Huawei set to tap financial demand

Huawei Technologies Co will strengthen its cloud computing, big data and server business in the next decade to meet booming demand from Internet users in the financial and government sectors, its rotating Chief Executive Eric Xu said.

By 2025, the number of global connection devices will reach 100 billion including 8 billion smartphones, up from 1.7 billion phones in 2013. Driving the booming Internet demand will be industries and government which will replace demand from consumers in social and e-commerce, the company said at the Huawei Cloud Congress which opened yesterday in Shanghai.

"Huawei is ready to become a global leader on ICT (Information, communication and technology) through self-development and cooperating with partners," Xu told the conference attended by 12,000 people.

Huawei said it will provide IT services that converge mobile Internet and traditional services to China Pacific Insurance Co. Huawei has already offered services to China Merchants Bank and the Industrial and Commercial Bank of China. It has also offered technical support to the planned Shanghai-Hong Kong Stock Connect program.

Huawei aims to provide financial IT services to generate more revenue because finance requires storage, analysis and cloud computing applications for the huge volume of data, according to analysts.