Chinese IT giant Huawei and South Africa's largest bank Standard Bank signed a memorandum of understanding (MoU) on November 1 in Johannesburg, South Africa, officially announcing a collaboration that will create various opportunities for both parties to showcase their offerings.
As a result, Huawei products, specifically the Mate 10 Pro and Huawei Mate 10 Porsche Design Android smart phones, will be featured in VIP financial offerings for Standard Bank customers.
The bank customers will be able to see these Huawei products on bank's UCount Online Mall, a web-based platform linked to the financial institution’s UCount Rewards program, which lets customers collect rewards points when they shop with a qualifying Standard Bank personal credit card, check or debit card at participating retailers.
Standard Bank customers who buy Huawei products will be able to enjoy the installment and interest-free plans offered by the two companies.
"We are delighted to be partnering with an innovative banking institution such as Standard Bank, and believe that by moving forward with such a partner, we will be able to offer customers our products at a valued rate," said Zhao Likun, General Manager of Huawei Consumer Business Group South Africa.
Zhao said that the signing of the MoU signified the beginning of the cooperation between Huawei and the Standard Bank. He hoped that in the future the cooperation will be extended to creative services such as mobile payments and others.
"Standard Bank believes the partnership advocates what we stand for, which is growing Africa," said Luvuyo Masinda, CFO of Corporate and Investment Banking at Standard Bank. "Universal financial services are integral to our vision, and we believe this partnership will enable us to reach into and deliver our universal products throughout Africa as we continue to move the continent forward."
Entering South Africa in 1998, Huwei's brand awareness has experienced a continuous growth from 81 percent in 2015 to 90 percent in 2016 and 92 percent in 2017, according to a recent survey by the global market and opinion research specialist Ipsos.
The Standard Bank of South Africa is the largest bank in Africa. In 2008, the Industrial and Commercial Bank of China purchased a 20 percent stake of the Standard Bank, becoming its largest shareholder.