NetSol Technologies, Inc., worldwide provider of global IT and enterprise application solutions, announced the successful implementation of its Financial Suite of financial leasing products by Minsheng Financial Leasing Co., Ltd., a leading financial leasing company in China.
The implementation includes Netsol’s CAP (Credit Application System) and CMS (Contract Management System) solutions. According to Minsheng Financial Leasing, the system’s installment, launched in July 2009, has helped normalize and standardize business processes, increase participation in the financing sphere, and tremendously improve operational efficiency.
China’s rapidly developing financial leasing industry, which grew at a rate of 138.7% in 2009, is playing an important role in the nation’s growing adoption of advanced IT solutions. An increasing number of Chinese financial institutions are showing interest in streamlining their operations by replacing their initial IT systems with flexible, integrated enterprise technology solutions. According to the press release, Minsheng Financial Leasing is NetSol’s first major banking-oriented financial leasing client in China.
Salim Ghauri, President of NetSol Technologies, stated, “This is a major breakthrough that marks an exciting new chapter in NetSol Technologies’ history. Building on the great success we have experienced providing IT solutions to the worldwide automotive industry, we are beginning to focus on developing future growth through expanding into the financial leasing sector. We anticipate that our successful collaboration with Minsheng Financial Leasing will open up new opportunities for NetSol within China’s flourishing financial leasing industry.”
“We are grateful for NetSol’s commitment to working side-by-side with Minsheng Financial Leasing to offer one of the most advanced IT systems in China’s financial leasing industry,” commented Dong Wenbiao, Chairman of China Minsheng Bank Corp. Ltd. “We hope that we can continue to build co-operation with NetSol on technology development and communication.”
Kong Linshan, President of Minsheng Financial Leasing, added, “We selected NetSol Technologies as our IT solutions provider based on their technical expertise and their ability to provide comprehensive support for multinational businesses. One year later, we couldn’t be happier with the results, and it is clear that we made the right decision. The rollout of the system is a landmark achievement for both Minsheng Financial Leasing and NetSol. Together we have developed a feature-rich core business system that displays a level of sophistication previously unseen in China’s financial leasing industry. As our business evolves along with the market, we look forward to continuing our partnership with NetSol to ensure that our system remains at the forefront of the industry.”
“We were impressed by the speed with which NetSol was able to develop and implement a custom financial solution for our business,” said Wang Rong, Vice President of Minsheng Financial Leasing. “The resulting system has boosted our competitiveness within China’s financial leasing industry by giving us the flexibility to respond easily to changing market conditions. In addition, the system’s ability to translate languages and currencies has helped us integrate effectively into the international market.”
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