Agefi Luxembourg - février 2025

Février 2025 45 AGEFI Luxembourg Informatique financière E n perpétuelle évolution, l’intelli- gence artificielle (IA) dépasse les attentes des utilisateurs en révo- lutionnant l’ensemble des pratiques. Une nouvelle vague s’annonce au sein des entreprises. Tendancemajeure de 2025 qualifiée de nouvelle frontière de l’IA (1) , lesAgents d’IA intègrent des logi- ciels déjà existants. L’innovation ? Ils agissent proactivement et en au- tonomie pour atteindre un but donné. L’IA se diffuse au-delà des data centers et intègre l’en- semble de l’économie. Répondre à un objectif Alors que les chatbots sont conçus commedesassistantspersonnels,lesagentsd’AI ouvrent un nouveau chapitre. Ces systèmes agen- tiquessontconçuspourimiterlesactionshu- maines. S’inspirant du fonctionnement de nos cerveaux, ils comprennent, analysent, segmentent et effectuent des tâches dema- nière indépendante tout en s’adaptant aux interlocuteurs. Ces agents, dotés d’autoréflexion, progres- sent rapidement et continuellement en mémorisant leurs apprentissages faisant ainsi évoluer leurs processus de raisonne- ment. Elément supplé- mentaire, ces systèmes sont simples à mettre en place par les entreprises. Entraînésàinteragiravecun environnement,ilssontlibres de déterminer et sélectionner les meilleures actions à effectuer pour les atteindre. Ventes, manufacture, industrie, tourisme,touslessecteurssontconcernés.Leurusage est par exemple différenciant dans le commerce no- tamment pour la gestion des stocks. Ils optimisent ainsi les actions, utilisent des algorithmes afin d’anti- ciper les futurs commandes ou encore interagissent avec les fournisseurs et les clients. Unmarché ascensionnel Le marché des Agents d’IA pourrait atteindre 110 milliards de dollars d’ici 2028 (2) . L’un des éléments clés de cette nouvelle vague réside dans les gains de productivité. Lesagentsd’IA,quecertainsqualifie«d’employésau- tonomes», s’illustrent en effet dans l’automatisation destâchesrépétitives.Ainsi,l’interventiondel’homme n’est-elle plus nécessaire, le collaborateur peut se concentrer sur des tâches à valeur ajoutée. Lemarché des logiciels et des fournisseurs d’applica- tions, tels que Microsoft et Servicenow, sont les pre- mierssecteursàs’êtreemparésdecesagents.L’éditeur de logiciel américain Salesforce s’inscrit également dans cette lignée. Le lancement de la deuxième ver- siondesonapplicationautonomeAgentforcequivise àfourniruneaidecontinueetspécialiséeauxcollabo- rateurs ainsi qu’aux clients, le positionne, selon nous, comme unpionnier des systèmes agentiques. Alors que nous ne sommes qu’aux prémices de cette nouvellevaguedemonétisationdel’IA,l’adoptionde cessystèmesparl’ensembledel’économieettoutesles tailles d’entreprisesmarque un tournant décisif. Ils’agitd’unetransformationmajeurepourl’ensemble dusecteurnumérique.Nous sommes convaincusdu potentiel d’investissement des Agents d’IA, la nou- velle frontière de l’IA. Christophe POUCHOY, Gérant d’EchiquierArtificial Intelligence, La Financière de l’Echiquier 1)Mc Kinsey,Why agents are the next frontier of generativeAI, 2024 2)RapportImpactSeries,Révolutiondel’IA :répondreauxdemandes massives d’infrastructure d’IA Les agents d’IA, de la science-fiction à la réalité O rganisedby theMinistry of the Economy, the Luxem- bourgChamber of Com- merce, FEDIL –TheVoice of Luxembourg’s Industry and IDEA, in cooperationwithPwCLuxem- bourg, this year’s editionof the Journée de l’Économie (JEcolux 2025) encourages discussionon the topic “IsAI simply overhyped, an essential driver of progress, or a real opportunity for transformative change?”Registrations for the Jour- née de l’Économie 2025, taking place in the formof a physical event at theChamber of Commerce inLuxembourg on 24March 2025, are nowopen. ArtificialIntelligence(AI)hassignificantly evolved in recent years, with remarkable developmentsacrossvariousfields.These rapid advancements have sparked a global dialogue, with opinions ranging from enthusiastic endorsement to cautious scepticism . AI technologies are reshaping industries and transformingnumerous sectors,with their influence steadily growing in every- day life. However, as these technologies continue to expand, they also raise critical questionsabouttheirtrueimpactonbusi- nessesandeconomies.DoesAIgenuinely drive economic growth and innovation? Is Luxembourg, with its strong financial sector and emerging tech ecosystem, well positioned to explore and capitalise on AI’s potential?What does the future hold forAIadoptionandregulationinLuxem- bourg andon the global stage? TheJournéedel’Économiewilldelveinto the impact of AI across various sectors, with a particular emphasis on the role of governments and will also explore how Luxembourg and Europe can achieve their digital ambitions. The event will feature dynamic discus- sions where market experts will exam- ine the benefits and challenges ofAI and emerging technologies on businesses, as well as on energy and digital transition, sharing insights onhowthese newtech- nologies can transform the economic landscape. Asalways,theproceedsfromtheregistra- tionwillbeentirelydonatedtoadeserving organisation, i.e. MEC asbl. Registration feesfortheconferenceamountto70euros. Speakers As every year, this unique event will bring together economists, members of the Luxembourg government – includ- ing LexDelles , theMinister of the Econ- omy, SME, Energy, and Tourism – as well as many representatives of the pri- vate sector to explore the potential, chal- lenges, and implications of AI for businesses and our economy. NadiaCalviño ,PresidentoftheEuropean Investment Bank Group, will address a keynote speech and explain the role of fi- nancialinstitutionsindrivingdigitaltrans- formation. Prof. Philippe Aghion , Economist, will explore the question, “Should we fear AI?”. A professor at the Collège de France, INSEAD, and theLondonSchool of Economics, as well as a fellow of the Econometric Society and the American Academy of Arts and Sciences, his re- search focuses on the economics of inno- vation and growth. DrLucJulia ,ChiefScientificOfficeratRe- naultGroup,willaddresstheprovocative question, “GenAI: myth or reality?” One of the designers of the Siri voice assistant and a co-founder of several SiliconValley startups, Dr Julia is also the author of the best-selling book “There is no such thing as Artificial Intelligence” (published in 2020). To find out more about the event, visit our website: www.jecolux.lu Journée de l’Économie 2025 AI Technologies: Overhyped, imperative or real opportunity? ByOrianeKAESMANN,ResearchManager the LHoFT Welcome to the Tokenverse F und tokenisation is revolutio- nising the investment land- scape,making asset managementmore efficient, trans- parent, and accessible.At its es- sence, this process transforms traditional fundunits intoblock- chain-based tokens, enabling in- vestors to trade and transfer ownershipwith the speed and ease of digital assets - allwhile adhering to regulatory requirements. Unlike cryptocurrencies, these tokens are fullybackedby real-world assets, blending innovationwith security. Leading financial institutions, from asset managers like Janus Henderson to regu- latory centres such as Abu Dhabi, are ac- tively exploring fund tokenisation to modernise investment structures. A no- table example is Janus Henderson’s $11 millionAnemoy Liquid Treasury Fund (1) , which employs tokenisation to enhance liquidity and accessibility. Likewise, Abu Dhabi’sRealizeT-BILLSFund (2) represents anETFtransformedthroughtokenisation, highlightingtherisinginstitutionalinterest inthisinnovation.Luxembourg,along-es- tablishedfinancialhub,isalsopositioning itself at the forefront of tokenised funds (3) , drawing on its regulatory expertise and market infrastructure. As tokenisation gains traction, under- standing its fundamentals, benefits, and challenges is crucial for investors and industry players. Let’s break it down, step by step. FundTokenisationExplained At its core, fund tokenisation is the pro- cess of converting traditional fund units into blockchain-based tokens. Instead of dealing with paper-based transactions, manual record-keeping, and slow settle- mentprocesses,investorscanholddigital representations of fund shares on a se- cure and transparent blockchain. This makes transactions faster, more efficient, and easier to track. One key distinction to make: tokenised funds are not cryptocurrency. Unlike Bit- coin or other volatile digital assets, to- kenised funds are fully regulated and backed by real-world assets, such as stocks, bonds, or real estate (4) . Think of to- kenisation as modernising the way fund shares are managed - without changing their underlyingvalue or risk structure. A useful approach to understanding assetmanagementistoviewitastheevo- lution of traditional processes, digitising ownership andoptimising fund transac- tions for greater efficiency. By replacing cumbersome paperwork and outdated methods with streamlined digital solu- tions, investors experience a more effi- cient and modernised approach to fund management. This transformation iswell underway.NortonRoseFulbright (5) high- lights tokenisation as a key driver in the evolutionofinvestmentfunds,enhancing efficiency and lowering costs. KeyBenefits –HowTokenisation Enhances InvestmentManagement Enhanced Liquidity: Streamlining Transactions One of the primary advantages of to- kenised funds is improved liquidity.Un- like traditional fund shares, requiring multiple days to settle, tokenised assets facilitate near-instant transactions. This enables investors to enter or exit posi- tions with greater ease, as explained by Tommaso Cervellati (6) , State Street Blockchain Specialist: “Private assets are typically illiquid, affecting secondary market tradingand increasing the liquid- ity premiumdemanded by investors. Tokenisation addresses liquidity limita- tions, offering investors thepossibilityof trading tokens on a blockchain network 24/7. On the issuer’s side, convertingpri- vate assets intoblockchain tokens can in- crease liquidity through cheaper and more secure transactions.” EnhancedTransparency:LeveragingIm- mutable Ledgers for Security Blockchain technology ensures that all transactionsarepermanentlyrecordedon an immutable ledger, mitigating fraud risks and improving operational effi- ciency. Real-time verification of fund ownership and transaction history re- duces reliance on intermediaries, min- imising errors anddelays. Expanded Market Access: Enabling Fractional Ownership Tokenisation facilitates fractional owner- ship, allowing investors to purchase smallerportionsoftraditionallyhigh-bar- rier assets. Thisbroadens access to invest- ment opportunitiespreviously limited to institutional investors and high-net- worth individuals. As explained for real estate byAlex Taylor, Business Develop- ment Lead at TISE (7) , “Traditionally, [these] investments require a significant capital investmentwhilst having lengthy transaction times and complex/pro- longedlegalprocesses.Tokenisationsim- plifies the whole process, allowing properties tobedivided into tokens (dig- itally), enabling investors to purchase a fractional share/s of a property”. InstitutionalAdoption:GrowingInterest fromTraditional Investors While blockchain technology was once viewedwith scepticism by traditional in- vestors,majorfinancialinstitutionssuchas BlackRock (8) andFidelity (9) arenowactively exploring tokenisation. As established market players integrate this innovation, broaderindustryadoptionisbecomingin- creasingly evident. Conclusion: The Future of FundTokenisation Fund tokenisation presents significant advantages. However, its successful adoption depends on addressing key challenges. Regulatory frameworks such as theMarkets in Crypto-Assets Regula- tion (MiCA) are establishing compliance standards, ensuring market integrity while simultaneously adding layers of complexity. Additionally, technological considerations, ranging from smart con- tract vulnerabilities to broader security risks, necessitate continuous refinement and oversight. Despite these challenges, industry mo- mentum continues to grow. Leading fi- nancial institutions are actively integrating tokenisation, reinforcing its long-term viability rather than position- ing it as a short-lived trend. However, widespread adoption will require coor- dinated efforts among asset managers, regulators, and technology providers to develop a secure, scalable, and regula- tory-compliant infrastructure. As the industry evolves, one reality is be- coming increasingly evident: traditional, paper-based fundmanagement is gradu- ally being phased out. The question is no longerwhether tokenisationwill redefine investment management, but rather when, and which organisations will take the lead in shaping this transformation. 1) Financial Times (September 13, 2024) “Janus Henderson to follow BlackRock and Fidelity into tokenisation ”https://lc.cx/7ZkeH8 2) Reuters (November 2, 2024) “AbuDhabi firmto launch tokenised US Treasuries fund” https://lc.cx/j_DgMc 3) PwC “Banking Trends and Figures 2023 - Tech- nology,anenablerofathreat? ”https://lc.cx/8x54bB 4)SmainBouchareb(13Sep2024)“Tokenizationof real world assets: why choose Luxembourg?” https://lc.cx/o3__KZ 5) Podcast “Understanding tokenization: Insights, challengesandopportunities ”https://lc.cx/12VDU5 6) Tommaso Cervellati (January 17, 2025) “Tok- enization of Private Assets: Unlocking Liquidity, Transparency,&AccessintheModernInvestment Landscape ”https://lc.cx/47bKaJ 7)Alex Tailor (10 Feb 2025) “Tokenisation – the fu- tureofownership? ”https://lc.cx/XNiL8W 8)NataliaKarayaneva(Mar21,2024)“BlackRock’s $10 Trillion Tokenization Vision: The Future Of RealWorldAssets ”https://lc.cx/g0WUDw 9) IanAllison (Jun 10, 2024) “Fidelity International Tokenizes Money Market Fund on JPMorgan’s Blockchain ”https://lc.cx/SIbhfG AGuide to Fund Tokenisation ©Midjourney ! 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