AS THE coronavirus pandemic continues to trigger digital transformation in the financial industry, Huawei Technologies Co., Ltd. sees opportunities for its data infrastructure to support banks.

“A strong and powerful real-time connectivity is of the essence when the banking sector enters the digital world, and 5G, IoT (Internet of Things), and a flexible network are key technologies,” Huawei said in a statement e-mailed to reporters on June 10.

Huawei conducted its Global FSI (Financial Services Industry) Summit 2020 last week where it highlighted how the financial sector can thrive in a mobile future.

Huawei said mobile capabilities such as cloud, Artificial Intelligence, and 5G are essential to banks trying to digitize their services.

It also noted that the coronavirus pandemic has advanced digital operations in the financial sector.

“Based on cloud computing, big data, artificial intelligence, 5G, and other ICT technologies, innovative FinTech will embrace new opportunities and lead the upgrade of financial services,” said Peng Zhongyang, director of the board and president of the enterprise business group of Huawei.

Huawei stressed mobile capability will be the “core” of the future of the banking sector.

Jason Cao, president of global financial services business unit of Huawei said: “It not only is applicable to the interface that connects with client, but also to the internal operations and collaborations with partners.”

Joy Huang, Huawei’s chief strategy Officer, said some banks are able to sustain robust growth because of digital technologies.

“These growing companies have one thing in common, that is their good online services capabilities based on cloud, so that they can be very agile in innovation,” Huawei noted.

The company said it has served over 1,600 financial institutions worldwide, including 45 of the world’s top 100 banks.

It said it has also worked with 20 large banks, insurers, and securities companies around the world.

Fitch Ratings has said that banks in the ASEAN region are likely to hurry along their digital transformations due to the pandemic and the resulting social distancing measures.

It said major banks in the Philippines, Malaysia and Singapore have seen surging online banking activity since the onset of the pandemics.

Smaller banks, Fitch Ratings noted, are in danger in the shifting competitive dynamics, specifically those with below-par capabilities. — Arjay L. Balinbin

RELATED ARTICLESMORE FROM AUTHOR