PayPal Europe, the Luxembourg National Research Fund (FNR) and the University of Luxembourg signed a Memorandum of Understanding (MoU) agreeing to create of a FNR PEARL chair focused on the booming FinTech field. The chair, approved for an initial five years, will be jointly supported by PayPal and the FNR, and hosted at the Interdisciplinary Centre for Security, Reliability and Trust (SnT) of the University of Luxembourg.
“The decision of PayPal to invest in Research in Luxembourg is an important milestone in our collaboration with PayPal and a strong testimonial for the academic excellence of our university,” noted Prime Minister Xavier Bettel. “By co-funding the PayPal-FNR Chair on Digital Financial Services, PayPal invests in the future of our university and in the future of our country. With PayPal, we found a strong partner to help create an international center of excellence in Financial Technologies at the University of Luxembourg.
The Luxembourg Government is hoping to position the country as a world leader in the digital financial services sector and as a hub for financial technology. As part of its national innovation strategy, Luxembourg is working to build closer collaboration between the private sector and public research institutes.
“The FinTech revolution is enabling economic growth and new opportunities for millions of people and businesses,” commented Norbert Becker, chairperson of the supervisory board of PayPal Europe. “PayPal is committed to working with policy makers and regulators to foster greater understanding of how financial technology can be harnessed to drive innovation, economic opportunity and other policy objectives such as consumer protection. Luxembourg has been PayPal’s European headquarters for 10 years, and we are delighted to partner with the [University of] Luxembourg…. This partnership supports the Luxembourg government’s aim of making the country a world leader in innovative financial services.”
According to the announcement, the goal of the chair is to demystify digital technology and improve coordination among regulators, industries and users.
This is PayPal’s second university relationship struck in the past two months. In February the company and Singapore Management University (SMU) teamed up to establish a FinTech scholarship designed to build the talent pool in Singapore for the FinTech sector.
Source: Crowdfund Insider