Huawei Technologies Co on Wednesday unveiled the latest version of its self-developed cloud database GaussDB, marking another breakthrough for the company in crucial technology despite Washington's prolonged restrictions, experts said.

The Shenzhen, Guangdong province-based firm's latest innovation represents an organized collection of information that can be searched, sorted and updated, and it is of growing importance to the efficient management and use of data, which has now become a crucial production element and can create enhanced value.

Zhang Ping'an, CEO of Huawei Cloud, said at the company's global finance conference in Shanghai on Wednesday: "If we compare the entire software industry system to a towering tree, the database is at the core foundation of the tree. It gives birth to and supports almost all software ecosystems, thereby enabling the smooth operation of all the core business systems across various industries in digital China."

Therefore, the database is known as the root technology of the software industry, and its high-quality development is of utmost importance for its growth and strength, Zhang said.

Huawei said GaussDB is the only database in China that is 100 percent independently researched and developed, with software and hardware operating synergistically.

Zhang said the research and development of the GaussDB database began as early as 2001 and that it has already been used within the company's internal IT systems and several core business networks.

Several major lenders such as Postal Savings Bank of China and China Merchants Bank have successfully adopted GaussDB for the core systems of their operations.

"Many Asian banks are already testing and using GaussDB, and customers in South America are also showing an interest," Zhang added.

The senior executive also called on software developers in China to partner with Huawei to leverage their domestic market experience to expand globally and provide reliable digital services to global businesses and government agencies.

Huawei's participation in the database market also provides new choices in a market that has long been dominated by US companies such as Oracle and IBM, and it is setting a positive example for the whole cloud data storage industry in China, as the cloud and AI sectors grow rapidly and generate tremendous demand for data processing and management, experts said.

Xiang Ligang, director-general of the Information Consumption Alliance, said domestic companies are expected to gain a bigger share in the global database market amid growing geopolitical uncertainties, and such a trend is already being seen in the financial and telecommunications sectors.

Domestic database firms received at least 51 bids in China in 2022, according to data compiled by Modb.pro, a Chinese online community for data professionals. The largest bid amount was awarded to a consortium consisting of ZTE, OceanBase and another two companies who won a bid from China Mobile amounting to 146 million yuan ($20.5 million).

Meng Wanzhou, rotating chairwoman and chief financial officer of Huawei, also said on Wednesday that the company is committed to continuing investment in "root "technology research, improving product resilience and achieving high-performance, security and reliability so as to better facilitate digital transformation of the financial sector.

Neil Shah, vice-president of research at global industry consultancy Counterpoint Research, said earlier that: "Huawei is well-positioned to scale its cloud business outside the telecom world into enterprise. It's already gaining traction in China and it can scale in other markets outside China, such as India, Southeast Asia, the Middle East and Africa."