The three-day Huawei Intelligent Finance Summit 2022 was officially held at Sands Expo and Convention Centre in Singapore this week. The summit brings together, academic experts, financial industry leading individuals, and innovative practitioners from over thirty countries around the world. Huawei proposed three strategic initiatives, advancing the digitalization of the financial business in the recent era in the summit.
- Smarter: Huawei plans to make the industry smarter, with additional intelligent ways of customer engagement and data platforms that are efficient of real-time analysis. Huawei also intends to assist banks become more agile in managing cross-cloud environments by creating hybrid multi-cloud architecture.
- Greener: the tech company plans to help finance sector enterprises to boost efficacy and performance and enable partnership of multi-technology, hybrid multi-cloud and heterogeneous technology with its independent digital infrastructure.
- Together: To develop a global environment cooperation platform and alongside set three upgraded initiatives for the Financial Partner Go Global Program 2.0 (FPGGP). This can be achieved by developing more solution partners, expand FPGGP to global consulting and service partners, developing APAC sales and service partners for providing FPGGP solutions to the regional customers.
Nicholas Ma, President of Huawei APAC Enterprise Business Group stated that Asia-Pacific (APAC) is at the front line of digital transformation in the financial sector. The region has the leading number of new digital banking authorizations in the world, and approximately 90 percent of the customers in the financial sector are making use of the digital services.
Nicholas’ statement is backed by statistics from market intelligence supplier, International Data Corporation (IDC), which forecasts that 44 percent of the leading 250 banks in the Asia-Pacific would achieve digital core transformation by 2025.
Collaboration in the finance ecosystem
Huawei and DBS announced the formation of the Innovation Showcase at DBS Newton Green during the summit.
Huawei signed a Memorandum Understanding (MoU) with Singapore’s OCBC Bank to strengthen its digital transformation in Southeast Asia and Greater Bay Area with three core initiatives: green branch and buildings with smart Internet of Things (IoT), data science and artificial intelligence innovation, and cloud adoption acceleration.
Huawei would continue to work with OCBC to explore building sustainable green financial infrastructure that incorporates sustainable principles and design across all its offices and retail outlets.
The tech company announced its Digital Banking 2.0 Solution, unveiled in conjunction with global leading banking software provider Temenos. The scheme will strengthen rapid introduction of digital banks and assist larger banks to fast-track their cloud modernization efforts in a bid to enhance customer satisfaction and rollout efficiency and.
Huawei’s strategy for reinventing finance
Huawei is incessantly financing in R&D to provide more innovative products and solutions to enhance the financial institutions’ effectiveness and achieve their carbon-neutrality goals, including networking, storage, digital power, data centres and cloud.
For instance, Huawei eased a top Singapore bank to deliver its green strategy. The tech company’s green power solution decreased the bank’s carbon emissions by 10 per cent. With Huawei’s AI for IT operations solution, the bank’s operational efficiency also increased significantly.
As discussed by Nicholas on the sustainable and healthy ecosystem partnership, partners such as Temenos and Chinese banking software and tech services company, Sunline have extended assistance for central banking. In Singapore, Huawei and Temenos provided a cloud-native digital banking solution for a neobank. Netis, another partner, with Huawei positioned an AI for IT operations solution that comprises network performance management for a leading bank.
Nicholas stated that the Huawei is anticipating for more active cooperation with global and regional partners in the areas of software as a service, security, and consulting services.
The tech company has served over 2,000 financial institutions from more than sixty countries and regions, as well as forty-nine of the world’s top one hundred banks in the year 2021. It has established comprehensive strategic collaborations with over eighty large banks, insurance companies and securities companies around the globe for the digital transformation of the finance industry.