It just released new fintech tools to help with the implementation of mobile payments. Microfinance and super apps are also receiving tech support from the tech behemoth. These technologies were announced at the recent Huawei Connect 2021, along with eleven other digital advancements for the energy, transport, manufacturing, and public sectors. Here are three ways that technology could change the fintech sector in Singapore and the region.If you want to know more then try being good at money lending in Singapore.
1. Mobile payments
China has long reigned supreme in the field of mobile payments.According to Daxue Consulting, more than 776 million users sent money with a tap or swipe on their phones in March 2020.China outperforms the next three countries on the list by a wide margin.Nearly 80% of the population uses mobile payments.According to data from the People’s Bank of China, South Korea is second with 32.8 percent and India is third with 29.6 percent.Huawei is working to close the gap in other countries. Its new mobile payments technology has aided Myanmar’s largest local bank in the development of a cloud-based digital wallet.The wallet has attracted more than 8 million users in just two and a half years.
2. Bringing users and funders together
The new fintech tools will direct consumers to institutions that offer the services they require. Banks can even create apps that connect consumers and merchants, allowing them to reach out to customers more quickly and at a lesser cost. These can be super apps or more specialized apps for small businesses. Banks will be able to offer more services, including microfinance, thanks to Huawei’s new tools. In Kenya, for example, the firm collaborated with banks and telcos to offer micro and small loans to individuals and small enterprises. This has contributed to a rise in financial inclusion in the country from 23% to 85%.
3. Everything is digital
Huawei believes that improving digital banking services is the first of two phases toward scaling up fintech. The cloud will be used to rehabilitate banks’ existing IT systems in the second phase. Its Digital Core can aid in the cloudization of middle and back-end services, enabling even more digital services. As banks reconsider how to serve their clients, this is critical, according to Cao Chong, President of Huawei’s Global Financial Services Business Department, Enterprise BG. Financial services must keep up with other elements of life that have gone online.
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