Not sure I'm the go to guy on these questions but I can offer an opinion.
Virtulizing the TPM has apparently been no small task and I believe the TPM 2.0 specification makes this process somehow easier. When the Virtulization of the TPM and it's ability to migrate with the virtual machine (desktop) it is anchored to in the cloud, it will be a huge step forward in securing the cloud.
I'm still watching V3 systems that announced last April in a blog that trusted computing is just around the corner and their VDI related products could take advantage of this TPM virtulization capability.
The Running of the TPM/MTM functionality as a Trusted Application in Arm TrustZone I believe has been tied to the rest of the Financial Industry getting it's act together (The GlobalPlatform) around the Trusted Execution Environment, the Rich OS and the existing secure elements.
It's just my opinion but once we see Wave embedded in the Arm Processor (setting up the TAN) and Applets running and executing in TrustZone then the other secure elements become redundant.
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