Yucheng Provides Next Generation Integrated Core Banking System to Hunan Rural Credit Union
Beijing, October 30, 2008 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies Limited (NASDAQ: YTEC), a leading provider of IT solutions and services to China’s banking industry, today announced it will provide an integrated core banking system to Hunan Rural Credit Union (HNRCU), a leading provincial credit union, to meet its increasingly complex regulatory and competitive needs.
The new integrated core banking system is designed to improve operating efficiency and risk management, and covers HNRCU’s headquarters and 4,500 outlets. The software package also includes a variety of related systems, such as a payment system, a non-tax revenue system, and a data-share system among nationwide credit unions. The new system is compliant with the Ministry of Finance’s new accounting rules, which impact credit unions in 2009.
Mr. Weidong Hong, CEO of Yucheng stated, “As a long-time customer, HNRCU knows first hand our proven solutions and service record. This contract win simply reinforce our position as the preferred solutions provider for small and medium sized banks in China."
"Looking forward, we believe that fierce competition and increasing regulatory pressure will motivate banks to rethink and revamp their IT architecture. Yucheng’s solutions will enable financial institutions to respond proactively to market fluctuations, enhance customer service levels, mitigate risk and cut costs,” Mr. Hong continued.
Yucheng is a leader in business-related solutions with an emphasis on core banking and loan management. Yucheng has developed business-related software and customized solutions for more than 80 small and medium banks in China, including HNRCU’s first generation of core banking system in 2005.
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 Hunan Rural Credit Union
Hunan Rural Credit Union (HNRCU) was founded in 1951 and is headquartered in Changsha, Hunan province. HNRCU’s network has 14 city branches and 118 county branches, which comprise more than 4500 outlets. As of the year-end 2007, HNRCU employed more than 30,000 people. HNRCU provides a full range of commercial and retail banking services, including RMB and foreign-currency deposits, loans, payment services, investment and financing services, debt products and intermediary businesses.
For Further Information
New York:
Mr. Jim Preissler
+1 646 383 4832
jpreissler@yuchengtech.com
Beijing:
Ms. Rebecca Alexander
+1 914 613 3648
+86 10 5913 7998
ralexander@yuchengtech.com
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.
