The proliferation of 5G applications will provide an abundance of data with various dimensions, requiring more detailed and accurate enterprise credit assessment and anti-fraud analysis in the fintech industry, a top Huawei executive said on Thursday. According to Daniel Zhou, President of Cloud & AI Business Group for Huawei Asia Pacific, 5G is imperative to drive more fintech innovations.
"Reliability and performance are imperative to help banks address the data processing challenges. Huawei had been devising end-to-end solutions that put emphasis on 24/7 continuous data processing while maintaining high performance to support high volume of transactions," Zhou said during the ‘Asia Pacific Financial Industry Storage Summit 2020' here.
Huawei storage research began in 2002, and is now a vast research network with 12 research centres in North America, Russia, Europe, India, and China. It is estimated that the next-generation data storage market will grow from $56.8 billion in 2019 to $102.2 billion by 2024 at a compounded average growth rate of 12.5 per cent, along with the increasing adoption of cloud-based services.
Zhou said that the traditional data storage system is faced with severe challenges such as insufficient flexibility in resource distribution and limited performance expansion capacity.
"Although new storage technology such as distributed storage is built to bridge the gap, it has its own set of challenges. All these will contribute mass loads of data. Whoever can unleash data power will be a step ahead for a better financial future," he added.
Themed "Unleash the power of data-driven intelligent finance," the virtual conference brought together key decision-makers from financial institutions such as The Asian Banker, DBS Bank and China Construction Bank Asia, to address the latest trends, developments and data-driven opportunities in the industry.