BEIJING, Oct. 22 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China’s banking industry, announced its e-banking ASP is fully functional and already hosting five banks. The e-banking ASP, an outsourced business solution for internet banking, is expected to host several more small to mid-size banks (SMBs) in the near future.
The e-banking ASP will allow Yucheng to capitalize on the growing demand for IT solutions from SMBs, which cannot afford the time, cost and uncertainty associated with in-house or customized IT infrastructure development. The e-banking ASP platform will bundle a variety of e-banking services, such as personal and business account management, wire transfers, payment services, and enterprise cash management services. E-banking ASP contracts include both fixed and variable fees.
Mr. Weidong Hong, CEO of Yucheng Technologies noted, "SMBs are becoming increasingly cognizant not just of costs, but also of competitive pressures. Our e-banking ASP allows banks that could not previously afford the high initial costs of IT infrastructure to benefit from a suite of our
market-leading IT solutions. As e-banking becomes a competitive advantage, we expect Yucheng’s e-banking ASP to gain significant market share among SMBs."
Yucheng developed it’s e-banking ASP in conjunction with the Chinese Financial Certification Authority, the Chinese industry regulator for e-banking, reinforcing Yucheng’s technical superiority. After six months of intensive operational scrutiny, Yucheng’s e-banking ASP is now fully functional with capacity to serve a growing client base.
About Yucheng Technologies Limited
Yucheng Technologies Limited (Nasdaq: YTEC) is a leading IT service provider to the Chinese banking industry. Headquartered in Beijing, China, Yucheng has more than 2,000 employees and has established an extensive network for serving its banking clients nationwide, with subsidiaries and representative offices in eighteen cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including: (i) channel-related IT solutions, such as web banking and call centers; (ii) business-related processing solutions, such as core banking systems, foreign exchange and treasury management; and (iii) management-related IT solutions, such as risk analytics and business intelligence. Yucheng is also a leading third-party provider of POS merchant acquiring services in partnership with banks in China.
About China Financial Certification Authority
The China Financial Certification Authority (CFCA) is a joint venture body of 13 leading commercial banks of China, under the direct leadership of the People’s Bank of China. CFCA provides security services for China’s entire financial industry, including regional and national banks, stock brokerages, government agencies, private enterprises and e-commerce websites. CFCA operates its service platform and technical support hotline 24 hours a day to ensure stability and availability.
Safe Harbor Statement
This press release includes forward-looking statements made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 that involve risks and uncertainties. Forward-looking statements are statements that are not historical facts. Forward-looking statements generally can be identified by the use of forward-looking terminology, such as ‘‘may,’’ ‘‘will,’’ ‘‘expect,’’ ‘‘intend,’’ ‘‘estimate,’’ ‘‘anticipate,’’ ‘‘believe,’’ ‘‘project’’ or ‘‘continue’’ or the negative thereof or other similar words. Such forward-looking statements, based upon the current beliefs and expectations of Yucheng’s management, are subject to risks and uncertainties, which could cause actual results to differ from the forward looking statements. The following factors, among others, could cause actual results to differ from those set forth in the forward-looking statements: current dependence on the PRC banking industry demand for the products and services of Yucheng; competition from other service providers in the PRC and international consulting firms; the ability to update and expand product and service offerings; retention and hiring of qualified employees; protection of intellectual property; creating and maintaining quality product offerings; operating a business in the PRC with its changing economic and regulatory environment; and the other relevant risks detailed in Yucheng filings with the Securities and Exchange Commission. The information set forth herein should be read in light of such risks. Yucheng assumes no obligation to update the information contained in this press release.
For further information, please contact:
New York:
Mr. Jim Preissler
Tel: +1-646-383-4832
Email: jpreissler@yuchengtech.com
Beijing:
Ms. Rebecca Alexander
Tel: +1-914-613-3648 or +86-10-5913-7998
Email: ralexander@yuchengtech.com
