We are publishing articles on our website from the “Vision 2040 – When Things in Finland Were Done Boldly and Without Prejudice” essay collection. Enfuce’s Monika Liikamaa envisions that technological development will inevitably shape society.
In 2040, China has strengthened further, and as a counterbalance, the EU has moved closer to a federal state, while polarization between the West and East has intensified. In the economic sphere, there is ongoing debate between the market economy and climate economy. Social changes are also striking. The native population is aging, the dependency ratio is weakening, and most of the country outside the major cities in the south is experiencing population decline. Immigration, migration, and refugee flows are continuously increasing. Climate change has significantly increased refugee movements and climate tourism, particularly to Finland. Work has become fragmented, and work models have changed. Full-time physical labor has shifted to more flexible working models.
What global problems has my company, Enfuce, been able to solve by 2040? We have promoted financial inclusion by offering accessible payment solutions for the underbanked segment, such as immigrants, migrants, minors, and freelance workers. As demonstrated in Enfuce’s ongoing partnership with the Finnish State Treasury, our BaaS offering enables the streamlining of support payments and true lightweight banking for foreign workers.
We provide this fully digital banking solution (salary payments, invoicing, everyday banking) to Finnish growth companies, making the onboarding of new foreign employees efficient and easy. As a regulated entity, we have created a European next-gen Banking as a Service offering that meets compliance requirements. We have also successfully introduced reliable solutions for contextual payments (e.g., virtual glasses) and biometric authentication (iris recognition).
We have also contributed to sustainable development by shaping consumer environmental awareness at the transaction level and by preventing human trafficking, money laundering, payment fraud, and the financing of terrorism. Enfuce’s payment services enable circular economy solutions and related transactions, such as P2P electric vehicle charging, shared rides, and second-hand commerce. All of these require secure payments, which Enfuce has been able to provide.
Significant changes have taken place in our company over the past 15 years leading up to the 2040s. The role of banks has shifted from being customer-owned monopolies to infrastructure providers (credit, KYC, payments). A customer experience layer has emerged between them, produced by non-banks and various orchestrators.
A lot has changed in the issuance of payment cards. Previously, large banks held 90-95% of the market share in Europe, but now a significant share has shifted to brands that own the customer experience. Generative AI has wiped out entire industries, such as legal services and financial administration. The transition from physical payment cards to embedded payments is already underway. From the 2030s onward, virtual glasses have become widely accessible technology, and payments now take place contextually through them. The Visa and Mastercard duopoly in Europe has remained but has shrunk, and new networks have emerged alongside it.
All this development took place because Finland dared to make difficult and significant legislative changes. That is why my message to policymakers is clear.
Technological progress will inevitably shape labor markets—legislation must keep up with accelerating change. Immigration policy must undergo radical transformation to support the future labor force and balance the population pyramid. We appeal to decision-makers to implement major (and difficult) structural reforms in a timely manner to maintain Finland’s competitiveness. Bureaucracy must be reduced, and the appreciation of entrepreneurship must be increased. Public sector positions must attract young and entrepreneurial people to shape society in the face of these inevitable changes.
Monika Liikamaa, Enfuce