India's Tata Consultancy Services (TCS) has won a multi-million dollar deal to implement a currency trading system for China Foreign Exchange Trade System (CFETS), the interbank trading and foreign exchange division of the country's central bank. News of the deal comes as the vendor opens a new IT development centre in Beijing.
TCS says it will provide CFETS - which is a subsidiary of the People's Bank of China - with a new foreign exchange dealing system based on its TradeX trading technology.
The deal also paves the way for TCS to implement a CNY (China Renminbi) trading system for CFETS, says TCS.
New of the contract was announced at the launch of TCS China, an offshore outsourcing JV. The Indian vendor holds a 65% stake in the vendure, with Microsoft holding 10%. The remainder is held by three Chinese firms backed by the National Development and Reforms Commission.
The venture will provide outsourcing services to financial services firms as well as companies in the manufacturing, telecomms and government sectors in China and around the world.
Ramadorai, CEO and MD of TCS, says: "The JV will help to create a large scale global offshoring base in China and domestic business of increasing scale."
TCS first opened operations in China in 2002 and cuurently employs 800 consultants in the country.