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The Huawei Finance Summit highlights the growing trend of digital transformation and informatization in the financial sector

Last Friday, Huawei organised a financial symposium as a part of Ethiopia Digital Week 2024. At the event in Addis Ababa, partners, entrepreneurs, and executives from the financial industry convened to deliberate on the emerging trend of financial digital transformation and informatization.

Yilebes Addis, CEO of ETHSwitch and National Switch In his introductory remarks, he stated that Ethiopia’s financial sector held immense potential for the digital revolution. It can also lower expenses, raise revenue, improve efficiency, and revitalise the financial industry in addition to making financial institutions more competitive and efficient.

Financial services providers might benefit greatly from the digital transformation by having greater opportunities for innovation and development and moving towards a future that is clear-cut, safe, affordable, transparent, inclusive, and sustainable. The chief executive officer stated, “Huawei has rich experience and technical strength as a world-leading technology company.” It might support our digital transition more effectively and collaborate with us to create a bright future for digital financial services in Ethiopia.

According to Mr. Tim Liu, Vice President of Huawei’s Cloud Business Department for North Africa, Huawei envisions a time where digital technology serves as a conduit between financial institutions and the unbanked people, providing safe, user-friendly, and accessible digital services to all Ethiopians.

Mr. Tim continued by outlining the company’s goal, which is to help all Ethiopian banks with digital innovation and transformation by leveraging its worldwide experience and local knowledge. A variety of digital platforms and services, like as digital banking, mobile money services, and inclusive financial solutions, will be made available in order to meet Ethiopia’s diverse needs.

Finally, he stated that Huawei is a company that cares about more than simply making money; it also has a social responsibility to enhance people’s lives and communication while advancing the finance industry’s digital transformation.

Joey Zhao

Mr Joey Zhao, President of the Northern Africa FSI Department, also presented Huawei’s strategic investment, which is focused on core technologies for the financial industry and is arranged into four strategic directions: accelerating application modernization, developing creative service scenarios, building infrastructure resilience, and improving decision-making intelligence. Huawei works with partners to systematically design scenario-based solutions that assist clients in establishing flexible, experience-focused, and cooperative complete connections; implementing real-time, converged, and shared data intelligence; and developing comprehensive, scenario-based financial services, all in line with these four strategic axes.

Many banks and other financial organisations, such as the Cooperative Bank of Oromia, shared their experiences at the summit. Since the bank’s operations are growing quickly, quick deployment and high-level security are very necessary, according to Mr. Teferi Assefa, Director of Information Systems, Infrastructure, and Data Centre at Cooperative Bank of Oromia. They are given an end-to-end solution by Huawei goods, which greatly increase efficiency. These products include the One Module Data Centre, IT cabinets, UPS, data centre management system, and many more.

As stated by the business Building up Ethiopia’s digital infrastructure to satisfy the expanding needs of the banking industry while maintaining scalability and dependability is one of Huawei’s long-term goals. Promote Everyone’s Financial Inclusion In order to integrate the underbanked and unbanked into the formal economy, provide them with creative, need-based solutions. Encourage Teamwork: Work together to build an environment that facilitates innovation and ensures security and compliance with local banks, fintechs, and authorities’ rules and regulations. Invest in Skill Enable Ethiopia’s workforce with the digital-age skills it needs by providing training and development initiatives.

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