Strategic goals of Tianyi Electronics
China Telecom Group Corporation Limited is one of the three major
telecommunications operators in China. As of December 2021, it has 107 million fixed-line
telephone users, 372 million mobile phone users, and 170 million broadband users. In 2011,
TianYi E-commerce Co., Ltd. (hereinafter referred to as TianYi Electronics) was officially
established as a member enterprise of China Telecom Group Corporation Limited. Its strategic
goal is,
Closely focusing on and serving China Telecom's main
business, they are committed to providing innovative e-commerce, payment, and digital
finance products and services.
Build a new consumption platform for digital life, a
central enterprise payment and settlement platform, and a central enterprise industrial
data operation platform.
Requirements for cooperation with Tianyi Electronics
In order to realize this core development strategy, TianYi Electronics
hopes to rely on blockchain, cloud computing, big data, artificial intelligence and other
technologies to create a product system that uses the Bestpay APP as a carrier to provide
payment solutions, membership benefits, livelihood services, installment loans, insurance
and financial management services. At the same time, in order to cope with the competitive
pressure of similar products, TianYi Electronics must be able to rapidly, stably, safely,
and compliantly expand, improve, and upgrade the product business line and technical
architecture of TianYi Electronics.
Therefore, TianYi Electronics needs to find a digital financial IT
company that is very professional in mobile payment, consumer credit and other fields for
cooperation. Therefore, it also puts forward requirements for the partner company,
It must have a fully integrated technical architecture
and
a fully operational product system in the field of digital payments.
A technical team with different skills such as
research
and development, implementation, operation and maintenance, and years of practical
experience in similar products is required.
It must have the ability to support long-term
cooperation.
It must not only be able to provide existing products and service systems, but also
have
a strategic vision for long-term development and sufficient technical research and
development reserves. It is necessary to be able to continuously iterate and upgrade
product functions and technical components to meet the requirements of continuous
market, management, and technological development.
According to these requirements, TianYi Electronics conducted multiple
rounds of analysis and selection, and finally chose to enter into a long-term partnership
with MuRong in 2016.The reason is self-evident, as TianYi Electronics' high standards and
high requirements for choosing partners are all advantages that MuRong's technology and
products possess.
The Solution of MURONG
In order to ensure the continuous solution of the demand of Tianyi
Electronics, MuRong provided a series of digital financial products such as Digital Payment,
Micro Finance, Mobile Money, Super App, and tailored a solution for Tianyi Electronics
according to its needs. The solution provided a series of powerful product base platforms
for the leap of Bestpay, promoted the upgrading and expansion of Bestpay from the original
single payment function to comprehensive financial service businesses such as membership
wallet and consumer credit, and utilized cutting-edge technologies such as cloud computing,
big data, and artificial intelligence to provide strong decision support for subsequent
business innovation.
After cooperation with MuRong in 2016, important
development
milestones in Tianyi Electronics' history have been accompanied by key projects led and
participated in by MuRong.
As a result, after eight years of close cooperation, MuRong
continuously provides excellent products and services. Now, the Bestpay has full wings, and
has become a complete product and service system, and complete management and operation
capabilities.
More convenient life, enjoy the wisdom and friendliness of
digital life anytime and anywhere for food, clothing, shelter, and transportation
People's Livelihood Services
Rights and Interests System
E-commerce
Shopping
Payment Interconnection
Financial Inclusion, AI, cloud, big data, blockchain, and the
use of digital technology allow everyone to enjoy green and sustainable financial
services that are accessible and affordable
Wealth Management
Consumer Finance
Insurance Protection
Personal Credit
Smarter operation, Opening up the ecosystem, empowering new
business operation models, leveraging smart retail solutions, enriching business
scenarios, and facilitating business transformation. Providing better consumer service
experience with customized and replicable solutions.
Aggregated acquiring
Merchant gold card
Transcript of Tianyi Electronics
By September 2020, Bestpay had accumulated more than 136 million
users, served more than 50 million monthly active users, and had an annual transaction
volume of nearly 2 trillion. It had access to 10 million offline businesses such as
China
Resources, Yonghui, Wal Mart, Wanning, Suning, and more than 170 online e-commerce
businesses such as Suning E-shop, JD, Tmall, Elema, NetEase Optimality, Meituan. The
consumer finance installment (orange installment) business has accumulated 21 million
users,
Introduced social cooperation funds exceeding 20 billion yuan.
Future outlook
Nowadays, Bestpay is facing requirements and challenges from the market, rivals, businesses,
technology and policies. As a partner, MuRong will continue to provide better products and
support to ensure the sustainable development of Bestpay.
