India-based banking software services and solutions provider JMR Infotech on 1st August, 2012 announced that it has joined hands with ZTHT International to initiate a joint venture in China that addresses the growing IT needs of the country's BFS industry.
Accelerating JMR Infotech's presence in emerging markets, the new joint venture is positioned to spearhead the proposition based on ZTHT's extensive knowledge of local market requirements and JMR Infotech's expertise in end-to-end banking IT services and solutions.
In order to maintain a competitive edge, Chinese banking and financial institutions are now looking for a facelift and want global best practices put in place, which necessitates them to opt for industry proven services and solutions. The BFSI IT industry in China looks positive with prospects for steady growth as the number of financial institutions undertaking core banking transformation projects are relatively higher. Chinese financial institutions have switched their focus from saving costs to customer satisfaction, which mandates them to go for state-of-the art technology infrastructure and switch in-house or legacy systems to new core banking offerings from leading vendors. A major challenge that comes into play when opting for core banking transformation is balancing cost and quality as big names offer high quality and expensive solutions while small vendors offer low cost solutions that sometimes lack quality. In this scenario, the new initiative, JMR-ZTHT Infotech, will come handy for the Chinese financial institutions as their needs are addressed through JMR Infotech's unique "Extended Arm" engagement model that reduces initial investment and total cost of ownership. The new entity will provide upmarket IT insights to the Chinese financial institutions to drive operational efficiencies and improve customer service.
JMR Infotech, which provides end-to-end banking IT services and solutions, had previously associated with ZTHT to work on some FLEXCUBE Universal Banking System (FCUBS) Implementation projects in China.
"This partnership represents a significant milestone for JMR Infotech as it allows the company establish its presence in the growing Chinese market. Through the joint venture JMR Infotech also gets a platform to demonstrate our expertise in Core Banking Application Services and Solutions that are provided through our unique Extended Arm engagement model, along with finding new market venues for our products and solutions" says Jayafar Moidu, CEO, JMR Infotech.
Speaking about this new venture, Denny Wong, Director, China Operations of the joint venture said, "Association with JMR Infotech is a major step in our journey to be a preferred name when it comes to core banking services. This partnership will help us explore growth opportunities in the Chinese BFS industry. JMR Infotech is the perfect partner to help us to deliver on our end-to-end core banking services strategy."