BEIJING, Jan. 13 /PRNewswire-Asia-FirstCall/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China’s banking industry, today announced that it will develop an integrated core banking platform for Shanxi Rural Credit Union (SRCU) worth USD 7.7 million.
Yucheng’s integrated core banking solution will assimilate data from SRCU’s 3,200 outlets to provide bank management with a consolidated view of transactional data. The solution includes a variety of related systems, such as an interbank payment system, a non-tax revenue system, a data-share system among nationwide credit unions, as well as an automatic data reporting system to the China Banking Regulatory Commission (CBRC) and the People’s Bank of China.
SRCU’s goal for the new platform deployed by Yucheng is to streamline and transform operations, enhance customer service and create targeted revenue opportunities. The new unified system incorporates comprehensive functionalities which will enable SRCU to offer seamless service integration across previously stand-alone business channels and underlying systems.
Mr. Weidong Hong, CEO of Yucheng Technologies stated, "We believe that our success with Hunan Rural Credit Union’s core banking system and our recent win with SRCU confirm Yucheng’s leadership as a core banking solutions provider to small and medium-sized banks in China. Our strong track record in delivering successful banking solution suites, will hopefully serve as the basis for continued cooperation as SRCU expands its IT capabilities."
Yucheng provides Business Solutions with an emphasis on core banking and loan management. Yucheng has developed business-related software and customized solutions for more than 80 small and medium banks, including 4 provincial level credit unions in China.
About Yucheng Technologies Limited
Yucheng Technologies Limited (Nasdaq: YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has approximately 2,000 employees and has established an extensive network for serving its banking clients nationwide, with subsidiaries and representative offices in 23 cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including: (i) Channel Solutions, such as web banking and call centers; (ii) Business Solutions, such as core banking systems and loan management; and (iii) Management Solutions, such as risk analytics and business intelligence. Yucheng is also a leading
third-party provider of POS merchant acquiring services in partnership with banks in China.
About Shanxi Rural Credit Union
Shanxi Rural Credit Union (SRCU) was founded in 2005 and is headquartered in Taiyuan, the capital of Shanxi province. SRCU was created through the consolidation of 110 rural credit unions operating within the province. SRCU’s network currently has more than 3,200 outlets across Shanxi province. SRCU provides a full range of commercial and retail banking services, including RMB deposits, loans, payment services, investment and financing services, debt products and intermediary businesses.
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as "may," "will," "expect," "intend," "estimate," "anticipate," "believe," "project" or "continue" or the negative thereof or other similar words. Such
forward-looking statements, based upon the current beliefs and expectations of Yucheng’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; retention and hiring of qualified employees; protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
For further information:
New York:
Mr. Jim Preissler
Tel: +1-646-383-4832
Email: jpreissler@yuchengtech.com
Beijing:
Ms. Rebecca Alexander
Tel: +1-914-613-3648
Tel: +86-10-5913-7998
Email: ralexander@yuchengtech.com
