Huawei, as a partner of the Bill & Melinda Gates Foundation’s Level One Project (LOP) initiative, was invited to participate at the International Forum for China Financial Inclusion (IFCFI) to share its insights and experience in Africa’s mobile payments and financial inclusion platform construction.
To capitalize on these developments, Huawei has built its mobile money services platform to help deliver basic banking transactions in developing countries. Huawei Mobile Money provides an all-online, safe, reliable, flexible and sustainable mobile financial platform for telecoms and banks to provide high efficiency and low cost financial services for users. This allows for more convenience with transfers, payments, shopping, deposits, loans and insurance. The technology is not restricted, and because it works on both smartphones and featured phones, it has been particularly successful in developing markets.
(TOP: Li Shaoshao, Director of Huawei Mobile Money Product, shares the company’s insights at IFCFI).
Huawei Mobile Money will always put the promotion of inclusive financial services as a strategic goal and will work together with its global industry partners to provide better services to the two billion unbanked people in the world. As a background to Huawei’s presence at IFCFI, in 2016, Huawei became one of the first major partners of the Gates Foundation initiative Level One Project.
The premise behind this project is that through Open Application Programming Interfaces (Open API’s), financial service cross service providers interoperability becomes possible, and individual developers and partners can access payment systems, to establish a payment ecosystem. This helps people in the world’s poorest regions improve their lives and build sustainable futures by connecting them with digitally based financial tools and services.
Li Shaoshao, Director of Huawei Mobile Money Product, said: “Huawei hopes to fully integrate and develop its core technologies and capacities in the financial area, provide high efficiency and low cost financial services for people in the poor and low-income bracket, make financial services more accessible and convenient, and promote the development of the financial inclusion industry.”
IFCFI is the most influential annual event in the financial inclusion sector in China, to lead and promote the development of the financial inclusion business. IFCFI 2017 was held under the theme: ‘Capacity Changes the World’ and focused on capacity building in financial inclusion development.
There are about two billion unbanked people all over the world. Poverty, high cost, distance and account restrictions are the main reasons why they cannot use the banking business. The rapid development of mobile communications and digital payment systems has created opportunities for these people to obtain economic and reliable financial instruments through mobile phones and other digital interfaces.