Huawei Launches Global Open Banking Partnership with Neonomics to Power Financial Services on AppGallery
September 19, 2022
11.11.2021 – OSLO, NORWAY – As Huawei continues to identify new routes for innovation in the financial services industry, it has today announced plans to enable Open Banking services on AppGallery through a new partnership with Neonomics – the leading pure API platform provider.
The partnership will boost AppGallery’s vision of driving innovation and providing better financial services to partners and customers: bringing digital financial services to every person, every home, and every organization, for a healthy financial life through industry partnerships. With over 90 million MAU in Europe and 560 million MAU worldwide, the collaboration means AppGallery partners can leverage Open Banking services to provide a growing global userbase with improved, more competitive payment solutions, leading the European app ecosystem space.
Huawei, alongside Neonomics, has begun testing several Open Banking features across payments and data services with selected partners in the Nordics, preparing to extend this opportunity to partners across Europe. For AppGallery users in Europe, the partnership promises to provide enhanced financial services across different apps. Developers will now have access to the tools they need to connect customers to their bank accounts within each app, enabling faster, more secure, account-to-account payments and more. AppGallery partners can leverage highly secure data aggregation services through Neonomics directly, avoiding technical interfaces with third parties altogether, including Huawei. Applying Open Banking technology to an app is also expected to reduce costs, benefitting developers as well as their customers.
Huawei believes Open Banking is key to supporting the continued growth of AppGallery and the broader financial services industry, while supporting its vision of driving innovation and providing better financial services to partners and customers.
Speaking on the collaboration, Siri G. Børsum, Global VP, Financial Vertical, Global Partnerships & Eco-Development Business Dept, Huawei Consumer Business Group 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.” Adding, “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.
Data privacy and security remains a priority for Huawei and a key feature of the collaboration; those integrating with Neonomics for Open Banking services will also receive a wide range of security features to use within their apps. Features include advanced authentication and system integrity checks, as well as fake user detection and Huawei’s own localised service distribution and deployment policies. Users can be further reassured by the fact that they have total control of their personal data as it’s never processed outside of each device.
Speaking on this landmark agreement, Christoffer Andvig, CEO of Neonomics said,
We are proud to work with Huawei, which is investing heavily in powering the future of financial services. 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.
About AppGallery – One of the Top 3 App Marketplaces Globally
AppGallery is a smart and innovative ecosystem that allows developers to create unique experiences for consumers. Our unique HMS Core allows apps to be integrated across different devices, delivering more convenience and a smoother experience – a part of our wider “1+8+N” strategy at Huawei.
With AppGallery, our vision is to make an open, innovative app distribution platform that is accessible to consumers while strictly protecting users’ privacy and security and providing them with a unique and smart experience. Being one of the top three app marketplaces globally, AppGallery offers a wide variety of global and local Apps across 18 categories including navigation & transport, news, social media, and more. AppGallery is available in more than 170 countries and regions with over 560 million monthly active users globally. Huawei has partnered with 5.1 million developers across the globe as of September 2021, with total downloads reaching 332.2 billion in the first three quarters of 2021. As of October 2021, over 173,000 applications have integrated with HMS Core worldwide.
Neonomics is an Open Banking innovator giving the power of financial services back to consumers via the most advanced unified PSD2 API tech stack and bank API coverage map in Europe. The company connects over 150 million consumers to over 2,700 banks. Built with a lot of love and zero legacy tech, the platform has been verified by strong global customers, spanning FinTechs, payment service providers, banks and more. Neonomics was founded and headquartered in Oslo, Norway in 2017 and is authorized by the Norwegian FSA as a licensed payment institution (PI) (PISP & AISP) passported across the EU.
Neonomics AS is licensed as a Payment Institution (PI), Payment Initiation Service Provider (PISP) and Account Information Service Provider (AISP), issued by the Norwegian Financial Supervisory Authority (Finanstilsynet) passported across the EU.