New Client Win in the Strategic Growth Area of Core Banking Solutions
XIAMEN, China, Nov. 26 /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 signed a contract with a city commercial bank in China to deploy a customized core banking system, which replaces the bank's existing core banking platform.
The new system will result in an across-the-board improvement in the bank's operations, compliance and functionality and allow the bank to offer a suite of new retail products. The client win came from Longtop's recent acquisition of Tianjin Puji, a specialist provider of core banking software products and solutions to city-level commercial banks in China.
"We are very pleased to work with this new city commercial bank customer for its core banking solutions, which is a strategic growth area for Longtop as it remains an important IT investment category for banks in China," commented Weizhou Lian, Chief Executive Officer of Longtop. "Core banking replacement of smaller banks represent an excellent opportunity in China's financial IT solution market. With the recent acquisition of Tianjin Puji we are better positioned to capitalize on it"
The core banking system attracts the bulk of investments in the banking industry IT solutions market occupying 58% business related solutions market and 20% of banking IT solution market, according to a report issued by market research IDC in 2008.
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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 has six solution delivery centers, three research centers and thirty-nine service centers located in 20 provinces throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China and made the transition to a software and solutions provider in 2001. For more information, please visit: http://www.longtop.com .
For more information, please contact:
Longtop Financial Technologies Limited
Charles Zhang
Phone: +86-10-8421-7758
Email: ir@longtop.com
IR Inside BV
Caroline Straathof
Phone: +31-6-5462-4301
Email: caroline.straathof@irinside.com
