Huawei Cloud FinTech Summit Unveils Pangu Finance Model in Abu Dhabi
Dubai, UAE, December 01, 2023: In a groundbreaking move, Huawei Cloud unveiled the Pangu finance model and the distributed database GaussDB tailored to the financial industry at the Huawei Cloud FinTech Summit Middle East and Central Asia 2023, held during the Abu Dhabi Finance Week (ADFW) in the United Arab Emirates. This marks the first time these cutting-edge solutions have been made available to countries and regions outside of China.
During the Summit, Frank Dai, President of Huawei Cloud Middle East and Central Asia, emphasized the transformative impact of the finance model, highlighting its ability to reshape every key link in the financial 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, leveraging productivity, intelligence, and computing power. By unlocking scenario-driven innovative value, combining foundational models with financial expertise, and establishing a computing power foundation that supports efficient model training, financial institutions can empower themselves to build more professional finance models. This, in turn, will drive the flywheel effect of the finance model, propelling the financial industry towards comprehensive intelligence.
Pangu Finance Model Debut
“In the financial industry, foundation models can help financial institutions greatly enhance operational efficiency, minimize expenses, and foster innovation,” Frank said in his keynote speech, “The collaboration of productivity, intelligence, and computing power enables the optimal utilization 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 multifaceted undertaking. Frank highlighted Huawei Cloud’s aspiration to collaborate with financial institutions in order to unlock model potential and enhance intelligent productivity across various stages, including blueprint planning, implementation, and continuous operations.
Huawei Cloud Digital Solution for the Financial Industry
Cloud native technology has gained wide popularity among organizations in various industries as they strive to embrace digital transformation. Financial institutions, being at the forefront of digitalization, are actively thinking and acting cloud native. Simultaneously, data has emerged as one of the most valuable assets for these institutions. In the era of models, effectively utilizing and managing data has become a top priority for successful model implementation. Alex Zhao, the General Manager of Global Finance for Huawei Public Cloud Business, unveiled Huawei’s next-gen distributed database GaussDB at the event.
GaussDB is a database that caters to the specific needs of the financial industry. It utilizes software-hardware synergy to provide high availability, security, performance, and elasticity. GaussDB is easy to deploy and migrate, making it an ideal solution for the financial industry to quickly launch purpose-built services.
Technologies are driving financial innovation. When introducing Huawei Cloud’s innovative and upgraded financial digital solutions, Alex said, “Huawei Cloud has been engaged in digital transformation of the financial industry for many years. Through innovation in resilient infrastructure, agile applications, and intelligent business, Huawei Cloud provides better options for global financial customers.”
Furthermore, aside from being driven by technology, the importance of being driven by business is also emphasized in financial innovation. In various business scenarios, Huawei Cloud and its ecosystem partners possess both capabilities and success stories that contribute to the acceleration of financial innovation, and Huawei Cloud showcased them during the Summit. The Middle East, known 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 four major use cases, Huawei Cloud collaborates with ecosystem partners to assist financial institutions in achieving business success across channel interaction, mid-end platforms, and core systems.
During the Summit, Huawei Cloud signed MoUs with Emirates Digital Wallet, Finmaal, and Klaim.ai, a move that will play an important role in in-depth cooperation between Huawei Cloud and partners in terms of cloud native and AI models.