Huawei Establishes Digital Finance and Security Innovation Lab

Huawei has been cut off from some services, but it sees this as an opportunity rather than a setback. The latest step is the foundation of the Digital Finance and Security Innovation Lab (aka Fin²Sec) in Helsinki, Finland.

Huawei has announced the launch of the Digital Finance and Security Innovation Lab in Finland, a collaboration between its regional Ecosystem Development business and its R&D centre in Finland.

Designed to address the requirement for banking, finance and payment services in Europe to become digital-first, Huawei is looking to collaborate with multiple industry stakeholders to accelerate progress and satisfy customer demands.

The overarching objective will be to bring secure, digital financial services and improvements to payment processes to every person, home and organisation to encourage a healthy and accessible financial life.

Establishing the Finland-based Lab, where ideas and programs can be discussed and developed, Huawei is aiming to create a base for technology, shape industry standards and develop products and services which are fit for the needs of today

Similar projects that Huawei has launched previously with security improvement in focus have led to significant innovation. An example of this is Huawei’s Digital Car Key feature, an NFC-based app which allows drivers to lock or unlock their car and start it using their smartphone.

The Director of Financial Vertical Eco-Development and Partnerships for CEE, Nordics and Turkey at Huawei Consumer Business Group, Adam Rybusiewicz says that we will continue to struggle at making digital services and products mainstream unless we work together to strengthen the financial ecosystem. “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.

 

The new Huawei Innovation Lab for Digital Finance and Security in Helsinki is just another addition to the Chinese company’s existing fourteen R&D centers set up in Germany, Sweden, Russia, India, and China. Huawei’s products and services are available in more than 170 countries and are used by a third of the world’s population.

September 17, 2021