Longtop Wins Contract to Develop Basel II Risk Management Data Mart for a Big Four Bank in China

HONG KONG, Jan. 25 /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 the Company has won a contract with a Big Four bank in China to develop a Basel II Risk Management Data Mart, which is a critical part of the customer's centralized market risk management system.

Under the terms of the agreement, Longtop will develop a Data Mart that collects transaction and market data from various data sources, makes necessary format transformation, and automatically supplies data to a risk measurement engine. By reducing manual data collection and supply, the establishment of the Data Mart will significantly improve the efficiency and accuracy of the risk measurement process. Longtop will also develop a centralized reporting system of the risk measurement results to help the customer meet related regulatory requirements.

"We are excited that this Big Four Bank customer has entrusted us to bring our solution capability and expertise to the table in the mission-critical area of risk management, further deepening our long-standing relationship," commented Weizhou Lian, Chief Executive Officer of Longtop. "Longtop is a pioneer in providing banking risk management IT solutions in China, evidenced by our early development of the first operational risk management system for a Chinese bank and last year's joint establishment of a Financial Risk Management Laboratory with Peking University. As a leader in China's financial technology market, Longtop is strongly committed to providing state-of-the-art risk management solutions to our customers and thus contributing to the future health of China's financial system."

Independent market research firm IDC forecasts that by 2013, the management related solutions market revenue in China will amount to RMB 3.86 billion to account for 27.2% of the total banking IT solutions market, posting a 2009-2013 CAGR of 21.2%. IDC also projects that risk management will be one of the investment hotpots within the management solutions segment with a CAGR of 24.1% to a total of RMB 822.3 million in 2013.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.

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 year 2008. 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://en.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
     Caroline Straathof
     Email: [email protected]
     Phone: +31-6-5462-4301

SOURCE Longtop Financial Technologies Limited

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED