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Longtop reports Basel II contract win in China

26 January 2010  |  1808 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 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.

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