TRIWA and Fidesmo receive funding from Sweden’s innovation agency Vinnova to develop contactless payment wristbands.

Sweden's innovation authority Vinnova grants TRIWA and Fidesmo 2 million SEK (241 000 USD) to develop watch straps with a built-in payment solution.

"We went into the watch industry 10 years ago with a goal of transforming the watch industry, which we considered being too traditional in its marketing and distribution. With the help of Vinnova, we will now be able to focus on our next, digital, transformation. " says Ludvig Scheja, Creative Director and Co-founder at TRIWA.

"The Swedish fashion industry has had a rapid growth and we are strong in technology. By linking these industries there is a potential for a new Swedish business field, where we can create growth and new job opportunities,” says Erik Sundström, responsible for investments at Vinnova, in a press release.

TRIWA x FIDESMO

The project, driven in collaboration with Fidesmo, is focused on developing a chip that can be integrated into watch bracelets to facilitate "contactless” payments.