Huawei, in keeping with its "Go Together, Grow Together," mantra, made a number of important alliance announcements during the HUAWEI CLOUD APAC Partner Leadership Summit 2023, with the goal of boosting economic and technological development in the Asia Pacific region. One important takeaway from the conference was the Huawei Cloud Ecosystem Special Alliance, which has since proven to be a vital addition in strengthening the overall Huawei Cloud Partner Ecosystem.
When it comes to fast emerging markets in the region, Huawei sees financial technology as one of the most exciting and potentially fruitful areas to explore. Cloud computing and emerging technologies such as AI, machine-learning, and blockchain are revolutionising the finance industry, providing benefits such as improved scalability, flexibility, risk management capabilities, and enhanced customer experience through 24/7 access to financial products and services. Moving forward, financial institutions will likely continue to leverage on such technologies to drive innovation yet, remain competitive while addressing emerging risks such as cybersecurity threats and data privacy concerns.
With this in mind, the Digital Finance Alliance was unravelled at the conference, in creating a more reliable financial technology infrastructure. To provision the greatest variety of financial services at minimal risk, the Alliance will apply international best practices to streamline the front and back ends of enterprises in this industry whilst utilising localised solutions to cater to local requirements.
During the APAC Partner Leadership Summit, Nicole Lu, Head of Partner Ecosystem for Huawei Cloud APAC, introduced numerous game-changing partnerships that Huawei has forged with regard to this alliance.
This includes strategic alliances with firms specialising in information technology and consulting (Chinalink Technology Singapore, Sinosoft Technology, and iSoftStone), supply chain finance technologies (Linklogis), and cybersecurity (Horangi Cyber Security).
The other three companies completing the Digital Finance Alliance include Sirius, a provider of software solutions, Sunline, a provider of global financial technology solution services, and TrustDecision, an authority in the application of decision intelligence technology.
With this alliance in place, Huawei aims to empower the finance industry innovation encompassing the following features:
Banking & Wealth
There will be an emphasis on mobile banking apps, microloans, deposits, wealth management, business analytics, and AI in this feature. Huawei Cloud has developed these features with the intention of helping banks and other financial institutions improve their customer service by making it easier for them to offer individualised services and streamline their operations.
Key elements of digital payments such as e-wallets, cross-border payments, and payment gateways will be prioritised. Huawei Cloud's goal in developing these features is to aid in the development of the banking and financial sector by facilitating the delivery of superior and more effective payment methods.
The feature's goal is the growth and improvement of the life insurance core, the health insurance core, the general insurance core, IFRS17 reporting, the middleware, and the data lake. With these developments, Huawei Cloud plans to revolutionise the insurance sector by delivering cutting-edge digital solutions that enrich the client experience and streamline operational procedures.
Security & Compliance
Huawei Cloud has teamed up with a number of industry leaders to advance financial services innovation, particularly in areas of security and regulation compliance. Web Application Firewall (WAF), Security Information and Event Management (SIEM), encryption and token, Penetration Testing (PenTest), and compliance standards like ISO 27000 and PCI are just a few of the aspects that the Huawei Cloud is prepared to offer. Huawei Cloud intends to equip banks and other financial institutions with these features so that they may implement comprehensive security measures against cybercrimes while being in full conformity with all applicable legislation and guidelines.
With the use of cutting-edge technologies like chatbots, NLP, facial recognition, and KYC systems, omnichannel intends to improve and expand upon many different capabilities. Huawei Cloud's goal in developing these capabilities is to help banks and other financial institutions offer consistent, individualised service to their customers across all channels.
Armed with its thriving partner ecosystem and constant innovations, Huawei aims to create a significant positive impact on the future of the financial industry and its users in the years ahead. These trends and developments will serve to generate greater efficiency, lower costs and create more customised financial services that cater to individual needs and preferences – thereby revolutionising the way people manage their money, make investments, and access financial products and services.
Such are the long-term goals of Huawei as it embarks on the journey of Go Together and Grow Together with its partners and customers.
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