Lease software giant on verge of
making further push into BRIC countries.
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NetSol Technologies has won a
lucrative deal with a Chinese finance company, strengthening its
presence in the lucrative Chinese leasing market. The latest deal
is with a China-based lessor, which according to the software house
has “a major European bank and a multi-billion dollar Chinese
financial services group as partners”.
The lessor chose NetSol’s Business
Intelligence (BI) Module, part of its flagship system NetSol
Financial Suite. The software provider said that this is the first
Chinese win for the BI Module, which is expected to go live at the
finance company in April 2010.
NetSol’s president Naeem Ghauri said that the tool,
which was recently launched by NetSol, will provide a solution
covering data warehousing as well as application dashboard
development and customised reporting, allowing senior executives to
have access to real-time key performance indicators.
Despite a challenging and extremely
competitive market, the software house is proving to be at the
forefront of the Chinese software market.
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By GlobalDataIt started its Chinese business five years
ago, but spent the first two years customising the system for the
local market.
Ghauri said that in excess of $2 million
(€1.48 million) has been spent on adapting the system, making it a
fully Chinese language system, and fully compliant with China
Banking Regulatory Commission (CBRC) rules.
“That large investment was necessary,
otherwise there would have been no chance to win any business in
China. The local market is very protective, because there are
cultural and business barriers, language barriers, and regulatory
barriers,” Ghauri said.
Since it started marketing its products in the
country three years ago, NetSol has already won contracts with nine
major finance companies, including the finance arms of
Mercedes-Benz, Toyota, Nissan, Fiat, BMW, and Volvo.
In addition, it said it is in talks with a
number of other large banks and finance houses. It recently hired
25 Chinese-speaking graduates to develop the business further.
The environment remains challenging, as the
CBRC constantly updates regulations for obtaining licenses for
finance companies. Also, with the presence of many local
competitors as well as some major European and US software houses
(including White Clarke Group and International Decision Systems),
it is also a competitive market.
But NetSol’s president feels the investments
made and the efforts shown so far have revealed the extent of the
company’s commitment in the region.
It now plans to launch a business in another
BRIC country. The company has already invested in the project, and
will announce plans in the next quarter.
Antonio Fabrizio
