BVI-registered company Yucheng Technologies Limited, a leading provider of IT solutions and services to China’s banking industry, announced on October 30 that it will provide an integrated core banking system to Hunan Rural Credit Union (HNRCU).
The new integrated core banking system, which will cover HNRCU’s headquarters and 4,500 outlets, is thought to meet its increasingly complex regulatory and competitive needs and improve operating efficiency and risk management. The system will also include a variety of related systems, such as a payment system, non-tax revenue system, and a data-share system among nationwide credit unions. The new system is compliant with the new accounting rules of the Ministry of Finance of China, which will impact credit unions in 2009.
Mr. Weidong Hong, CEO of Yucheng, stated that this contract will reinforce the position of the BVI corporation as the preferred solutions provider for small and medium sized banks in China.
Yucheng is a leader in business-related solutions, with an emphasis on core banking and loan management. It 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.