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China Telecom’s Digital Banking Journey: Expanding from Telecommunications to Digital Finance
China Telecom’s Digital Finance Strategy
China Telecom Group Limited is one of China’s top three telecom operators,
with a mobile subscriber base reaching 425 million by the end of 2024.
Leveraging its vast customer base and mobile internet capabilities,
China Telecom has established two major financial platforms—Orange
Finance and BestPay—to drive its expansion from telecommunications into digital banking.
Orange Finance:
Focused on inclusive finance and consumer credit, it offers services such as credit payments, wealth management and supply chain finance, aiming to build an integrated "telecommunications + finance" ecosystem.
Orange Finance:
Initially centered on payment services, it has evolved into a comprehensive financial platform covering digital wallets, bill payments and merchant transactions.
However, as China Telecom ventured into digital finance,
it faced competition from traditional banks and fintech firms,
along with challenges in technology, product offerings,
operations and regulatory compliance. Below are some of the challenges encountered:
Digital banking core system:
The existing infrastructure struggled
to handle high-concurrency access and high-frequency financial transactions.
Financial product portfolio:
The ecosystem required further enrichment to support multi-channel financial services.
Operational efficiency:
Customer service and marketing capabilities needed enhancement.
Technology Empowerment from MuRong
Digital Banking System Upgrade
To address these challenges, MuRong Technology conducted in-depth research
and delivered a tailored "Full-Stack Digital Banking Core System" solution,
leveraging its expertise in fintech.
Key Requirements
Key Capabilities
Cutting-edge Technology
Distributed microservices architecture for high availability and scalability;
integrated Al-driven risk control and data analytics to enhance efficiency and security.
Omni-channel Experience
Seamless integration across mobile apps, online banking and open platforms.
Rich Features
Core digital banking functionalities, including online account opening,
lending, payments and risk management, enabling rapid innovation.
Phased Implementation Roadmap
MuRong Technology adopted a phased approach to ensure
business continuity while progressively enhancing technical capabilities.
Foundation Phase: Building a Robust Technical Base
Focused on establishing the core digital banking platform using microservices
and cloud-native technologies,
while gradually expanding account management, payments and clearing services.
Expansion Phase: Enriching Financial Scenarios
Accelerated ecosystem development with diversified financial services,
such as the launch of " UFinance Credit" for consumer lending and wealth
management products, strengthening China Telecom’s market competitiveness.
Optimization Phase: Refining Security and Operations
Enhanced risk control models, deployed digital marketing tools and automated reconciliation
systems to improve compliance, customer experience and operational efficiency.
All-round Empowerment
Beyond technology, MuRong Technology provided multi-dimensional
support to help China Telecom build a self-sufficient fintech operation system.
End-to-end support:
Full lifecycle assistance, from business planning and analysis to development and maintenance.
Capability Transfer:
Specialized training in technical architecture, business operations and risk management.
Eight Years of Collaboration,
From Payments to a Comprehensive Financial Ecosystem
Since 2016, MuRong Technology has delivered customized solutions,
enabling China Telecom to achieve transformative growth in digital finance.
Below are some key achievements:
Enhanced Performance
The distributed core system now supports hundreds of millions of users,
with significantly improved stability and concurrency. By 2024,
registered users exceeded 600 million and with over 50 million monthly active users.
Business Expansion
Services now span online credit, bill payments, wealth management and digital insurance,
with annual transaction volumes exceeding RMB 2 trillion by 2024.
Link Ecosystem
Open banking APIs facilitate cross-platform transactions,
creating a seamless, scenario-based financial experience.
Retail Integration:
Connected to 100,000+ merchants, covering high-frequency sectors
like supermarkets and dining.
E-commerce:
Connected to major payment platforms and hundreds of online marketplaces.
Civil Services:
100+ essential services, serving over 30 million users monthly.
Through this eight-year partnership,
China Telecom has built a "Telecommunications + Finance + Lifestyle" ecosystem,
setting a benchmark for non-bank financial institutions in digital finance.
Future outlook
China Telecom is advancing its digital finance capabilities amid intensifying competition,
rapid technological evolution
and stricter regulations. Below are some of the most recent capabilities:
AI Integration:
Upgrading smart risk control, deploying AI customer
service and developing personalized recommendation engines.
Data Analytics:
Leveraging multi-dimensional data for precise user profiling,
targeted marketing and tailored services.
Looking ahead, MuRong Technology will deepen its
collaboration with China Telecom, driving sustained innovation in digital finance.
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