NEC champions co-creation partnerships with SMBC at Singapore Fintech Festival 2021

SINGAPORE, Nov. 9, 2021 /PRNewswire/ -- NEC Corporation (NEC; TSE: 6701) and NEC Asia Pacific advocated the need to co-create with collaborative partnerships in the banking and finance service during today's workshop at the Singapore FinTech Festival (SFF) from Nov. 8–12, 2021.

During the workshop, Mr. Daichi Iwata, General Manager and Head of Digital Integration Division, NEC Corporation, Mr. Suresh Neelakantan, Business Development Director, Value Chain Innovation Laboratory, NEC Asia Pacific Pte Ltd, together with Mr. Keiji Matsunaga, Head of Asia Innovation Centre, Sumitomo Mitsui Banking Corporation (SMBC), discussed the importance of partnership-driven innovations and how should players in the financial service industry (FSI) engage the new data-driven economy.

With the increasing use of mobile devices supported by Cloud and the latest authentication technologies, banks today are now handling more data than ever. Alongside a variety of other ways data and technologies are getting interconnected in a decentralized manner, we are now in the midst of transitioning to Web 3.0 where technologies such as AI and blockchain will take center stage. Web 3.0 can create new potential for banks to offer more real time and tailored services to clients.

Mr. Daichi Iwata said, "Data analytics and AI technologies have been a very hot topic in recent years, but companies are not utilizing it efficiently yet. It is clear that AI will play a key role in developing next-gen financial services."

"Our partnership with SMBC is very open and transparent, with clear vision and goals. We are working to co-create an ecosystem that includes platforms providing strong data governance, data security, analytics and visualization for a secure and improved customer experience.

For any transformation to succeed, there needs to be a common alignment across all stakeholders involved and they must share mutual trust. For data-driven business decisions, close collaborations between partners and vendors are massively important and we are thankful for SMBC's trust in our solutions," added Mr. Iwata.

Mr. Keiji Matsunaga said, "As a trusted global solution provider, SMBC is committed to working together with our customers with the end goal of growth and advancement of society. With Web 3.0 in play, we have started to realize the concept of Embedded Finance – to redesign processes and contribute to improved operations and enhanced experiences for our corporate customers in financial aspects. This helps to bring about faster time-to-market, simplified supply chain operations and better optimization of resources. We are delighted to work with NEC to complement our capabilities and achieve our aspirations, as we collaborate with more of our customers, FinTech partners and other stakeholders to make sustainability a reality with digital."

During the five-day festival, Avaloq, a new member of NEC's group of companies, is participating in a series of workshops and will be presenting their innovations for the financial sector, including their unique platform for users to invest anytime, anywhere.  

For more information, please visit https://www.fintechfestival.sg/

About NEC Corporation

NEC Corporation is a leader in the integration of IT and network technologies that benefit businesses and people around the world. The NEC Group globally provides "Solutions for Society" that promote the safety, security, efficiency and equality of society. Under the company's corporate message of "Orchestrating a brighter world," NEC aims to help solve a wide range of challenging issues and to create new social value for the changing world of tomorrow. For more information, visit NEC at http://www.nec.com.

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About NEC Asia Pacific Pte. Ltd.

Singapore-based NEC Asia Pacific (NEC APAC) is the regional headquarters for NEC Corporation (HQ: Japan) in Southeast Asia. As a leading information and communications technology provider, NEC APAC provides innovative solutions and infrastructure to promote safety, security and enhance the quality of life for individuals and the community. NEC APAC's expertise includes solutions for carrier networks, biometric identification, enterprise applications and infrastructure, unified communications, transportation solutions, multimedia displays and smart energy, as well as the provision of managed services and contact centre services.

Together with our research laboratories, NEC APAC provides cutting-edge public safety, cybersecurity technologies and enterprise solutions to enable safer cities, with a vision to create a brighter future. For more information, please visit https://sg.nec.com.

About Sumitomo Mitsui Banking Corporation (SMBC)

Headquartered in Tokyo, Sumitomo Mitsui Banking Corporation (SMBC) is a leading global financial institution and a core member of Sumitomo Mitsui Financial Group (SMBC Group).

SMBC is one of the largest Japanese Banks by assets, with strong credit ratings across our global integrated network spanning over 41 countries and regions, 16 of which are here in Asia. We work across SMBC Group to offer personal, corporate and investment banking services to meet the needs of our customers.

Built upon our rich Japanese heritage, we put our customers first and provide seamless access to, from and within the region.

Rising in Asia, with Asia.

For more information, please visit www.smbc.co.jp/asia/

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