Huawei envisions the future of finance to be greener, smarter and together
On July 22, the three-day Huawei Intelligent Finance Summit 2022 comes to an end. At Huawei’s first Intelligent Finance Summit hosted in Singapore, many Huawei officials and industry experts spoke on the digitalization of the global financial industry, including Jason Cao, CEO of Huawei Global Digital Finance, and Ryan Ding, President of Huawei’s Enterprise Business Group.
In the last three years, Huawei’s Enterprise BG had served over half of the Fortune Global 500 companies and 49 of the world’s top 100 banks. It currently stands as one of the world’s top 5 cloud vendors and China’s No.1 financial cloud. The company has “innovation in its DNA,” says Ding, who adds “We keep innovating in the ICT field, with breakthroughs in three areas: fundamental theories, architecture, and software.”
With the three breakthroughs, Huawei aims to reshape the ICT industry by diving deep into core computing and communication theories, building competitive systems even without the best components, and enhancing basic software capabilities and reinventing core software tricks.
Digitalizing the financial service industry include green transformations. For example, Huawei’s next generation data center features natural cooling features and AI-enabled energy efficiency optimisations, which helped Huaeri’s data center in Ulanqab to reduce annual PUE to 1.15
In addition to going green, the future of FSI will become “smarter”, according to Ding and Cao. Huawei has supported ICBC, the world’s largest bank, to build a cloud platform. Currently, “over 90% of ICBC’s mainframe traffic is offloaded to the cloud, and its cloud services are used 12 billion times a day,” says Ding. The bank currently has a bank-wide, componentized, and configurable business and data capability center, in which, 95% of new products can be launched in T+0 or T+1.
Huawei has also used AI, Cloud, and IoT technologies to build an inventory financing platform with Shanghai Pudong Development Bank. The platform can detect 99.99% of abnormal events and makes pledged inventories visible, traceable, manageable, and creditable. Notably, credit approval times can be reduced from 15 days to 1 day with the platform.
As China’s ICT leader and global industry giant, Huawei’s vision for the future of financial service industry doesn’t stop at becoming greener and smarter. The company proposes the concept of “Platform + Ecosystem”, which is essentially an open ecosystem which allows FSI providers to offer scenario-based solutions and build complete solutions with banks. Huawei and believes it can drive service innovation, stimulate new scenarios in various industries, and enable ubiquitous financial services.
In order to built the ecosystem that Huawei envisions, the company has worked with more than 150 solution partners to develop joint solutions in the fields including core banking, risk control, and digital channels. In 2021, Huawei launched the FPGGP (Financial Partner Go Global) at the last Intelligent Finance Summit. The program currently has over 25 partners, including O&M solutions provider Netis, software provider Sinosoft, BaaS provider Wallyt, etc.
For example, Huawei partnered with Netis in 2021 to launch intelligent O&M solutions in Singapore, which creates more opportunities in more than 10 countries.
Huawei will soon launch FPGGP 2.0 and wants more consulting partners and global service partners to join and act as integrators of FPGGP in key countries, to better sell solutions in local markets, according to Cao.