Chinese telecommunications firm Huawei on Thursday announced a new program that will help firms and institutions in the financial services industry expand overseas. The company said it aims to work together with its partners, to “develop industry-leading solutions, expand the global market and build the FinTech business ecosystem.”
The program, called Financial Partner Go Global Program (FPGGP), was announced at the Huawei Intelligent Finance Summit 2021 held in Shanghai from Thursday to Friday. The summit was described by Huawei as a global ICT event that focuses on the financial services industry.
Analysts said the move indicates the Chinese technology firm’s bid to transform into a software service provider, given that its hardware expansion has been hit hard by US restrictions. The firm has been using its information and communications technology (ICT) ability to expand into sectors such as mining, pig-raising, ports and finance in recent years.
“After launching the FPGGP, Huawei will work with global partners who are aiming for international market expansion and will establish close partnerships to develop a strategy for moving forward. Through our new partnerships, we will address digital transformation challenges, serve global financial customers, and create new value in the industry,” Ma Yue, executive vice president of the Huawei Enterprise Business Group and president of the Global Partner Development and Sales Department, said during the summit on Thursday.
In the finance sector, Huawei is not a new face. It has been working in the sector for 10 years and has served more than 2,000 financial customers in more than 60 countries and regions around the world, including 47 of the top 100 banks, Cao Chong, president of the Global Financial Business Department, said in a speech during the summit on Thursday.
Cao said that in China, Huawei ranks first in financial cloud infrastructure and data infrastructure. Huawei Cloud has served more than 300 financial institutions, including all the top 10 domestic banks, and its data infrastructure is used by leading financial companies.
Huawei has also become a partner of top banks in various countries, such as France, Germany, Switzerland and Brazil.