Leading information and communication technology firm Huawei has won two Future Digital Awards in Fintech & Payments from Juniper Research. While Huawei’s FinTech platform was awarded the platinum winner for Best Mobile Money Offering 2021, Huawei Overdraft Solution was emerged gold winner for Financial Platform 2021.
Juniper Research’s Future Digital Awards for Fintech & Payments recognises the most impactful financial products and services operating across numerous industries, including Banking, Fraud & Security, and Retail & Payments. Following an extensive judging process, the awards are presented to the leaders across the Fintech field, who are recognized for their innovative solutions that drive the market forward. The awards represent Huawei’s leading innovation and contribution to growing digitalization in emerging markets under the pandemic, which was strongly recognized in the industry.
Digital financial services have become vital in combatting the global COVID-19 pandemic, which is why the development of Mobile Money services was accelerated. Non-contact financial services provided by Huawei’s FinTech platform help individuals and businesses manage their finances remotely, safely and securely in multiple ways. Firstly, via secure payments, transfers and utility payments all done remotely during the lockdown period are reduced the risk of viral transmissions of the virus. Secondly, Huawei’s FinTech platform enables governments and non-governmental organizations to quickly transfer financial assistance to vulnerable groups and to raise donations for disaster relief efforts. Thirdly, overdraft services allow users to pay with a credit loan when their balance is insufficient, and the credit loan is automatically returned after the top-up.
Huawei’s FinTech platform provides key access to impoverished individuals in the most remote areas so that they can utilize basic financial services during the pandemic. Research shows that in the past year the number of active users of Huawei’s FinTech service increased by 30 per cent year-on-year to 110 million, and the total transaction amount processed increased by 50 per cent year-on-year to US$300billion.
The independent judges of Juniper Research said: “Huawei Fintech Platform has shown itself to be a powerful accelerator for mobile money success, having all the features that vendors need to achieve success. With the backing of an expert team that has innovated successfully over time by adding value to the platform, we anticipate that the platform will be able to keep ahead of the competition.”