Yucheng Technologies, a provider of IT solutions to China’s banking industry, has entered into a joint venture with NTT Data Corporation, a provider of IT services and solutions in Japan to develop and market Yucheng’s E-Banking ASP by utilising local practices.
E-Banking ASP focuses on the specific needs of rural credit unions and smaller city commercial banks in China. Its target market includes hundreds of small to medium-sized banks in China.
After the official launch of the joint venture on January 19, 2010, NTT Data will hold a controlling interest of 51% in the joint venture and Yucheng will hold the minority interest of 49%. To ensure continuity until appropriate appointments are made, Yucheng’s COO, Shuo Zeng, will act as interim CEO.
Toshio Iwamoto, senior executive vice president of NTT Data Corporation, said: NTT Data has been interested in expanding into the Chinese financial services industry for some time; however, we understand the value of local expertise when entering a new country. When the opportunity arose to collaborate with Yucheng, we knew this would be a winning combination.
Weidong Hong, CEO and chairman of Yucheng Technologies, said: NTT Data is globally renowned for its caliber of outsourced solutions, which will be a true asset as the E-Banking ASP continues to grow and serve a rapidly expanding client base.
