(Yicai Global) Dec. 11 -- Chinese electronics giant Huawei Technologies will collaborate with financial security technology provider Haoyun Technologies to jointly develop Internet of Things technologies for financial sector applications.
Their union will enable Haoyun to offer smart IoT services to its banking sector customers to enhance their operating efficiency, it said in a statement yesterday.
Guangzhou-based Haoyun's [SHE:300448] shares went through the roof this morning on the news, closing up 5.28 percent at CNY8.38 (USD1.20) after going as high as CNY8.76.
Huawei will supply the underlying cloud computing software platform, while Haoyun will provide a financial services application platform and its own software under the collaboration contract the pair inked yesterday, per the statement.
The duo will also cooperate to jointly develop intelligent cameras, with Huawei to deliver the smart hardware and Haoyun to contribute the algorithms based on bank clients' needs and take charge of product debugging.
The pair will also focus on promoting their successful partnership model in the financial sector to other areas in future.
Their alliance will involve foundational hardware, cloud computing, Big Data, artificial intelligence and many other advanced technologies, the statement added.
Editor: Ben Armour