[Singapore, November 7, 2024] The Singapore Fintech Festival 2024 (SFF) was held at the Singapore EXPO from November 6 to November 8. As a gold sponsor, Huawei attended the SFF and demonstrated resilient and AI-powered finance featuring four zeros.
Jason Cao, CEO of Digital Finance BU,Huawei, pointed out that the payment revolution has been the most significant change in the financial industry over the past decade. For example, in China, ubiquitous, real-time, and convenient mobile digital payments have driven the rapid growth of the digital economy and accelerated the digital transformation of the financial sector. Looking forward to the next decade, generative AI will bring us marvelous opportunities. Leading financial institutions worldwide are transitioning from Doing Digital to Doing AI.
Jason Cao, CEO of Digital Finance BU, Huawei
Currently, financial institutions face two primary challenges: embracing AI innovations to reinvent their processes and explore new growth models; and reshaping resilience to adapt to intelligent transformations.
Huawei is committed to its All Intelligence strategy. Over the past year, Huawei has worked closely with leading financial institutions to accelerate intelligent application innovation in various domains, such as intelligent branches, risk prediction, and AI agents. We have shifted from +AI enablement to AI+ production, and reshaped financial applications, terminal interactions, and service models with large AI models.
We believe that while AI innovation is undeniably important for building future competitiveness, it is even more crucial to reshape resilience in the AI era. Future intelligent applications will be GenAI-assembled APIs, with AI agents invoking financial services at any time. However, when financial channels and interactions are accelerating AI transformations, and our applications are still on legacy systems, it is challenging to fully support our journey towards complete intelligence. Therefore, reshaping resilience based on a cloud-native architecture and accelerating legacy system modernization is the foundation for continuous AI implementation.
Huawei advocates that redefining financial resilience in the AI era should be guided by the Four Zeros goal. Zero Trust ensures E2E in-depth security. Zero Wait refers to ultra-low transaction latency. Zero Downtime means always-on services, and Zero Touch is intelligent O&M, which works similar to autonomous driving.
A key challenge in achieving the Four Zeros is mainframe modernization. Developing a resilient system that surpasses mainframes through cloud-native technology is a global issue. Huawei has made strategic investments in nine technical fields. On the one hand, Huawei builds ultimate resilience at each layer of infrastructure — hardware, operating systems, and databases. In addition, the full-stack vertical integration and optimization of software and hardware improve E2E performance and reliability with system-level capabilities, creating a resilient architecture beyond mainframes with an open technical system. This promotes the mainframe modernization for global financial institutions.
Huawei has strategically invested in foundational technologies and has been engaged in the financial industry for 15 years, focusing on four key directions: building resilient infrastructure, accelerating application modernization, enhancing data-driven decisions, and enabling scenario innovation. This involves strengthening E2E resilience around the user journey to build a robust digital foundation for the finance sector. At the same time, Huawei promotes the value realization of core AI scenarios to gain a competitive edge for the future.
Up to date, Huawei had served over 3,700 financial customers in more than 80 countries and regions, including 53 of the world's top 100 banks. Huawei had also established strategic partnerships with more than 80 large banks, insurers, and securities companies across the globe, becoming their trusted partner in digital transformation.
