Open Finance meets compliance
Successfully launching compliance and customer-friendly financial products require close collaboration between legal and commercial teams, a philosophy championed by Anne-Sophie Morvan, Chief Commercial Officer at LUXHUB.
In the fast-moving world of financial technology, the push for faster, smarter and more open services is rapidly transforming how banks, fintechs and consumers interact. At the heart of this transformation is Open Banking – and its broader evolution, Open Finance – which depends not only on technology, but on the careful balance between innovation and regulation. Anne-Sophie Morvan, Chief Commercial Officer at LUXHUB, takes a deep dive into the mutual dependencies, symbiosis and cross-valuations shaping this evolving field.
A former lawyer with extensive experience in financial regulation, Morvan now oversees both commercial strategy and legal affairs at LUXHUB – a Luxembourg-based company founded in 2018 by four of the country’s major banks: BGL BNP Paribas, Post Luxembourg, Raiffeisen, and Spuerkeess. LUXHUB supports banks and third-party providers in navigating the complex, highly regulated world of Open Banking, offering digital solutions that make compliance scalable, efficient and future-ready.
Her legal training, Morvan says, is not just an asset – it’s essential. “Understanding the legal and regulatory framework is key to shaping and commercializing innovative products in the financial sector,” she explains. “This industry being highly regulated, any product development implies a comprehensive knowledge of the applicable rules, a capacity to identify potential business opportunities deriving therefrom as well as potential threats, which need to be monitored”.
From compliance to competitive edge
LUXHUB itself operates under the close supervision of Luxembourg’s financial authority, the Financial Sector Supervisory Commission (CSSF), and is licensed as both a payment initiation service provider (PISP) and an account information service provider (AISP) under the EU’s PSD2 Directive.
For the unfamiliar with PSD2 – the second payment services directive – it was a major European Union law introduced to increase competition, innovation and transparency in the financial services sector. Most notably, it mandates that banks allow regulated third parties to access customer account data (with the customer’s consent) via secure application programming interfaces (APIs). This has laid the foundation for Open Banking, in which companies like LUXHUB provide the infrastructure and compliance expertise that allow such data-sharing to happen securely and legally.
With responsibilities both as a financial sector support provider and a regulated payment institution, LUXHUB is familiar with the same regulatory demands its clients must navigate, according to Morvan. “Over the past years, we notably developed IT compliance solutions to help our customers with challenges such as publication and management of PSD2 APIs, CESOP or more recently VOP – Verification of Payee”.