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Longtop reports contract win; board member resignation

07 May 2009  |  1830 views  |  0 Source: Longtop Financial Technologies

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 to upgrade the Enterprise Customer Information Facility (ECIF) for a leading joint-stock customer in China.

The ECIF is a centralized enterprise-class data warehouse system which collects and maintains comprehensive and real-time information of the bank's nation-wide customers. As one of the most mission-critical applications of the bank, it provides the linkage between all of the accounts that belong to a customer, and supplies customer information to many other application systems such as Customer Relationship Management (CRM), call centers, teller and E-banking systems, as well as Decision Support Systems (DSS). By centralizing the customer information in ECIF, data entry and maintenance functions are significantly reduced and data integrity is ensured.

In this project, Longtop will upgrade the customized ECIF system to realize the automatic synchronization between ECIF and the bank's new core banking system, adding new management features and optimizing the system architecture.

"We are pleased to work with this joint-stock customer in the area of data integration in which are a market leader in China," commented Weizhou Lian, Chief Executive Officer of Longtop. "This contract affirms our view that strong market demand for data integration continuous to generate recurring revenue for our company."

According to independent research company IDC, Longtop is a leading player in management related ODS, Data Integration and business intelligence solutions, which are among the fastest growing areas in China's banking IT solution market in the next five years.

Separately, Longtop Financial Technologies Limited ("Longtop") (NYSE: LFT) today announced the resignation from its board of directors of Ms. Xiaohong Chen who had been serving as Tiger Global's board of director representative since June 2006. The resignation took effect on May 6, 2009. Longtop will not be filling the vacancy created by Ms. Chen's resignation.

"On behalf of Longtop, I want to thank Ms. Chen for her service and for her contribution especially during our IPO process and then subsequently as a new public company," said Xiaogong Jia, Chairman of the board of directors.

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