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The Mobile and wireless communications Enablers for the Twenty-twenty Information Society (METIS) project is laying the foundations of Fifth Generation (5G) mobile and wireless communication system putting together the point of view of vendors, operators, vertical players, and academia. METIS envisions a 5G system concept that efficiently integrates new applications developed in the METIS horizontal topics and evolved versions of existing services and systems. This article provides a first view on the METIS system concept, highlights the main features including architecture, and addresses the challenges while discussing perspectives for the further research work.