Tencent Leverages Cutting-Edge Technology and Partnerships to Lead a New Era of FinTech Innovation

Tencentwins at the SFF FinTech Excellence Awards 2024, announces key partnerships with industry leaders, and unveils new fintech solutions.

SINGAPORE,Nov. 8, 2024/PRNewswire/ -- At the Singapore FinTech Festival (SFF) 2024, global Internet and technology giant,Tencent, pushed the boundaries of innovation in fintech and digital transformation with a host of engagements, partnership milestones, and the unveiling of future-ready solutions.

Joining thousands of attendees at the annual event,Tencentshowcased how it is leveraging decades of consumer and enterprise technology expertise to collaborate with industry players, tapping into opportunities in the financial industry, and delivering innovative business solutions that foster sustainable growth for financial institutions and ecosystem partners in the region.

"Building a resilient and agile infrastructure is essential for financial institutions seeking to thrive in the digital era,"said Dowson Tong, Senior Executive Vice President& Chief Executive Officer, Cloud and Smart Industries Group,Tencent, during the event's"AI and Cloud: Powering the Economies of Tomorrow"keynote fireside chat."AI-powered tools like advanced authentication and fraud detection require a foundation of reliable infrastructure to operate effectively, and foster a more secure automated financial environment. In addition, by leveraging trends like video, content, super app and AI, atop a robust Cloud stack, we can drive meaningful innovation and unlock transformative opportunities across industries, with a growing financial services ecosystem."

Theglobal AI in fintech marketis expected to expand fromUSD 13,515.7 millionin 2024 toUSD 58,701.4 millionby 2034, reflecting a robust CAGR of 15.9%. The keynote fireside, which opened the three-day event reflects this growing demand from consumers and enterprises alike in the applications and potential of cloud and AI solutions in the field of fintech. By leveraging AI-driven tools like Digital Humans, Super-App-as-a-Service, ultra-high accuracy eKYC, high performance distributed database TDSQL, and Risk Control Engine,Tencentfinancial cloud technologies have successfully enabled over 10,000 enterprises across 20 countries across the globe.

Tencentalso clinched the Thematic – AI, Quantum Champion Award under the SFF FinTech Excellence Awards 2024, which spotlights groundbreaking initiatives that harness new technologies to revolutionise industry practices and enhance financial services delivery.

"This accolade underscores Tencent's commitment to advancing secure, user-friendly innovations in digital payments. Our latest innovations reflects our dedication to enhancing everyday convenience through seamless and reliable solutions, while maintaining the highest standards of privacy and data security. This isatestament to our ongoing efforts to bring transformative technology to consumers and businesses alike,"said Xia Kai, Head ofTencentPalm Product Innovation.

The showcase at SFF marks Tencent'sdebutof its advanced palm recognition technology,TencentPalm, inSingapore. This was unveiled throughTencentand Visa's partnership to introduce the palm recognition technology for digital payments. The service will be rolled out by Visa, with cardholders from participating banks inSingapore, including DBS, OCBC and UOB, being a part of this pilot programme.

This partnership was one of many insightful engagements with industry leaders and ecosystem partners that took place at the festival, which included exclusiveTencent-led workshops at the Elevandi Insights Forum, and various panel sessions represented across Tencent's businesses such asTencentCloud, Tenpay Global, andWeixin Pay.

Daniel Hong, Vice President ofTencentFinancial Technology, highlightedWeixin Pay'sinnovations in enhancing payment accessibility, particularly by reducing costs for small and micro merchants while advancing cross-border payment interconnectivity.

Wenhui Yang, General Manager atTencentFinancial Technology Asia Pacific and CEO of Tenpay Global (Singapore), also discussed the role of AI-powered risk control strategies in protecting users from fraudrisks and spotlighted the importance of technology in ensuring secure payment systems.

Innovative technologies likeTencentPalm,TencentCloud AI Digital Human, and Tenpay Global Remittance were on display at theTencentbooth's interactive areas, which welcomed key representatives from the Monetary Authority ofSingapore(MAS), Bank ofThailand(BoT), and more.

"Consumer behavior and expectations have vastly changed due to the ubiquity of mobile phones and other accessible technologies. Financial institutions must now expand their online services and re-architect their business systems, to meet the needs for services anytime anywhere, and the ever-increasing volume of online transactions. As we advance toward a future of accessible and inclusive financial services, we are hopeful that our collective efforts will help shape a secure and innovative digital ecosystem for the industry,"concluded Tong.

AboutTencent

Tencentis a world-leading internet and technology company that develops innovative products and services to improve the quality of life of people around the world.

Our communication and social services connect more than one billion people around the world, helping them to keep in touch with friends and family, access transportation, pay for daily necessities, and even be entertained. Our financial technology business covers payment, credit, wealth management and insurance sectors, as we support our partners'business growth and assist their digital upgrade through FinTech and other enterprise 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 globe.

Tencentwas founded inShenzhen, China, in 1998, and has been listed on the Main Board of the Stock Exchange ofHong Kongsince 2004.

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