Temenos eyes China market entry following Huawei certification

Swiss banking technology company Temenos has become the first banking software provider to be certified with Huawei’s infrastructure and public cloud.

Established in 1993, Temenos provides banking systems to retail, corporate, universal, private, treasury, fund administration, Islamic, microfinance and community banks with its cloud-native, cloud-agnostic, AI and API-first technology. The company currently has a market capitalisation of $9.84bn.

The firm stated that under the terms of the arrangement, Temenos and Huawei will jointly go-to-market with a cloud-based package for financial institutions to refit their core banking infrastructure.

The partnership will cover Asia Pacific – with a specific focus on China – as well as Europe, Latin America, Africa and the Middle East. It will also cover sales and marketing, training and software implementation.

According to Temenos, the agreement is part of a major push by Huawei to enter the market for cloud-based banking technology.

Temenos stated, “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.\

Temenos president of strategic growth Philip Barnett added, “This joint go-to-market strategy with Huawei will massively accelerate our market penetration in China which represents approximately a $6bn 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.”

Temenos recently entered an agreement with FinTech juggernaut Wise. The deal will provide Temenos’ over 3000 customers with seamless access to Wise’ technology through its Infinity digital banking platform and its Transact core banking product.

Furthermore, Wise has gone live on the Temenos MarketPlace, which is comprised of 50 curated fintech solutions, which enables Temenos’ clients to rapidly innovate – as part of the deal.

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