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November 11, 2021

Huawei turns to Neonomics for open banking capabilities

By Johney Amala

Chinese technology company Huawei has entered into a partnership with API platform provider Neonomics to bolster its financial services offerings.

This alliance will bring Open Banking services to AppGallery, Huawei’s app marketplace with more than 90 million monthly active users (MAU) in Europe and 560 million MAU globally.

The move will help AppGallery partners tap Open Banking services to offer enhanced payment solutions to their users around the world.

As part of the tie-up, Huawei and Neonomics are currently testing a number of Open Banking features across payments and data services with selected partners in the Nordics.

The firms plan to add more partners across Europe soon for the same.

Huawei Consumer Business Group Global Partnerships and Eco-Development Business Dept Financial Vertical global vice-president Siri Børsum said: “After looking at many of Europe’s Open Banking players, we chose to work with Neonomics because of its unmatched API platform performance, as well as its reach capabilities to support our partners across Europe.”

“Above all was the cultural fit, which is paramount in our partnerships, through our shared vision and collaboration we will provide consumers with more choice and financial empowerment.”

According to Huawei, the collaboration will provide AppGallery partners with ‘highly secure data aggregation services’ through Neonomics.

This is expected to help them eliminate technical interfaces with third parties, including Huawei, while benefitting from reduced costs.

Additionally, those integrating with Neonomics for Open Banking services will be offered a range of security features for their apps.

Among these features are advanced authentication and system integrity checks, in addition to Huawei’s own localised service distribution and deployment policies and fake user detection.

Neonomics CEO Christoffer Andvig said: “We have a shared belief in customer centricity and collaboration and, with our technical infrastructure at the core of the value proposition, this partnership strengthens our growth across Europe and into other key markets.

“We believe we now have all the building blocks in place to offer a growing customer base a more efficient means of maximising the next generation of Open Banking services.”

In September this year, Huawei launched a new solution to help financial institutions roll out various financial services.

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