The first of its kind Digital Finance and Security Innovation Lab in Europe was officially launched in Finland on 28th September 2021. The laboratory was designed, driven, and hosted by Huawei and by now it is already better known by the short but meaningful name Fin²Sec.
iCard will be a key factor in fulfilling Fin²Sec’s mission – developing the full potential of the business community in the fintech sector and creating solutions for the new challenges in the personal finance field. Our efforts aim to provide more and more people with access to modern and safe opportunities for smart money management. Also, we work to simplify seemingly complex procedures. These are the basic technological advances that will undoubtedly lead to a better quality of life.
The initiative called Fin²Sec will facilitate and support the financial services sector to develop technology to improve the financial health of customers, enhance their experiences, and encourage loyalty.
The innovation lab becomes a meeting point not only for the representatives of the financial industry – partners or competitors, but also for expert teams from academia. Huawei and its R&D centre in Finland will work with researchers from Aalto University and the University of Helsinki.
The honorary host of the Fin²Sec conference on 28th September 2021 was Derek Yu, President of Central Eastern Europe, Nordic and Canada Region, Huawei Consumer Business Group. Here is how he defined the new venture:
“Huawei’s objective is to deliver a seamless AI life experience for consumers and this means easy, convenient access to financial services. 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.”
iCard is one of 15 participants in Fin²Sec. The Executive Director of iCard Yavor Petrov took part in the conference dedicated to the future of digital finance and security. He also took part in the official signing ceremony of the Fin²Sec Memorandum of Understanding.
Here is what Yavor Petrov said during the discussions:
„In my opinion, what is missing in open banking is instant payments and instant settlement. SEPA Instant and other local payment systems have limited coverage. Currently, there is no united European system for processing and validating payments in real time. We must also take into account countries and currencies outside Europe. If all countries and currencies are linked in a single system of instant payments, open banking can qualitatively improve the consumer experience.”
Among the other participants in Huawei’s Innovation Lab are banks and fintech companies from across Europe, including Raiffeisen Digital from Austria, BLIK, a mobile payment system in Poland, and Neonomics, open banking services from Norway.
