Global technology giant Huaweihas teamed up with Murong, a Chinese IT provider of payment export and scenario-based finance, to launch a mobile payment and microfinance solution.

According to the companies, this new offering “reflects the leading technologies innovation for inclusive finance”.

It utilises Huawei’s cloud native platform and MuRong Inclusive finance service platform to help banks provide a range of financial scenarios, connect end users and cater to its merchants acquiring customers.

The companies claim that the new solution will allow a commercial bank, payment institution, telecom operator and fintech company to collaborate and innovate jointly.

MuRong Technology Solution Center global senior consultant Han Yidong said: “MuRong is the global leading provider of digital financial IT solutions, we have cooperated with Huawei to integrate digital technology innovation to explore the markets of inclusive finance.”

Mobile payment market scale is expected to touch 1.3 billion by 2023, surpassing credit cards and cash with rapid adoption.

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Huawei plans to incubate more finance solutions in the future, leveraging technology and collaborating with partners.

Huawei Global Digital Finance Global Ecosystem Cooperation president Song Danping added: “Looking back the journey of cooperation between Huawei and Murong, the concrete achievements have already been reached. Furthermore, the joint innovative solutions also is in progress, expecting more cooperation with MuRong to create new value together for our customer.”

This February, Huawei partnered with Singapore-based fintech Aleta Planet and UnionPay to expand the mobile payment experience for Huawei phone users.