IDC, an independent market research firm, forecasts that by 2013, the management related solutions market revenue in China will amount to RMB3.86bn to account for 27.2% of the total banking IT solutions market, posting a 2009-2013 CAGR of 21.2%. IDC also projects that risk management will be one of the investment hotpots within the management solutions segment with a CAGR of 24.1% to a total of RMB822.3m in 2013.
Under the terms of the agreement, Longtop will develop a data mart that collects transaction and market data from various data sources, makes necessary format transformation and automatically supplies data to a risk measurement engine.
By reducing manual data collection and supply, the establishment of the data mart is expected to improve the risk measurement process. Longtop will also develop a centralized reporting system of the risk measurement results to help the customer meet related regulatory requirements.
Weizhou Lian, CEO of Longtop, said: “We are excited that this Big Four Bank customer has entrusted us to bring our solution capability and expertise to the table in the mission-critical area of risk management, further deepening our long-standing relationship.
“Longtop is a pioneer in providing banking risk management IT solutions in China, evidenced by our early development of the first operational risk management system for a Chinese bank and last year’s joint establishment of a Financial Risk Management Laboratory with Peking University.”
