HONG KONG, April 13 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced that it has won a contract with a leading national commercial bank customer in China to develop an Operational Risk Management system.
Under the terms of the contract, Longtop will implement and customize its E@able OPRisk operational risk management solution, based on the customer's current business process and risk management practices, practices recommended by Basel II accord, as well as the guidelines and requirements set by the Chinese banking regulatory authorities. The objective of the system is to effectively identify, measure, and manage the bank's operational risk, to improve its overall operational risk management capabilities, and to comply with regulatory requirements.
Commenting on the contract win Weizhou Lian, Chief Executive Officer of Longtop, said, "As our banking customers and regulatory authorities put increasing emphasis on risk management, we see growing interest for our risk management solutions. We believe Longtop is a most valuable partner in this area given our strength in business intelligence and data integration, which are the foundation for risk management applications. In addition, we see our year-long cooperation with Peking University in research and development of financial risk models paying off."
According to independent research firm IDC, risk management is the second fastest growing segment of the IT solutions market within China's banking industry, surpassed only by Internet banking. IDC forecasts that by 2013, the risk management system solutions market revenue will amount to US$120.9 million to account for 5.8% of the total, posting a 2009-2013 CAGR of 24.1%.
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This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.
About Longtop Financial Technologies Limited
Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop is the highest ranked Chinese financial technology provider on the Global FinTech 100 survey of top technology partners to the financial services industry. Independent research firm IDC has also named Longtop the No.1 market share leader in China's Banking IT solution market and the No.2 market share leader in China's Insurance IT solution market in calendar year 2008. The company achieved Capability Maturity Model Integration (CMMI) Level 5 Certification for software development in January 2010. Headquartered in Beijing, Longtop has six solution delivery centers, three research and development centers and 95 ATM service centers located in 27 out of 31 provinces in China.
For more information, please visit: http://www.longtop.com .
For further information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: ir@longtop.com
Phone: +86-10-84217758
For Media:
IR Inside BV
Caroline Straathof
Email: info@irinside.com
Phone: +31-6-54624301
