NetSol Technologies Ltd. has announced that China Minsheng Bank Corp. Ltd ‘CMBC’ subsidiary company Minsheng Financial Leasing Co., Ltd “MSFL” has signed a contract for NetSol Technologies’ Financial Suite of leasing and finance products.
The implementation will include the NetSol Financial Suite’s (NFS) Credit Application Processing (CAP) and Contract Management System (CMS) for retail business operations.
The NetSol implementation with MSFL incorporates product licenses as well as customization, implementation, and data migration services.
Ms Wong, Executive Vice President of Minsheng Financial Leasing Co., Ltd said: “After careful evaluation of globally leading IT services vendors providing software in the finance and leasing space, we selected NetSol based on their impressive product strength and presence in the Chinese market.”
“As we embark on this long-term partnership, MSFL is advancing its objective of the becoming the largest finance and leasing company in China. NetSol’s Financial Suite of products stand as a critical supporting factor in reaching this goal. “
CMBC is the first national joint-stock commercial bank primarily held by non-public-owned enterprises, also a standard joint-stock financial enterprise founded strictly according to the Company Law and the Commercial Bank Law.
CMBC has been seeing rapid development and realized the importance of a comprehensive leasing system which is vital for the company’s business development, risk management and internal management.
After extensive study, research and preparation, MSFL selected four renowned software technology companies to participate in bidding for the project.
Several IT experts and companies were invited as part of project supervision and consultation. Following this extensive and thorough evaluation, NetSol was selected as the vendor of choice for the project based on comprehensive evaluation analysis, feedback and level of expertise.
With the deployment of the NFS Retail Solution, comprising of the CAP and CMS applications, MSFL will have stable and rapid development of its operations.
These new financial IT systems will standardize MSFL leasing business processes with internal control mechanisms to manage operational risks as well as protect the efficiency and accuracy of decision making.
Commenting on the occasion, Mr. Salim Ghauri, Chairman & CEO NetSol Technologies Ltd., stated, “We are delighted to sign this new agreement with MSFL which adds another prestigious name to our long-term client list.”
“This implementation will strengthen Minsheng’s ability to better serve its customers in the rapidly growing Chinese leasing and finance market. Overall, we continue to enhance NetSol’s reputation as a leading IT solutions provider for the provisioning of complex, high performance leasing and finance offerings.”
Mr Ghauri further termed it a historic breakthrough for the IT sector of Pakistan and expressed a strong hope that NetSol agreement with one of the top five banks in China would change the IT scene in Pakistan.