Chinese telecommunications giants Huawei and Shenzhen Techo Telecom have unveiled plans to provide the banking sector with fintech-driven security and cloud computing solutions.
Huawei and Shenzhen Techo unveiled their “Banking Key Operations Systems Joint Solutions Plan” (银行关键业务系统联合解决方案) and “Cloud Conversion Open Banking Joint Solutions Plan” (云化开放银行联合解决方案) on 25 July at the Open Innovation Ecosystem 2019 Fintech Summit Forum.
The Forum was jointly held by Huawei, JD Data Sciences and Diyi Caijing, with the support of the National Institution for Finance and Development and the Fintech 50 Forum.
The Banking Key Operations Systems Joint Solutions Plan will see the integration of Shenzhen Techo’s key operations systems with Huawei’s software and hardware technology to “help financial institutions achieve a balance between security and capability, and unlock key financial security dilemmas.”
The Cloud Conversion Open Banking Joint Solutions Plan will involve the use of Huawei’s cloud computing resources in tandem with Shenzhen Techo’s accumulated experience with open banking applications to “accelerate operations” at low cost and with high efficiency.
The 2019 Fintech Summit saw multiple banks sign up for two fintech standards drafted by Shenzhen Techo – the “Financial Sector Online Transactions System Distributed Technical Standards” (金融行业联机交易系统分布式技术规范) and the “Open Banking Application System Technical Standards” (开放银行应用系统技术规范).
Shenzhen Techo also executed a strategic cooperative agreement with JD Data Science for “comprehensive cooperation in the fintech sphere” and the joint establishment of a “new fintech ecosystem,” as well as announced the launch of the “NIFD-DCITS Global Fintech Innovation Case Database” (NIFD-DCITS全球金融科技创新案例库) with the National Institute for Finance and Development.