Powered by Huawei, Khazana Enterprise launched the first Fintech and national in-country Cloud Services, revolutionizing the financial landscape in Pakistan.
Khazana Enterprise is planning to invest $10 million first phase in Pakistan and more is planned for the second phase. Pakistan data must be resided inside the country, as some companies like Microsoft and others take several hundred million dollars out of Pakistan for hosting outside, the company representative added.
Huawei Technologies Ltd and Khazana Enterprise have taken the monumental step to build the first-of-its-kind, hyper-scaler financial cloud in the country. They announced this at the launch event attended by key leaders from the financial industry, government, and business sectors of Pakistan.
The speakers termed the First National In-Country Cloud a leap… not just for the ICT Industry in Pakistan but for the economy as a whole. Pakistan is denied millions of dollars for access to Cloud Services. No longer will that be the case? This initiative paves the way for entities to opt for a solution in Pakistan that benefits local businesses and the exchequer, they added.
Nadeem Hussain the Executive Chairman of Planet N Group said in his welcome note, “I congratulate Huawei Management and Khazan team for this successful cloud launch which is the first of its type. If you want digital Pakistan, then you have tons of data and this data needs to be stored somewhere either in physical storage or on a cloud the world has demonstrated the benefits of cloud over physical data storage i.e. flexibility, agility, cost cyber security, etc. Huawei Cloud is the answer to all above being one of the top cloud service providers. Lastly, SBP is giving an enabling environment for the in-country cloud that can be used both for the material or non-material data”.
Bob Din, Chairman Khazana said, “I congratulate the tech industry of Pakistan specially Khazana Team and Huawei Cloud Team for this progressive initiative and the conducive environment provided by the regulators in Pakistan for the development of Cloud Infrastructure”.
Shahzad Rasheed, CEO, of Huawei Cloud Pakistan said, “We are living in the era of disruption, either disrupt or get disrupted. The upcoming time will completely change the way banks have been operating. We see a lot of changes in the next two years and only the banking sector has the potential of $7 billion on account of technological changes and transformation during this period”.
“Huawei is utilizing around 25 percent of its total revenues of around $100 billion on research and development (R&D) to spur growth through innovation and in Pakistan”, said Rasheed while addressing at the launch of the annual report.
This Digital transformation of organizations is not possible without using digital divers like AI, IOT, Machine Learning and these digital drivers need to be hosted somewhere on a cloud and Huawei Cloud differentiates itself in 2 ways; firstly being one of the three hyper scalers federated cloud available in Pakistan; secondly, for the digital banks, Huawei Cloud provides software services and out of book solutions just by a single click”.
Akif Saeed, Chairman of SECP said that the number of technology and digital companies in Pakistan is increasing. SECP is working with State Bank for joint digital business, said the chairman of SECP, adding that data is the new wealth in the world of technology, however, its protection must be ensured. However, with this top-notch partnership of Huawei and Khazana, regulator and end user’s concerns like data sovereignty and security seem to be addressed”.
Sima Kamil, Deputy Governor, State Bank of Pakistan said SBP was appreciative and welcomes the launch of Huawei cloud. SBP has been aggressively working on formulating regulatory framework for Cloud Services. SBP approves of Huawei Cloud basically for five main reasons.
“Firstly, this indigenous model addresses the issue of data security and allows the data to remain within the country subject to the relevant laws and regulations; secondly data security and privacy, which gives more control over sensitive information; thirdly it removes latency and improves efficiency by providing faster access; fourthly boosts economic growth & employment generation and lastly cost optimization. Concluding, Data economy, huge data dependence needs to be reduced and cloud infrastructure is vital to that,” Sima said.
She explained that “first of all, State Bank adopted the method of joint data payments with the World Bank. In the year 2019, there was more innovation in this method of State Bank payments. In the year 2022, regular digital banking started in Pakistan, said Deputy Governor State Bank”, adding that NADRA is doing better through data-using technology.
Digital banking has created expansion and convenience for people in the country. The importance of cloud infrastructure is very high, she said, adding innovation in technology is now highlighting the data investment aspect. Commercial banks in Pakistan have rapidly adopted innovation, she added.
Huawei Cloud has been deployed in 29 Regions around the world and is fast becoming the preferred choice of customers in industries such as finance and manufacturing to migrate to the cloud. Founded in 1987, Huawei is a leading global provider of information and communications technology (ICT) infrastructure and smart devices.
Huawei has 207,000 employees and operates in over 170 countries and regions, serving more than three billion people around the world. They are committed to bringing digital to every person, home, and organization for a fully connected, intelligent world.
Khazana Enterprise is an institution in Pakistan dedicated to providing innovative products and services. With a customer-centric approach, Khazana aims to simplify and enhance the lives of individuals and businesses across the country. To provide personalized support, Khazana will establish physical service centers and dedicated customer support channels.
This commitment to human interaction underscores Khazana’s dedication to addressing customer concerns and providing tailored assistance throughout their financial journey.
“Our belief is that technology should empower our customers and drive economic growth. With our Fintech and National Cloud services, we aim to revolutionize the financial landscape in Pakistan,” stated Bob Din, Chairman of Khazana Enterprise.
Furthermore, Nadeem Khan, CEO of Khazana Enterprise, stated that Khazana’s National Cloud services will establish a robust and secure infrastructure for businesses and public sector organizations to store, manage, and analyze their data. This will enhance operational efficiency, reduce costs, and foster innovation across various sectors. Khazana envisions a digital ecosystem where businesses can thrive, collaborate, and contribute to Pakistan’s economic growth.
Khazana officials said that they are planning to invest $10 million first phase in Pakistan and more are planned for the second phase. He also said that Pakistan data must be resided inside the country, as some companies like Microsoft and others take several hundred millions of dollars out of Pakistan for hosting outside.
This event further solidified this collaboration by signing MOUs with fintech companies that included Raqami Islamic Digital Bank. HengShan and TitliS Technology.
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