Banking the Unbanked and the Underserved
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From high costs to long distances, traditional banking is out of the reach of 1.7 billion adults across the globe, barring them from access to any formal financial services. But this unbanked population can be reached through mobile communications technology and digital payment platforms, effectively bridging the divide to provide easy access to affordable, reliable financial services through phones and other digital interfaces. This is the promise of full financial inclusion brought to life.
Working with a full suite of global partners, Huawei is committed to enabling such inclusion, bringing digital financial services to every person and organization — ultimately for a better life. The Huawei FinTech Solution — shorthand, of course, for Financial Technology — offers equal, effective, comprehensive, and convenient digital financial products and services to all people, especially those surviving on low-incomes in urban, rural, and remote areas not covered by existing, legacy financial systems. The solution is also geared toward empowering Micro-, Small-, and Medium-sized Enterprises (MSMEs) with digital technologies.
Today, Huawei FinTech provides inclusive digital financial services to 300 million unbanked people worldwide. Huawei FinTech is also the foundation for the development of a range of partnerships with Non-Government Organizations (NGOs) and financial institutions, with the aim of alleviating — then eliminating — poverty.
During the pandemic, governments in Kenya and other countries have granted relief through Huawei FinTech.
Organizations are empowered to provide pay-as-you-go solar energy.
East Africa NGO One Acre Fund digitized loan repayments.
Quite simply, the Huawei FinTech Solution provides convenient and comprehensive financial services for individuals and MSMEs through mobile apps, both Android and iOS. In short, if there's a mobile communications signal, financial services are available.
Through mobile communications technologies and digital operations platforms, the solution builds a new digital financial service ecosystem. This ecosystem allows partners to develop applications for diverse industries, laying a robust foundation for ubiquitous digital financial services. This not only improves digital services across industries, it also bridges the digital divide between industries and economic sectors, improving productivity across society.
By the close of 2020, the Huawei FinTech Solution had been adopted by more than 30 licensed digital financial service providers across the world, from Kenya's M-PESA and bKash in Bangladesh, to Vodacom Tanzania, Indonesia's Telkomsel, Pakistan's JazzCash, and KBZPay in Myanmar. And Huawei is continuing to expand its network of financial inclusion, to provide users with sustainable access to basic financial services and, in doing so, improve their lives.
End-to-end global cyber security assurance. Multi-active disaster recovery with 99.999% availability.
Elastic and distributed architecture, supporting 10,000-level Transactions Per Second (TPS).
One-stop ecosystem platform.
Digital channel app integration.
Visualized service orchestration.
Over 700 open Application Programming Interfaces (APIs), plus Atomic APIs.
99.99% decision-making accuracy.
Innovation within 1 week.
Merchant onboarding within 1 week.
Marketing activity launched within 1 week.
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A one-stop easy-access platform that enables mobile money operators, financial service partners, and ecosystem partners to better serve individual customers and MSMEs, all at lower cost.
Huawei provides developer platform and Marketplace services to pre-integrate applications in the transportation, retail, catering, and education industries.
Huawei helps banks build customer journey channels, including customer and merchant apps, delivering the rich experiences customers want.
Open APIs, digital channel app integration, and Hypertext Markup Language (HTML) service orchestration allow banks and partners to explore new services and quickly integrate diverse ecosystem capabilities.
Risk control, credit rating, precision marketing, and operations data analytics capabilities are offered based on big data and historical transaction data.
Security assurance mechanisms are available for applications, system platforms, networks, data, and security management.
Huawei also offers consulting services for FinTech solutions.
The Chief Executive Officer (CEO) of Bangladesh's bKash, Kamal Quadir, discusses its vision for the future: to provide financial services for low-income areas, covering ever more people in Bangladesh. In just six years, bKash has grown into Bangladesh's largest mobile financial services provider, with 17% of the population holding a bKash account.
Huawei provided GCB with an updated mobile money platform — G-Money — which has since helped the bank achieve a 10-fold increase in its mobile services and been the bedrock, in more general terms, of building a new banking ecosystem.
Michael Denoma, Chief Executive Officer (CEO) of Myanmar's KBZ Bank, shares his experiences of working with Huawei to introduce technologies that have transformed how banking is conducted in the country, bringing with it financial inclusion for all.