Tencent wins SFF FinTech Excellence Awards 2024, announces key partnerships with industry leaders and unveils new fintech solutions.
SINGAPORE, November 8, 2024 /PRNewswire/ — At the Singapore FinTech Festival (SFF) 2024, the global internet and technology giant, Tencenthas pushed the boundaries of innovation in fintech and digital transformation with a host of commitments, partnership milestones and the unveiling of future-ready solutions.
Joining thousands of attendees at the annual event, Tencent showed how it draws on decades of consumer and enterprise technology expertise to collaborate with industry players, exploit financial sector opportunities, and deliver innovative business solutions that drive sustainable growth for financial institutions and partners of the region’s ecosystem.
“Building a resilient and agile infrastructure is essential for financial institutions looking to thrive in the digital age,” said Dowson Tong, senior executive vice president and general manager of the Cloud and Smart Industries Group. Tencentduring the fireside chat at the “AI and Cloud: Powering Tomorrow’s Economies” event. “AI-enabled tools, such as advanced authentication and fraud detection, require reliable infrastructure to operate effectively and foster a more secure automated financial environment. Additionally, by leveraging trends like video, content, super apps and AI, atop a robust cloud stack, we can drive meaningful innovation and unlock transformational opportunities across industries, with a growing financial services ecosystem.
THE Global AI in the fintech market should extend from $13,515.7 million in 2024 for $58,701.4 million by 2034, reflecting a robust CAGR of 15.9%. The keynote speech that opened the three-day event reflects this growing demand from consumers and businesses regarding the applications and potential of cloud and AI solutions in the fintech space. By leveraging AI-powered tools such as Digital Humans, Super-App-as-a-Service, ultra-high precision eKYC, TDSQL high-performance distributed database and risk control engine, Tencent Financial cloud technologies have enabled more than 10,000 businesses in 20 countries around the world to benefit from this technology.
Tencent also won the Thematic – AI, Quantum Champion Award in the SFF FinTech Excellence Awards 2024, which highlights groundbreaking initiatives that leverage new technologies to revolutionize industry practices and improve financial service delivery.
“This recognition highlights Tencent’s commitment to advancing secure and user-friendly innovations in digital payments. Our latest innovations reflect our commitment to improving everyday convenience through transparent and reliable solutions, while maintaining the highest standards of data privacy and security. A demonstrates our continued efforts to bring transformative technology to consumers and businesses,” said Xia Kai, Head of Tencent Palm product innovation.
The showcase at SFF marks that of Tencent beginning its advanced palm recognition technology, Tencent Palm tree, in Singapore. This was revealed through Tencent and Visa’s partnership to introduce palm recognition technology for digital payments. The service will be rolled out by Visa to cardholders of participating banks in Singaporeincluding DBS, OCBC and UOB, are part of this pilot program.
This partnership was one of many exciting engagements with industry leaders and ecosystem partners that took place during the festival, which included Tencent-facilitated workshops at the Elevandi Insights Forum and various panel sessions represented in Tencent activities such as Tencent Cloud, Tenpay Global and Pay Weixin.
Daniel Hongvice president of Tencent Financial technology, highlighted Weixin Pay’s innovations to improve payment accessibility, including reducing costs for small and micro merchants while advancing the interconnectivity of cross-border payments.
Wenhui Yang, Managing Director at Tencent Asia Pacific Financial Technology and CEO of Tenpay Global (Singapore)also discussed the role of AI-based risk control strategies in protecting users from fraud. risks and highlighted the importance of technology in ensuring the security of payment systems.
Innovative technologies like Tencent Palm, Tencent Cloud AI Digital Human and Tenpay Global Remittance were on display at the show Tencent interactive areas of the stand, which welcomed key representatives of the Monetary Authority of Singapore (MAS), Bank of Thailand (BoT), and more.
“Consumer behavior and expectations have changed significantly due to the ubiquity of mobile phones and other accessible technologies. Financial institutions now need to expand their online services and re-architect their business systems, to meet the need for anytime, anywhere services and ever-increasing needs. volume of online transactions. As we move towards a future of accessible and inclusive financial services, we hope that our collective efforts will help shape a secure and innovative digital ecosystem for the sector,” concluded Tong.
About Tencent
Tencent is a leading global internet and technology company that develops innovative products and services to improve the quality of life for people around the world.
Our communications and social services connect more than a billion people around the world, helping them stay in touch with friends and family, access transportation, pay for everyday expenses and even be entertained. Our fintech business spans the payments, credit, wealth management and insurance sectors as we support the growth of our partners’ businesses and help them digitally upgrade through FinTech and other business services. We also publish some of the world’s most popular video games and other high-quality digital content, enriching interactive entertainment experiences for people around the world.
Tencent was founded in Shenzhen, Chinain 1998, and is listed on the Main Board of the Stock Exchange of Hong Kong since 2004.
SOURCE Tencent
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