Huawei unveils product supporting contactless banking, financial inclusion

September 25, 2020.

Chinese telecommunications company Huawei on Friday launched a product to help financial intitutions develop remote services, amid a push to provide more digital offerings especially to customers not already reached by the traditional banking sector.

The Digital Loan One Box Solution will support institutions in offering and creating loan origination and management, fund disbursement, marketing campaigns and other features, the telecom provider said. The product arrives as an increasing amount of financial services moves online due to safety concerns during the pandemic.

Huawei collaborated with Chinese IT service provider Sunline on the Digital Loan One Box Solution, the company said, which is built on the fintech firm’s recently released microservices banking framework.

“The solution is designed for financial institutions and customers, especially for those lacking technology capabilities,” Sunline Senior Vice President Hongan Li said. “It meets the dynamic horizontal scaling requirements of financial institutions of any size at both the business and system demands.”

The product will be rolled out internationally to regions such as Southeast Asia, the Middle East, Latin America and Africa, Huawei said, to aid their need for “financial inclusiveness.” 

Huawei had promoted a similar message of spreading access to financial services in August, when it launched a product that supported the integration of digital-payment services into “super apps,” such as WeChat. The company said its product will “accelerate digital financial inclusion in emerging markets.”

The Shenzhen, China-based companies introduced the product at HUAWEI CONNECT 2020, a three-day live event held in Shanghai. It demonstrated the company’s focus on  “creating new value” in five large tech markets, and Huawei’s Jason Cao saw the Digital Loan One Box Solution as part of that mission.

“Together with customers and partners in the industry, we will start with 5G and seize the opportunities across five major tech domains — connectivity, cloud, computing, AI, and industry applications,” said Cao, who is president of the global financial services business unit within Huawei’s enterprise business group. “Ultimately, we will provide scenario-based smart solutions and technologies to facilitate the digital transformation for financial customers."

Huawei is an increasingly dominant seller of telecommunication equipment and consumer electronics worldwide and became the top mobile phone manufacturer in the world in the second quarter of 2020. However, it is facing international opposition in expanding its business outside China. In recent years, the company has been locked out of participating in the 5G cellular network infrastructure of the U.S., the U.K. and other countries over security concerns pertaining to Huawei’s connections to the Chinese government.