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Huawei Hosts Official Launch of Europe’s Innovation Lab for Digital Finance and Security – Fin²Sec

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Initiative aims to overcome universal personal finance challenges with digital solutions 

London, United Kingdom, 28th September 2021 The Digital Finance and Security Innovation Lab (Fin²Sec), an initiative aimed at creating a centre in which the common challenges in personal finance can be addressed through collaboration and the development of product solutions, was launched today. Fin²Sec, an ambitious project driven by Huawei, will facilitate and support the financial services sector as it works to develop technology that can improve the financial health of its 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 

To bring this to fruition, Huawei and its R&D centre in Finland will work together with researchers from Aalto University and University of Helsinki, as well as fifteen Lab participants¹ – banks and fintechs from across Europe. Coming together at the launch event today, several 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 they have faced in delivering digital solutions for customers. 

“Huawei’s objective over the past few years has been to deliver a seamless AI life experience for consumers and as part of that they must have easy and convenient access to financial services,” said Derek Yu, President of Central Eastern Europe, Nordic and Canada Region, Huawei Consumer Business Group as part of his opening remarks. “The launch of the Digital Finance and Security Innovation Lab (Fin²Sec) reinforces our commitment to facilitating new ideas that deliver solutions to the consumer needs of today. We are very excited about the doors that we are opening for future technology and services and believe that Fin²Sec will drive a leap in innovation in this sector.” 

Factors behind digital transformation  

The aims of the new Fin²Sec Lab are focused on the three key areas driving digital transformation: mobile technology, competition for innovation and partnerships. 

Huawei acknowledges that the last decade has seen ground-breaking developments in how banking and finance are experienced by customers, almost solely driven by mobile technology. However, it also believes more can be done to enhance digital financial services and improvements to payment processes, including through accessibility across multiple devices to best suit the location, circumstances and scenario that the customer is in.  

Huawei wants the Lab to emulate developments and changes brought about by open banking such as personalised, easy access services, which have allowed customers to enjoy simpler, more convenient management of their funds.  

Siri Børsum, Global VP Finance Vertical Eco-development and Partnerships at Huawei Consumer Business Group, said: “Partnership for Huawei means not just collaborating to enable an app on AppGallery but providing the means to innovate and grow. Huawei has made rapid headway in developing AppGallery to become the world’s 3rd largest app store.  With 550 million monthly active users globally, and a year-on-year increase of 46% outside China, we are well placed to support and accommodate financial providers so they can deliver convenient and accessible finance for everyone and everywhere”. 

Addressing challenges and industry pain points  

The Lab, which is based in Helsinki, will help fintech and financial companies to address emerging issues such as, for example, the balance between consumer experience, security and new authentication mechanisms.  

“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.” 

The challenges of payments were also addressed by speakers at the launch event, highlighting research carried out last year by the Euro Banking Association (EBA) and McKinsey. The findings identified gaps in the capabilities and practices needed to grow banking payments business, especially in technology, organisational agility and monetisation models.  

Reshaping finance towards digital-first 

Delegates were given an overview of key trends that are driving the need for change in the sector. Along with the growth in automation, personalisation, real time payments and open banking, financial services organisations outlined the importance of adopting more sustainable, holistic approaches to their customer-facing solutions, delivering improved access and encouraging better financial health and education across all strata of society.  

Adam Rybusiewicz, Director of Financial Vertical Eco-Development and Partnerships for CEE, Nordics and Turkey at Huawei Consumer Business Group, and one of the Lab architects, said: “Universal financial health is essential and it is Huawei’s vision to bring the financial services industry together to make products and services that are not just easy to use and available to everyone, but which also make people feel safe and convenient whether they are spending, transferring or investing their money.” 

sibos 2021

¹ Brands to have declared their intention to participate and co-operate in Fin²Sec are Copenhagen Fintech, SOK, Intesa Sanpaolo, PAYSERA, VIA BILL, Smart ID, Neonomics, icard, Virtual Cards S.R.L, Sirumobile, Phyre, BLIK, Raiffeisen Digital, Fidesmo.  

About HUAWEI Consumer BG 

Huawei’s products and services are available in more than 170 countries and are used by a third of the world’s population. Fourteen R&D centres have been set up in Germany, Sweden, Russia, India and China. HUAWEI Consumer BG is one of HUAWEI’s three business units and covers smartphones, PC and tablets, wearables and cloud services, etc. HUAWEI’s global network is built on almost 30 years of expertise in the telecom industry and is dedicated to delivering the latest technological advances to consumers around the world. 

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