Telecommunications giant Huawei has just entered a strategic partnership with leading Chinese payments provider China UnionPay.
Huawei and China UnionPay executed the strategic cooperative agreement in Shanghai on 15 May.
Under the agreement the two parties will “engage in comprehensive cooperation focused on the areas of financial payments innovation, cloud computing, big data and artificial intelligence.”
Huawei and UnionPay also plan to “join hands to create advanced, secure and high-quality payments products and services, and continually raise payments service efficiency and fintech levels.”
Huawei and UnionPay first established a cooperative relationship in 2014, for in-depth collaboration in areas including mobile payments products and solutions plans, as well as overseas market expansion.
Key cooperative projects have included the creation of an industry cloud, data centres, Huawei Pay, a joint innovation centre and a financial network technology laboratory.
Joint research-and-development undertakings have included mobile phone POS, edge-computing non-touch payments and driver payments, as well as efforts to integrate new technologies such as cloud computing and mobile internet with financial payments.