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 signed a contract with a city commercial bank in China to deploy a customized core banking system, which replaces the bank's existing core banking platform.
The new system will result in an across-the-board improvement in the bank's operations, compliance and functionality and allow the bank to offer a suite of new retail products. The client win came from Longtop's recent acquisition of Tianjin Puji, a specialist provider of core banking software products and solutions to city-level commercial banks in China.
"We are very pleased to work with this new city commercial bank customer for its core banking solutions, which is a strategic growth area for Longtop as it remains an important IT investment category for banks in China," commented Weizhou Lian, Chief Executive Officer of Longtop. "Core banking replacement of smaller banks represent an excellent opportunity in China's financial IT solution market. With the recent acquisition of Tianjin Puji we are better positioned to capitalize on it"
The core banking system attracts the bulk of investments in the banking industry IT solutions market occupying 58% business related solutions market and 20% of banking IT solution market, according to a report issued by market research IDC in 2008.