As a self-made global leader in technology, Huawei has been championing Asian growth in internet-based technologies such as 5G, the cloud, and artificial intelligence (AI) which have become increasingly vital to business in anticipation of the economic turnaround expected in 2021.
Following the unprecedented events of 2020 which caused a massive slump in economies worldwide, sectors like fintech have risen to prominence as the new anchors that have ushered in stability amidst the uncertainty of the pandemic. In the Philippines, in particular, fintech has helped bring in an inclusivity and a sense of empowerment that transcends socio-economic status. Fintech is poised to bring about a digital transformation that can realize the country’s potential through various industries spanning from e-commerce to edutech.
In order to best satisfy the needs of its wide market, businesses can rely on significant technological and digital support when it comes to customer interaction, high-speed connectivity, and the expanding cloud ecosystem that Huawei can expertly provide. This has been evident particularly in Asia, as a region with the most data centers in the world, and in the Philippines, which is uniquely positioned to take advantage of the opportunities offered by Huawei.
“Huawei has always been keen to assist enterprises as they scale up and evolve to their next stage,” says Neo Teck Guan, Senior Director, Cloud Strategy and Consulting, Huawei Cloud Asia Pacific Region "With our cloud services, we have been able to provide some great experiences to different companies in several sectors. We believe, cloud solutions should be accessible to everyone, and at Huawei, we are working relentlessly for the benefits of our partners with our latest technological innovation."
This growing partnership between Philippine businesses and Huawei is set to introduce cutting- edge tech trends while showing them a road map that will be beneficial for the empowerment of all Filipinos.
Huawei unveiled this virtual road map December 11, called “FinTech 2021 Philippine Outlook: The Key to Unlocking the Economy Post-COVID.” The webinar was co-located during the renowned World Fintech Festival (WFF), another online international gathering that will run from December 7-11 and will cover all fintech topics with a special focus on the Philippines.
“Individuals and enterprises alike have become increasingly open to digitization especially in their transactions and their other daily activities. We had seen this surge during the pandemic,” says Amor Maclang, Convener of the WFF Philippines and Executive Director of Fintech Philippines Association. “Önly a year ago, a majority of Filipinos still preferred to do cash on deliveries and do their payments and other banking services in the actual stores or banks. But the lockdowns and work-from-home arrangements have changed all that. One recent study has shown that 87% of its respondents are now gravitating towards cashless transactions and digital payments. Electronic wallets like GCash experienced an increase in the use of their online financial services, about eight times more compared to what it experienced in 2019. Research by Google, TEMASEK, and Bain & Company say that 95% of Filipinos who have tried digital services only for the first time will keep on using them long after the pandemic is over.”
“We foresee this momentum and collective interest in digitization accelerating in 2020, especially as our economy recovers,” continues Ms. Maclang. “That is why we have encouraged our partners in business to explore the leading groundbreaking technologies that can empower and prepare them for a digital future, which the rest of the world is heading to. Huawei can help lead us in this endeavour, especially given its experience in matching and merging appropriate technologies like the cloud and AI with various industry verticals. In partnership with its homeland, the People’s Republic of China, Huawei has been instrumental in the transition of many traditional industries in Asia into the digital arena. They are nurturing and developing what we call the Asia tech generation.”
Ms. Maclang adds that the digitization of the country and its industries will have long-term positive impact on the national economy, businesses, the workforce, and the consumer base, “especially if fintech becomes our platform, using a whole-of-nation approach, whole-of-government approach. The past few years have seen an unprecedented reverse diaspora of the best and brightest technology players choosing to domicile in the Philippines. It is our time to shine.”
The virtual event will tackle critical topics for today’s tech-based landscape, such as the growth of the cloud ecosystem that can help facilitate online transactions, data storage and access, and the improvement of the supply chain. Another important topic is the adoption of artificial intelligence and how it can realize business objectives, such as upskilling the workforce, reaching out to new markets and crafting accurate business and marketing plans.
Prominent figures in banking, governance, money, and digital transformation are expected to attend the event: Among the speakers are Asst. Secretary Manny Caintic of the Department of Information and Communications Technology (DICT) and proponent of the Digital Filipino movement; Jove Tapiador, President and CEO of Good Tech Holdings Inc.; Mark Vernon, Founder and President of Tagcash; Atty. Edsel Tupaz of the legal firm Gorriceta Africa Cauton and Saavedra; and Atty. Buko dela Cruz of DivinaLaw.
Mr. Neo Tek Guan will discuss the business possibilities that particular tech can open in a talk entitled “New Fintech Revolution 2.0: AI, 5G, and Cloud.” He will elaborate how tech can transform our towns into smart, economically-prosperous cities with fintech at its core.
Ms. Maclang says, “The Philippines remains a fintech hub in Asia. Despite the pandemic, our internet-fueled economy or e-conomy stands at a strong $7.5 billion, which is projected to reach $28 billion in five years’ time. Its growth rate is at a resilient 55%, with HealthTech and EduTech emerging as among the most promising verticals. As we enter the new year, there are opportunities awaiting us after the crises, and partnerships like the one we are forging with Huawei can help Philippine businesses leverage on them for a full national economic recovery.”