Huawei: Accelerate Financial Digitalization, Create New Value Together
Today, was the first day of the Huawei Intelligent Finance Summit 2021 held at Shanghai, with the theme “Accelerate Financial Digitization, New Value Together.” The two-day event attracted more than 3,000 global financial industry customers, partners, industry experts, and media. Huawei detailed how financial institutions can utilize technology to upgrade the industry and range of services on offer by constructing an ecosystem that is agile and intelligent, and ultimately transform themselves into digital-capable eco-enterprises. Huawei presented three strategic initiatives for their work in the financial sector: fully embracing cloud-native technology, diversifying and improving use cases within the industry and aggregating different SaaS products to help financial institutions become better digital enterprises.
The Financial Industry Needs to Adapt and Accelerate the Pace of Transformation
Peng Zhongyang, Member of the Board, President of the Enterprise Business Group, Huawei, in his opening speech made the point that as industries upgrade and converge, the financial services sector will transform to have their operations based on cloud through a more connected device ecosystem built for all scenarios. He added that Huawei is currently collaborating with its customers and partners to enable them to become more sustainable, resilient digital ecosystem-based enterprises, through the co-creation of technology, scenarios, and sustainability.
In the keynote speech on “Global Economic Recovery: Certainty and Uncertainty”, Dr. Fan Gang, Professor of Economics, Peking University; Vice President, China Society of Economic Reform, said, “The global pandemic is far from over. As the new engine of economic recovery, the most important component of the digital economy is not the production of digital equipment and digital technology itself, but the application of new information technology to transform various industries. Digital finance is the driving force of the development of the digital economy. It is therefore necessary to accelerate financial technology innovation, as FinTech will play a leading role in upgrading the digital transformation of thousands of industries.”
Cao Tong, President of HDFH and First President of WeBank; Hou Weirong, General Manager, Transaction Banking Department, China Merchants Bank; Chen Kunte Chief Digital Transformation Officer of Global Financial Services Business Unit, Enterprise BG, Huawei and Ye Tan, Well-Known Financial Critic joined the Panel: Intelligent Finance Transformation.
“The world is going through a digital revolution, which is closely related to finance and affects us all. Traditional banks are expanding their boundaries. I’m looking forward to the day when bankers and experts in technology can customize asset packages for users based on their age, wealth, and family structure.” Said by Ye Tan.
Huawei Announces Three Strategic Initiatives to Turn Financial Institutions into Better Digital Ecosystem-based Enterprises
Huawei announced three strategic initiatives it would develop in the financial sector to help financial institutions become better digital ecosystem-based enterprises. These included:
(1) Encouraging institutions to fully embrace cloud native, innovative technologies that provide optimal infrastructure to accelerate digital and intelligent convergence and create an agile platform.
(2) Deepening digitalization across all industry scenarios to enhance safe and secure data transfer, unlock the potential value of big data, and build out financial inclusion.
(3) Aggregating different SaaS products to build an open ecosystem for all scenarios, and enable scenario-based financial services.
Jason Cao, President of the Global Financial Services Business Enterprise BG, Huawei, said in his speech, “Huawei has been working with the global financial industry for 10 years and has become an important partner in digital transformation for the industry. Huawei will continue to work with this industry to drive cloud-native computing to ensure financial institutions benefit from a modern and dynamic digital ecosystem that can be continually updated and developed, making use of the latest innovations. Huawei’s ethos is to help financial institutions grow into better digital ecosystem-based enterprises and develop fully connected, intelligent, and ecosystem-based finance together”.
Shi Jilin, Vice President of HUAWEI CLOUD BU and President of Global Marketing and Sales Service, said in her keynote speech that the financial industry has always been at the forefront of digital transformation, and is at the stage of developing to digital finance, from a single scene to a multi-scenario.
She said, “Huawei and the financial industry grow together to build multi-purpose and intelligent FinTech solutions. We put forward four proposals: first, fully embrace cloudification, solve the core problems of enterprise cloud access, and guide digital transformation on the right path; second, full-scenario intelligent connection, create “finance+X ” to serve all kinds of industries; third, to carry out intelligence to the end, AI will enter the finance core production system and main business processes; fourth, build a financial ecosystem around scenarios and create an ecological financial industry. ”
Realizing New Value in the Financial Industry with Global Banking Customers to Build a New Financial Future Together
Various banking executives shared their stories and achievements of digital transformation of Chinese financial enterprises at the meeting today.
Huawei has been working closely with DBS Bank to enable their digital transformation to meet their evolving needs. In 2020, Huawei was awarded by DBS the 2020 Most Valuable Technology Partner Award from a selection of 64 other global technology vendors.
Tan Choon Boon, Head of Cloud Engineering and Services at DBS Singapore, said: “DBS has developed a strategy focusing on five key elements for digital transformation: driving comprehensive organizational change, including business success-oriented organizations; moving from ‘projects to platforms; taking onboard modern system design; building excellent agile teams; and moving towards complete automation. In the future, the two sides will continue to strengthen cooperation in cloud, artificial intelligence, and IoT. We have been working closely with Huawei to meet the bank’s evolving requirements and drive digital transformation.”
The financial industry varies greatly across regions around the world, there are still many people as well as small and medium-sized enterprises that cannot access basic financial services. Financial institutions in many countries have taken rapid steps to build digital platforms such as mobile wallets and mobile payments with partners such as Huawei. These platforms are used to build a super app ecosystem, such as Kenya NCBA, to help these financial institutions achieve significant progress in enhancing their service offerings. Added keynote1 to the customer’s speech.
During the summit, Sitoyo Lopokoiyit, CEO, M-PESA Africa said, “We’ve seen the power of M-PESA and mobile money in Africa in transforming how we can make an impact in terms into society .Today we have over 350,000 businesses and over 5 million micro SMEs that use our services. On the other side, we have 58 million customers who use our various products and services. At the core of this is our technology and partners such as Huawei play a key role in ensuring that our technology architecture addresses the needs of our business and customers.”
Huawei Launches the Financial Partner Go Global Program (FPGGP)
During the summit, Huawei announced the official launch of the Financial Partner Go Global Program (FPGGP). The company will work with partners in the financial services industry to leverage Huawei’s deep experience and technological innovation capabilities in financial digital transformation.
The initial FPGGP has 25 members, including seven on the board of directors from Huawei, Sunline, Tongdun Technology, Netis, Wallyt, Sinosoft, and Chinasoft International.
Huawei’s vision is to build a multi-purpose open ecosystem and enable global financial institutions to serve users in various industries. During the summit, Huawei explores additional cooperation agreements with financial institutions such as Temenos, and plans 15 joint solutions to be released covering a diverse set of use cases.