Yucheng Technologies Limited (NASDAQ:YTEC) , a provider of IT solutions and services to China's banking industry, today announced the deployment of a new Asset and Liability Management Information System (ALMIS) to the Bank of Communications (BoCom). The ALMIS will be the backbone of the BoCom's risk management system going forward.
The system focuses specifically on managing interest rate risk and liquidity risk at BoCom, in accordance with Basel II requirements. For this sizeable contract Yucheng will both adapt software for the ALMIS and customize pre-existing third-party application programs, where available.
Mr. Weidong Hong, CEO of Yucheng Technologies stated, "This is an expansion of our relationship with BoCom. In the past, we provided a variety of channel-related and management-related solutions, such as performance assessment systems, e-banking capabilities, and call centers. Yucheng is pleased to be able to support BoCom as it transforms its services and management systems into an even stronger competitive advantage."
"In light of deregulation in the Chinese banking industry and China's upcoming BASEL II compliance in 2012, we expect strong IT spending to continue," concluded Mr. Hong.
Yucheng has implemented ALMIS solutions for more than 10 leading banks including, China Merchant Bank, the Bank of Beijing and China Construction Bank. According to IDC, it is estimated that the risk management solutions market in China could grow by as much as 29.5% CAGR for the next five years.
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