Cloud Ranks First in China's Financial Cloud Market

[Shenzhen, China, May 13, 2022] The Financial Cloud Semiannual Tracker (2021 H2) report by the International Data Corporation (IDC) ranked Huawei Cloud first on China's financial cloud infrastructure market. At the same time, Huawei Cloud Stack has ranked first on China's self-built financial cloud infrastructure market for four consecutive years.

Huawei Cloud has supported the intelligent transformation of China's Big 6 banks and 12 joint-stock commercial banks as well as the top 5 insurance companies. So far, Huawei has deployed solutions for over 300 financial institutions around the world.

IDC predicts that financial institutions will continue adopting multi-cloud architectures to comply with a range of policies and requirements. Due to strict policy, regulation, and data requirements, many financial industry customers first turn to hybrid cloud solutions during their transformation from Internet Data Center to Cloud Data Center.

To respond to this multi-faceted needs, Huawei Cloud provides comprehensive solutions including Huawei Public Cloud, Financial Zone, Huawei Cloud Stack, and Edge Cloud.

For one, Huawei Cloud Stack is a full-stack cloud solution designed for governments and enterprises that are looking to build their own cloud infrastructure. The strategy behind Huawei Cloud Stack is "Dive into Digital, Everything as a Service". As such, it focuses on the converged data lake, distributed core banking, and financial full stack cloud, enabling financial service innovation.

Intelligent and Efficient Converged Data Lake

More and more financial services are online, mobile, and scenario-based. This exponentially increases the volume and types of data these produce. As a result, regular warehouses that process one type of structured data can no longer cope.

Huawei Cloud offers a data lakehouse to solve this challenge. It builds a logical data lake through FusionInsight, so data can collaborate across sources, domains, and warehouses, without the need for data migration. This leads to 50 times more efficient data analysis.

The approach also enables real-time data lakes to meet the growing demand for full-link, real-time processing and T+0 import of massive data. Finance customers can now quickly valorize data.

For example, our logical data lake solution for ICBC supports key activities such as risk control, marketing, and business analysis. It does so through efficient data analysis across lakes and warehouses, providing a timely BI experience for 13,000 data engineers.

Agile and Reliable Distributed Core Banking

Financial institutions are turning to distributed core banking to cope with a growing volume of transactions and high single-account costs. To this end, Huawei Cloud Stack works with partners to provide a cloud-native, secure, and trusted full-stack digital core solution.

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