The Huawei Cloud Fintech Summit Middle East and Central Asia 2023 – held as part of the Abu Dhabi Finance Week (ADFW) – saw Huawei Cloud unveil the powerful Pangu finance model and the new GaussDB financial database.
As a key market for Huawei Cloud, the United Arab Emirates (UAE) is the first outside of China to gain access to these cutting-edge solutions for the finance industry.
Prior to the Summit, Frank Dai, President of Huawei Cloud Middle East and Central Asia, delivered a keynote speech emphasising the transformative impact of the finance model – which could reshape the entire service chain.
To fully harness the power of foundation models, Dai stressed the need for financial institutions to foster collaborative innovation centered on high-quality data, innovative productivity, advanced intelligence, and abundant computing power.
“In the financial industry, foundation models can help financial institutions greatly enhance operational efficiency, minimise expenses, and foster innovation," said Dai in his keynote speech.
"The collaboration of productivity, intelligence, and computing power enables the optimal utilisation of the finance model. These three elements align with the scenario layer, model layer, and foundation layer of the financial model solution, respectively."
At the scenario layer, AI models can play a significant role in financial production, serving as valuable assistants to service personnel and IT technical personnel. They can contribute to various tasks such as intelligent data analytics, automatic coding, automatic credit report generation, and intelligent customer services. These applications can greatly enhance work efficiency and elevate the overall customer experience.
The model layer serves as a platform for enhancing the technical capabilities of foundation models, thereby making the finance model more intelligent. Additionally, the finance model is further enriched with expert financial knowledge and data to enhance its professionalism.
The efficiency and quality of model training rely heavily on a robust computing foundation that enables quick updates and iterations of an AI model. The foundation layer is crucial for the smooth functioning of the model and determines its overall performance.
Implementing the finance model in the industry is a significant, multifaceted undertaking, and Dai says Huawei Cloud hopes to work with financial institutions to unlock model potential and enhance intelligent productivity.
Huawei Cloud Digital Solution for the financial industry
Financial institutions, being at the forefront of digitalisation, are actively thinking and acting cloud native. At the same time, data has emerged as one of the most valuable assets for these institutions. In the era of models, effectively utilising and managing data has become a top priority for successful model implementation.
Alex Zhao, General Manager of Global Finance for Huawei Public Cloud Business, unveiled Huawei's cutting-edge distributed cloud database called GaussDB at the event.
GaussDB caters to the specific needs of the financial industry, utilising software-hardware synergy and full-stack innovation to provide high availability, security, performance, elasticity, and AI-Native features.
Zhao outlined that GaussDB is easy to deploy and migrate, making it an ideal solution for the financial industry to quickly launch purpose-built services.
“Huawei Cloud has been engaged in digital transformation of the financial industry for many years. Through innovation in infrastructure, application agility, and business intelligence, Huawei Cloud provides better options for global financial customers,” said Zhao.
The Middle East, renowned for its high mobile internet penetration rate, provides an excellent infrastructure for fintech. Digital banking, mobile finance, consumer finance, and Web3 finance have become mainstream use cases in the finance industry.
With a focus on these use cases, Huawei Cloud collaborates with ecosystem partners to help financial institutions achieve business success.
During the Summit, Huawei Cloud signed MoUs with leading regional fintechs Finmaal, Klaim.ai, and Emirates Digital Wallet – a move that will play an important role in driving cloud native and AI models.