

What drives me is the opportunity to make a positive impact on the world by driving innovation and progress. I am passionate about leveraging technology and entrepreneurship to create new opportunities and solve important problems. I also enjoy collaborating with other talented and motivated people who share this vision.
 
You were awarded the 'Officier de l'Ordre Mérite du Grand Duchéde Luxembourg' in 2022. How did this recognition effect you personally and professionally?

It was a great honor and recognition of the work that we are doing at the LHoFT Foundation. It was also a reminder of the responsibility that comes with being a leader in the fintech industry. It has further motivated me to continue pushing boundaries and driving innovation in the financial sector.

Looking towards the future, what are the key trends you foresee in the fintech industry, and how is The LHoFT Foundation preparing to navigate these changes?

There is the obvious – more AI driving automation, augmenting and assisting decision-making as well as blockchain and tokenisation. But there is also the growth of open banking and API-based financial services and the increasing importance of data privacy and security. To navigate these changes, The LHoFT Foundation is focusing on fostering innovation, collaboration, and knowledge among our stakeholders. We are also investing in research and development to stay ahead of emerging trends and technologies. Finally, we are building strong partnerships and networks both domestically and internationally.

Photos courtesy of: The LHoFT