Wealth management service provider Hywin has joined forces with China-based cloud computing provider Tencent Cloud to drive its digital transformation.

Under the terms of the partnership agreement, Hywin will utilise Tencent Cloud’s IT and digital solutions in various fields, including cloud computing, artificial intelligence (AI), and big data analytics.

It will help the Chinese firm with digitalisation transformation as well as facilitate the company’s dual-engine development roadmap of wealth management and health management.

Hywin said that it has already built a green and secure hybrid cloud deployment based on Tencent Cloud’s expertise in cloud computing, allowing it to implement client-centric strategies.

The new collaboration will support Hywin to maximise the efficiency and benefits of its own data resources by leveraging the cloud infrastructure and data compliance solutions provided by Tencent Cloud.

Both companies have also agreed to collaborate to examine the application scenarios of AI-generated content based on the large language model in the wealth sector and health sector. This is expected to power next-generation wealth management and health management solutions that are digitalised with low-latency and a high degree of liveliness.

Hywin chief technology officer Zhu Hua said: “Digital transformation is our long-term strategy, which is in line with Hywin’s ‘long-termism’ development philosophy.

“Hywin will continue to focus on the research and development of proprietary systems and technologies and create more in-house intellectual property rights. In the meantime, Hywin will work with leading technology partners such as Tencent Cloud to further our digital initiatives.”

Besides, the partnership will be extended to the digital imaging cloud platform, which is one of the main pillars of Hywin Health’s Four Megacloud Solutions strategy.

In July 2023, Tencent Cloud partnered with Indonesian digital banking platform Allo Bank to boost digital banking in Indonesia.