Global Ecosystem for Digital Transformation in the Financial Sectorby Fintech News Singapore November 30, 2020
COVID-19 has speeded up digital transformation by several years. According to a new McKinsey Global Survey of executives, companies across regions and industries have accelerated the digitalization of their customer and supply chain interactions, as well as of their internal operations, by three to four years.
In the financial sector, companies are taking steps to catch up with the changes induced by the pandemic, putting in the effort to address the rapidly evolving landscape and provide customers with better digital-first and mobile experiences.
In Asia, the pandemic has shifted consumers to contactless payment apps, and digital banking, leading most banks across the region to decide to reduce the number of physical branches and improve the convenience and efficiency of online banking transactions, according to a report by the Asian Development Bank.
In the Philippines, digital payments have soared since its quarantine restrictions with the country’s largest provider of mobile money services reporting in May 2020 that the total amount of payments through its platform had increased eightfold from the previous year. The company also announced plans to roll out electronic payments in transport, telemedicine, and government services by the end of 2020.
Supporting financial institutions’ business needs
As demand for tech and digital solutions continues to rise in the financial sector, Huawei has developed different sorts of solutions to support the industry’s unique needs.
The global information and communications technology (ICT) giant has partnered up with a wide range of companies to establish an ecosystem, enabling experts and industry elite to exchange their views and experience in developing the intelligent finance solutions precisely for the services.
Such partnerships include Huawei’s collaboration with Sunline Technology, a leading banking software and technology services in China.
The two firms have cooperated on multiple occasions and for multiple projects. For example, Sunline Technology has been using Huawei’s Kunpeng software and hardware solutions for its Internet finance platform. This converged platform has supported the distributed deployment of applications and databases, micro-service-based development and deployment, and rapid horizontal expansion, facilitating quick iteration in Development and Operations (DevOps).
Leveraging Huawei’s Kunpeng software and hardware solutions, Sunline Technology has been able to provide its banking customers with an overall solution for data planning, aggregation, management, computing, and application in the financial industry. The solution has helped banks build big data capability centers and explore data value in the various fields of risk control and marketing.
Sunline Technology’s partnership with Huawei has also allowed the banking software firm to expand its product offering with the addition of a comprehensive, end-to-end converged data lake solution. This solution uses Huawei’s GaussDB 200 data warehouse software and TaiShan servers to implement integration from the underlying infrastructure to the data application architecture. The solution also provides comprehensive data warehouse migration products, data warehouse development products, scheduling and extract-transform-load (ETL) products, data visualization products, data services, and precision marketing and risk control products.
Currently, Sunline Technology and Huawei are focusing on promoting industry innovation and building a digital ecosystem. Both parties have committed to jointly building converged, intelligent, and open data infrastructure, promoting the innovation and development of the big data industry, and driving the transformation of the digital economy and its intelligent upgrade.
In addition to Sunline Technology, Huawei has also been a long-time partner of leading Russian ICT company Jet Infosystems. Together, the two firms have completed hundreds of buildings, modernizations, IT replacements, and network infrastructure support projects for customers from the financial, industrial, and transportation sectors, among others.
In 2018, the two embarked in a massive project, which sought to modernize Jet Infosystems’ IT infrastructure. The project involved a series of large-scale internal IT projects, the creation of an additional data center, the transfer of all systems to a private cloud, migration to new campuses and Wi-Fi networks, and the implementation of a unified communications system.
Since then, Huawei and Jet Infosystems’ collaboration has evolved into a close working relationship and Huawei’s footprint in the Russian market has considerably expanded. To this day, Huawei and Jet Infosystems still work together on large-scale IT projects that involve some of Russia’s biggest companies.
Huawei: a trusted strategic partner for businesses’ digital transformation
Over the past couple of years, Huawei has been focusing on a developing an open, inclusive and sustainable ecosystem that connects a wide range of rangers to better serve rapidly evolving customer demands.
Through this initiative, Huawei aims to create a cross-industry ecosystem that brings together governments, industry alliances and organizations, developers and academia to create a larger market for all participants so that they can share benefits in the long run.
By the end of 2019, Huawei’s ecosystem counted more than 29,000 partners worldwide in the enterprise market, including over 22,000 sales partners, 1,400 solutions partners, 4,800 service partners, 1,200 talent alliance partners, and 80 investment & operation and financing partners. Huawei has worked with the likes of SAP, Accenture, Siemens, Alstom, Honeywell, VST ECS, Synnex, ALSO, Redington, Arrow ECS, CNBM Technology, and Digital China.
To date, Huawei’s intelligent finance solution has served more than 1,600 financial customers worldwide, including 45 of the world’s top 100 banks. Huawei has also established comprehensive strategic partnerships with more than 20 large-scale banks, insurance companies, and securities companies around the world. Huawei has become a trusted strategic partner for the digital transformation of customers.
To learn more about Huawei’s intelligent finance solution, please click here.
Featured image credit: Freepik