Islamabad, 21 July 2022 (TDI): Huawei Pakistan and Meezan Bank signed a Memorandum of Understanding (MoU) to boost strategic partnership via projects focused on Cloud Transformation as well as technological innovation.
This will enable Meezan Bank to expand its current systems and processes. Faiz Ur Rehman, the Group Head of Information Technology, and Iqbal Ali Khan, the Group Head of Digital Transformation and Innovation were present at the signing ceremony.
Representatives from Huawei’s side were also in attendance. As per the agreement, Huawei and its partners will help the bank in hybrid cloud transformation along with enhancing technology adoption.
Iqbal Ali Khan while sharing his thoughts on the occasion stated, “Meezan Bank is focused on digital transformation to ensure it is able to consistently deliver on its commitment to excellence in customer service and improving customer experience.
To achieve this objective we are confident that Huawei Cloud’s long-term investment in Pakistan will enable Meezan Bank to deliver on its transformation agenda.
Huawei’s leading-edge technology with a Cloud-oriented focus to deliver quick-to-market customer solutions is critical.”
Understanding Cloud Transformation
Cloud transformation is moving work to the cloud, including data, migrating apps, the entire IT infrastructure, or software programs.
Cloud transformation saves an organization from becoming outdated as technology is continuously transforming and the only way to remain competitive is to adapto technological changes.
Cloud transformation provides several benefits that help long-term business strategy as well as improve day-to-day operations.
Banks can store and capture a tremendous amount of customer data on a daily basis. However, the traditional methods like data storage siloes limit the bank on how to use and connect this data.
It can centralize the storage, data capture, and interpretation processes. Moreover, it can also decrease the costs associated with critical processes a long with generating faster data-led insights, that can be used by banks to drive performance.
The upgrade in banking to Cloud Transformation is a global phenomenon. Similarly, the Central Bank of Pakistan; the State Bank of Pakistan is also actively reconsidering the current regulatory framework to upgrade to innovative Cloud technologies.
Gartner’s Market Share- IT Services have ranked Huawei Cloud as number two in the international market in China and number five in the world.
Moreover, Huawei Cloud serves 80% of the top 50 Internet companies of China, all of the 12 joint-stock commercial banks, six state-owned banks, as well as top 5 insurance institutions.
