9F Teams Up with Huawei Cloud in Overseas Market
9F and Huawei have joined efforts in exploring financial services overseas, especially in developing economies.
9F Inc. (Nasdaq: JFU) and Huawei Technologies Co. Ltd. have jointly launched a SaaS platform, as announced Wednesday, to provide financial services overseas.
The SaaS platform was released at Huawei Connect Live 2019 in Shanghai with a mission of "Creating a New Height of Intelligence," according to the announcement. Huawei and 9F said their overseas financial SaaS is compliant with internet security standards and features an efficient delivery system.
The platform aims to reduce the cost of financial services through technology and help countries and regions with less developed infrastructure and technological capabilities like countries in Southeast Asia and Latin America to better carry out digitalized inclusive financial services.
According to the 2019 Financial Technology Trend Report issued by New York-based CB Insights, the transaction growth rate in Southeast Asia hit 143 percent and the total funding of Fintech company skyrocketed to $11 billion in 2018.
Data also showed that nearly 73 percent of adults in Southeast Asia don't own a banking account, while only one-third of small- and medium-sized companies have loan qualifications and credit lines.
Founded in 2006, 9F facilitates loans and payments and delivers online wealth management, all integrated under a single digital financial account. The AI-powered digital financial account platform successfully completed its initial public offering last month, reaching a market capitalization of $1.9 billion.
"Southeast Asia has relatively large growth potential. The population is very young," Yanjun Lin, 9F's chief financial officer, said in an interview to CapitalWatch on its IPO day.
Shares in 9F were trading at $10.67 apiece intraday Thursday, down 2 percent.