Embattled tech giant Huawei Technologies is turning toward the speedy digitalization of the global financial services industry as an income source after US sanctions have caused its network gear and smartphone businesses to falter, reports the South China Morning Post.
Huawei have recently joined forces with 25 other institutions in order to generate an ecosystem that offers digital financial solutions. The new partnership includes software developers, fintech companies and risk managers and will aim to work across a host of areas including technical architecture, operational support and brand promotion.
“Intelligent finance itself has a market valued at several hundreds of billions of dollars, but the potential is bigger because there will be cross-sector opportunities,” Jason Cao, president of Huawei’s global financial services business unit, told the SCMP. Huawei joins Ping An Insurance and Ant Group as the third major Chinese players to compete in the booming global market.