Foxconn uses database to launch finance operation

Foxconn Technology Co Ltd is moving into finance by leveraging the big data boom in China.

Founder and Chairman Terry Gou said on Tuesday: "We are looking to offer financial services to our suppliers by taking advantage of the massive data we have collected over decades of manufacturing gadgets."

Calling this business model "supply chain finance", Gou said the company aims to help its suppliers make decisions, gather data and manage their cash flow.