Longtop Awarded Contract to Develop Wealth Management System for a Leading National Commercial Bank in China
HONG KONG, Sept. 20 /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 from a leading National Commercial Bank to develop a customized Wealth Management IT system to support the rapid growth of the customer's private banking operations.
Under the terms of the contract, Longtop will develop a fully integrated system that provides all front, middle and back office support services required by the customer. The objective of the system is to help the bank optimally manage its private banking customers; support targeted marketing initiatives; and provide a comprehensive set of wealth management functions including product management, risk management and compliance, portfolio and accounting management, as well as performance reporting. The system will be implemented by the bank's headquarters and used nationwide by its private banking divisions.
"We are pleased with our first material contract win in the area of wealth management, a new and rapidly growing segment in China's banking industry where we can leverage our leading market position in management related solutions," said Weizhou Lian, Chief Executive Officer of Longtop. "Our timely investment in high-end consulting and our industry-leading delivery capabilities have led us to this contract win and position us well to capitalize further on the opportunities in this market."
Private wealth is growing rapidly in China because of three decades of rapid economic growth and thriving entrepreneurship. The population of 364,000 High Net Worth Individuals (HNWI) in China became the fourth largest in the world in 2008, according to the 2009 Asia-Pacific Wealth Report published by Merrill Lynch and Capgemini. In their 2010 World Wealth report, Merrill Lynch and Capgemini project that the combined wealth of Asia Pacific's HNWI is estimated to grow at an annual rate of 8.8% until 2018, outpacing the global average of 7.1%, with China and India likely to lead this growth.
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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 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 years 2008 and 2009. 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 more information, please contact:
For Investors:
Longtop Financial Technologies Limited
Charles Zhang, CFA
Email: [email protected]
Phone: +86-10-8421-7758
For Media:
IR Inside BV
Caroline Straathof
Email: [email protected]
Phone: +31-6-5462-4301
SOURCE Longtop Financial Technologies Limited
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