Accenture (NYSE: ACN) and Hanhwa S&C have signed an eight-year collaboration agreement to jointly market information technology (IT) solutions and services to insurers, securities firms and banks in South Korea.
The two companies have also signed an eight-year agreement to jointly provide application management services to Hanwha Group's financial services affiliates.
Under the collaboration agreement, Hanwha S&C and Accenture will establish sales and support teams with members from both companies to jointly develop, market and implement technology services for the Korean financial services firms. The two companies will further strengthen their IT services capabilities by implementing Accenture's skills-development programs for both companies' IT professionals. In addition, Hanwha S&C and Accenture will work closely together to tailor Accenture's financial services solutions to the Korean market.
"We will set new standards for the IT industry by providing solutions that improve the performance of domestic financial services firms," said Choi, Chang Won, Managing Director of Hanwha S&C. "Accenture is recognized as a leading IT services company worldwide, making it an ideal business partner in these efforts. This agreement combines the strengths of two companies with complementary skills and assets and presents a new opportunity for financial services companies in South Korea to profit from technology innovation."
"Our IT transformation approach responds to the challenge of maintaining strong and competitive IT capabilities to improve business value and performance, while at the same time reducing IT spending," said Steven Lee, a senior executive who leads Accenture's Financial Services practice in South Korea. "By combining Hanwha S&C's knowledge of the Korean market with Accenture's deep industry skills and track record of IT innovation, we can deliver tailored solutions to financial services firms in South Korea that enable them to run their businesses more efficiently and competitively."
Under the application management services agreement, Hanhwa S&C and Accenture will jointly manage various applications for Hanwha Group's financial services affiliates. The two companies will team to continuously improve the quality and performance of the IT services for the affiliates.
"This relationship is a win-win scenario for both companies," said Mr. Choi. "It gives Hanwha S&C access to Accenture's world-leading application management expertise and proven methodologies and opens new business opportunities for Accenture in Korea."