In preparation for launching the Digital Finance and Security Innovation Lab, the Huawei team, as a donor of Helsinki-Aalto Institute for Cybersecurity, is working closely with Aalto University, and has also invited pan-European banks, FinTechs, and industry associations to get involved.
Commonly used by smaller digital-only banks, financial wellness apps delivered through mobile have most certainly "pricked the ears" of the institutional giants in APAC, with spending in this niche set to increase by a regional average of 57%.
Travelex will be leveraging Nium’s Remittance-as-a-Service (RaaS) solution for the launch of this service. Introduced just last year, Nium’s RaaS solution makes it easier for companies to become providers of payment services and offer remittance services on their own digital platforms.
The danger is that this digital finance ecosystem will simply get sucked into the mainstream banking industry through acquisition, or because FinTech becomes merely back-end service providers to the big banks and disappears as an industry of its own. Or FinTech will try to mimic the big banks, driven by where the money is or by the constraints of regulation.
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