Tencent Cloud Outlines Its Fintech Strategy

Tencent Cloud says its fintech strategy focuses on connecting

Tencent Cloud vice-president Wang Huixing (王慧星) delivered the keynote speech on “Smart Finance  and Industry – Driving an Entirely New Commercial Model” (智慧金融、工业,助力全新商业形态) at the 2018 Tencent Global Cooperative Partner Conference (2018腾讯全球合作伙伴大会) on 2 November.

Wang said in the future financial institutions would use cloud technology to create atomised operations capabilities, as well as employ API’s for seamless integration with cooperative partners, industry peers and companies, in order to achieve a borderless financial ecosystem.

According to Wang the digitisation of financial institutions can be divided into two levels, the first being retail finance and the establishment of digital links and interaction with consumers, and the second being the creation of networks between finance and enterprise via tech platforms and cooperative product platforms.

Wang said that Tencent Cloud provides the financial sector with a full-services solution plan, including independent distributed architecture, disaster recovery, smart operation and maintenance and cloud computing at the base level, enabling financial institutions to build their own foundational digital platforms.

At the applications level Tencent Cloud provides TBDS big data platforms, AI platforms, distributed service architecture, mobile development platforms as well as blockchain technology, enabling financial institutions to establish agile, rapid-expansion business systems.

Wang said that Tencent Cloud is also capable of leveraging Tencent’s ability to connect to hundreds of millions of users in China to provide smart sales, risk control and operations platforms, as well as use its supply chain finance cooperative platform for enterprise finance purposes.

Tencent Cloud claims to have provided its services to over 6,000 financial sector clients since 2015 including more than 150 banks, several dozen brokerages and insurers, and many hundreds of online finance companies.

According to Tencent around 90% of insurers in China established over the past several years have made use of its cloud services.

Key partners in the banking sector including the big state-owned banks China Construction Bank and Bank of China, with Tencent reportedly creating big data and risk-control platforms for the latter that have employed  machine learning and joint modelling to increase risk identification rates by 50%.

This has enabled BoC to identify several tens of thousands of suspicious transactions each month and reduce losses due to internet fraud by several hundred million yuan.

Tencent has also teamed up with China CITIC Bank to create a “voice bank” that was launched just prior to World Sight Day to cater to the special needs of the sight impaired.

The voice bank enables the sight impaired or blind to conduct various financial services via verbal cues and audio responses alone, including account inquiries, account transfers, wealth management and remittances.

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