BEIJING, Nov. 26 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading local IT and outsourced service provider to the Chinese banking industry, today announced major contract wins with Bank of Shanghai to provide follow-on ancillary solutions to its online banking system previously built by Yucheng.
“Yucheng begun working with Bank of Shanghai in 2004 by building its online banking system. We are pleased to deepen our relationship with the bank by assisting to further integrate and upgrade the Bank’s channel management systems to better serve and retain its customers,” stated Weidong Hong, the CEO of Yucheng. “Bank of Shanghai is one of the top leading city commercial banks in China, and is also a pioneer among the city commercial banks in adopting IT in order to upgrade its key operations to international standards. These contract wins demonstrate our customers’ recognition of Yucheng’s leadership position in providing the leading channel management solutions, and our ability to continuously win annual follow-on contracts after an initial implementation.”
About Yucheng Technologies Limited
Yucheng Technologies Limited (YTEC) is a leading IT and outsourced service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has more than 1,500 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in nine cities cross the country. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including 1) IT consulting, solutions and software platform, 2) system integration, and 3) outsourced operations. Yucheng counts 13 out of the 15 top banks in China as its customers, and is especially strong in 1) banking channel management IT solutions and services, such as web banking and call centers, 2) business processing solutions, such as core banking systems, foreign exchange, treasury, and intermediary business solutions, and 3) risk/performance management solution consulting and implementation service. It is also rapidly becoming the leading third party provider of POS merchant acquiring services in partnership with banks.
About Bank of Shanghai
Bank of Shanghai was founded in December 1995. It is one of the leading city commercial banks in China, and is the first city commercial bank to set up cross-regional branch outlets. In 1999 and 2001, it received equity investments from International Finance Corporation (a member of the World Bank Group), HSBC, and Hong Kong-based Shanghai Commercial Bank. By the end of 2006, the Bank had a total asset of 270 billion RMB (approximately 36.5 billion US dollars), with 208 branch outlets.
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.
