BEIJING, April 2 /PRNewswire-Asia/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China's banking industry, today announced the deployment of a Credit Management Information System for Fujian Rural Credit Union (FRCU), a new SMB relationship. Yucheng will build upon the existing in-house systems to deliver a unified Credit Management Information System (CMIS), which will integrate intrabank data to identify and manage overall credit risk. The brand new CMIS will streamline the credit check process by classifying FRCU's customers into risk classes and transforming raw credit data into intelligent, reliable and consistent credit limit ranges. The CMIS translates the FRCU's credit rules into a strict credit analysis software solution that will enhance the reliability of loan decision-making. By systematizing credit decisions and by limiting a manager's ability to arbitrarily justify loans, the CMIS is expected to dramatically reduce the risk of bad debt, and enhance FRCU's overall profitability.
Mr. Weidong Hong, CEO of Yucheng Technologies stated, "CMIS is a critical, backbone system for FRCU's overall risk management efforts. Via our CMIS, FRCU will gain greater control over asset quality and be able to monitor bank-wide credit risk. We are pleased that FRCU sought our expertise to develop their credit capabilities, and we look forward to expanding their IT capabilities in more business verticals."
Management solutions enable management teams to better understand and evaluate their business on a timely basis. Yucheng has deployed more than 30 CMISs to date. IDC estimates the CMIS demand by financial industry will grow annually at 17.2% from 2008 to 2012.
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, foreign exchange and treasury 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 Fujian Rural Credit Union
Fujian Rural Credit Union (FRCU) was founded in 1999 through the consolidation of more than 80 rural credit unions operating within the province. It is headquartered in Fuzhou, the capital of Fujian province, and has more than 2,000 outlets across Fujian province. FRCU 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 more information, please contact:
Rebecca Alexander
Tel: +1-914-613-3648
+86-10-5913-7998
Email: ralexander@yuchengtech.com
