Thursday, April 26, 2018,16:50
Mainland at pole position for digital financial services
By Zhou Mo
Thursday, April 26, 2018, 16:50 By Zhou Mo

A consumer pays for food using Tencent's WeChat Pay mobile service at a market in Qingdao city, East China's Shandong province, on March 24. (XUE HUN / IMAGINECHINA)

The Chinese mainland is the best-prepared economy in the world for digitization of financial services, a white paper by Huawei Technologies and international consultancy IDC shows.

The mainland takes the lead globally in terms of the number of online financial-service users and the scale of application, the white paper - published at Huawei Global FSI Summit 2018 on Wednesday in Beijing - said.

Banks will become more open in their technologies and business models and a “fully connected” bank system will drive the next round of revolution in the industry, the while paper said.

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The transformed core system of banks following digital transformation will lay a foundation for banks to achieve new growth, it said.

"Huawei regards banks as a platform that connects everything and provides digital financial services in a fully-connected era," said Liu Limin, president of financial services sector at Huawei Enterprise Business Group.

"This is closely related to all aspects of our lives. In the future, banks' IT architecture must be more open and eco-friendly to achieve the openness and full connection of systems."

Financial institutions should adopt an open attitude towards the change, use data to assess local market characteristics and consumer demand in order to achieve a full digital transformation, promoting the development of a digital economy, Wu Lianfeng, vice-president and chief analyst of IDC China, said.

 

sally@chinadailyhk.com