Under the arrangement, Temenos and Huawei will jointly go-to-market with a cloud-based package for financial institutions to refit their core banking infrastructure.
Geographically, the partnership covers Asia-Pacific (APAC) with a specific focus on China, and it also includes Africa, Europe, Latin America and the Middle East. The scope of the agreement covers sales and marketing, implementation and training.
Temenos and Huawei have extensive reach into the global financial services market. More than 3,000 banking and financial institutions worldwide operate on Temenos technology, while Huawei works with more than 2,000 financial institutions worldwide, including 47 of the world’s top 100 banks.
Philip Barnett, president of strategic growth, Temenos, comments: “This joint go-to-market strategy with Huawei will massively accelerate our market penetration in China which represents approximately a USD 6 billion addressable market, and we are extending to the Middle East, Africa, Europe and Latin America. Our certification on Huawei Cloud demonstrates that our cloud-agnostic banking platform enables banks to pursue a multi-cloud strategy and have the highest levels of active-active resilience with the cloud provider of their choice.”
The agreement with Temenos is part of a major push by Huawei to enter the booming market for cloud-based banking technology. The Chinese communications giant today announced the formation of a new Financial Partner Go Global Programme to create a global ecosystem of fintech partnerships operating across its cloud infrastructure.
The Temenos Banking Cloud brings together the world’s favourite banking services, an innovation sandbox and a rich fintech marketplace. Powered by an explainable AI engine, it is instantly available to all banks through a self-service portal. Banks now have the power to self-provision always-on banking services and scale instantly and securely while dramatically reducing the cost of operations to 10% of legacy systems.
The two companies have demonstrated success and have a number of existing customers and successful projects in APAC. The two companies already see significant market traction and have a number of new prospects in the works. Temenos and Huawei will jointly go to market, focusing on China and moving to more regions with aligned marketing and sales processes.