Chinese multinational technology company Huawei is set to launch a Digital Finance and Security Innovation Lab (Fin²Sec) in Finland at the end of this month, according to GizmoChina.
The new lab is the result of cooperation between Huawei’s regional Ecosystem Development business and the company’s R&D center in Finland. The lab is going to be addressing the requirement for banking, finance, and payment services in Europe to go digital by focusing on supporting and facilitating the financial services sector through innovative technology solutions that improve customer experience.
The Chinese telecom giant aims to make improvements to payment processes across all mediums including personal, home, and organization. The improvements will encourage a healthy and accessible financial life and Huawei is working closely with Aalto University and has also invited the involvement of pan-European banks, FinTechs, and industry associations.
According to Adam Rybusiewicz, Director of Financial Vertical Eco-Development and Partnerships for CEE, Nordics, and Turkey at Huawei Consumer Business Group, unless we work together to strengthen the financial ecosystem, we will continue to struggle at making digital services and products mainstream.
“The purpose of the Lab is to generate not just new concepts, but to share experiences and challenges, and foster successful initiatives or business models that can be emulated across the finance, banking, and payments sector,” he says.