Huifu upgrades system to integrate payment and software

The Shanghai-based financial services agency Huifu is upgrading its payment services to a cloud-based and customized system that integrates payment and software capabilities.

The new Dougong 2.0 system better suits customers like cross-border businesses and small firms which prefer payments by the number of transactions rather than by a complete package.

Dougong (斗拱) is a bracketing system used in ancient Chinese buildings. It means "customized, open and reliable" system, connecting payment, software, and data management capabilities, offered by Huifu and its partners.

In 2024, Huifu plans to accelerate its global expansion with clients including multinationals and Chinese firms going abroad, including e-commerce platforms and game firms, said Zhou Ye, Huifu's chairman and chief executive.

It fits with Shanghai's strategy to build a smart city with digital infrastructure empowering all industries and business.

Huifu's system for customers, including large-scale customers, can provide tailored services, while small businesses and startups can also apply for less-costing services, Huifu said.

Firms are speeding up overseas expansion, such as SHEIN, Temu, and TikTok, which brings opportunities for payment firms in the overseas markets, Zhou said.

As a leading payment firm in Shanghai, Huifu will strengthen payment infrastructure citywide, especially for expats, the company said.