Huawei Technologies Company Limited, at its ‘HUAWEI CONNECT 2021’ has launched a financial inclusive solutions initiative. This initiative will feature micro finance and mobile payments.
As explained by the Chinese technology giant, this move will enable financial service institutions to provide relatively affordable and extremely fast services to customers.
Huawei has assured to employ advanced Information Communication Technologies (ICTs) and leverage on the capabilities of its strategic partners to champion its agenda to “advance mobile payment and build a prosperous business ecosystem”.
Currently, financial service providers are already using micro finance and mobile money payments solutions. These solutions include cloud-based technologies and other sub-area cloud computing services such as ‘Software as a Service’ (SaaS) to build financial payment services tailored to meet the divers needs of their customers.
With Huawei introducing financial payment solutions to cover mobile money platforms, mobile wallets, financial product platforms and supper app open frameworks, the banks can strategically capitalize on these solutions to introduce new financial services.
The ‘HUAWEI CONNECT 2021’ online event which is expected to run from September 23rd to October 2021, has so far been held under the following themes: Diving into Digital, Diving into Digital and Practice, Leading Innovation in Digital Infrastructure and Building a Digital Ecosystem Together, among others.
Huawei’s successful initiatives
According to KPMG, “instead of viewing big tech companies as a threat, an increasing number of financial institutions are embracing partnership and collaboration”.
The all-inclusive financial payment solutions by Huawei, have so far “served over 30 sites across more than 20 countries, covering 300 million users in regions like Southern Africa, North Africa, and Asia Pacific”.
Notable among the beneficiaries of this initiative is the case of Huawei partnering with Kanbawza (KBZ) Bank in Myanmar, a country in Southeast Asia, to build ‘a state of the art’ digital wallet called KBZPay based on a public cloud.
KBZ’s digital wallet integrates several marketing tools to provide tailored digital experience to its clients and help merchants to attract new customers.
The numbers are already speaking for themselves, as within two and half years, KBZPay has been able to successfully register eight (8) million users, rendering it the leading payment brand in Myanmar.
Also, Huawei has successfully collaborated with Safaricom in Kenya to build a robust digital payment brand called M-Pesa.
M-Pesa currently helps “KCB Bank, NCBA Bank, and Safaricom to provide micro and small loans to individuals and merchants”. Not only has M-Pesa enhanced payment services, but it also offers several daily life services to customers.
Just as mergers and Acquisition (M&As) are purposed to mutually benefit the entities involved, the collaboration between Huawei and Safaricom has helped to exponentially increase Kenya’s financial inclusion from as low as 23 percent to 85 percent.
In the meantime, Huawei by employing the able capabilities of advanced technologies, aims to strategically partner and build digital payment services that will afford all customers the luxury of making divers payments.
These initiatives, Huawei Technologies Company Limited believes, will help “implement digital financial inclusion services and achieve sustainable financial development”.
Meanwhile, it is not surprising that China’s tech giant has taken such an initiative to join the league of big tech firms to provide financial payment services, as payment platforms like Square, Alipay among others have been introduced by Twitter’s Jack Dorsey and Jack Ma’s Alibaba respectively, have taken the lead.