The Digital Finance and Security Innovation Lab (Fin²Sec), a centre in which the common challenges in personal finance can be addressed through collaboration and product development, was launched today. The ambitious initiative driven by Huawei, will facilitate and support the financial services sector to develop technology to improve the financial health of customers, enhance their experiences and encourage loyalty.

Speaking at the opening of the Digital Finance and Security Innovation Lab; (Derek Yu, President of Central Eastern Europe, Nordic and Canada Region, Huawei Consumer Business Group; Helsinki, Finland, 28 Sept 2021)

Huawei and its R&D centre in Finland will work with researchers from Aalto University and University of Helsinki, as well as fifteen Lab participants¹ - banks and fintechs from across Europe. At the launch financial services brands including Raiffeisen Digital from Austria, BLIK, a leading mobile payment system in Poland, and Neonomics, an open banking services pioneer from Norway, provided unique insight into the challenges of delivering digital solutions for customers.

“Huawei’s objective is to deliver a seamless AI life experience for consumers and this means easy, convenient access to financial services,” said Derek Yu, President of Central Eastern Europe, Nordic and Canada Region, Huawei Consumer Business Group. “The Digital Finance and Security Innovation Lab reinforces our commitment to facilitating new ideas that deliver solutions to the consumer needs of today. We are excited about opening doors for future technology and services and driving innovation. ”

Factors behind digital transformation

The aims of  Fin²Sec focus on three key areas driving digital transformation: mobile technology, to enhance payment process and improve access in any location, circumstance or scenario; innovations that make the experience simpler and more convenient; and partnerships which bring together business, banking, academic and technology expertise to help develop universal solutions.

“As a global leader in industrial R&D with a long term strategy for investment in research, Huawei is well placed to launch and steer the Fin²Sec initiative,” commented Wang Aimeng, President of Huawei Finland Research Center. “The digitalization of economies can succeed where research, education, and industry players are working together on common R&D collaborative projects.”