NetSol Technologies Enters Implementation Phase With DongZheng Auto Finance on Asset Finance and Leasing Platform
December 17 2014 - 8:30AM
NetSol Technologies, Inc. (Nasdaq:NTWK), a global provider of IT
and enterprise software solutions, today announced that it has
entered the implementation phase with DongZheng Auto Finance, a
joint venture between ZhengTong Auto Services Holding Limited, a
major premium branded dealership group in China, and DongFeng
Motors Corporation, to automate its front and back-office finance
and leasing operations.
The agreement, previously disclosed in NetSol's second fiscal
quarter news release in November, includes the Credit Application
Processing System (CAP), Contract Management System (CMS), and
Wholesale Finance System (WFS) modules of the NetSol Financial
Suite.
"We are pleased to be partnering with DongZheng Auto to support
its growth, and thank them for their trust in our solution," said
Najeeb Ghauri, CEO of NetSol. "Our NFS platform is the benchmark
solution for China's growing asset finance and leasing industry,
providing clients with a harmonized solution catering to Chinese
legal, regulatory and business requirements."
Auto leasing in China could grow at an annual rate of 25 percent
over the next five years, potentially creating significant growth
opportunities for OEMs' captive finance arms, according to a
December China automotive report by global accounting firm
PricewaterhouseCoopers.
"We are increasingly optimistic about our business prospects in
China, with two key trends underlying our market opportunity: the
relaxing of auto financing licenses through the CBRC, providing new
implementation opportunities; and the changing consumer dynamic of
more consumers leasing or financing autos, leading to increased
utilization of our software," added Ghauri.
In China, 18 of the 22 China Banking Regulatory Commission
(CBRC) licensed companies have adopted NetSol's financing and
leasing software.
About NetSol Technologies
NetSol Technologies, Inc. (Nasdaq:NTWK) is a worldwide provider
of IT and enterprise software solutions primarily serving the
global leasing and financing industry. The Company's suite of
applications are backed by 40 years of domain expertise and
supported by a committed team of more than 1000 professionals
placed in eight strategically located support and delivery centers
throughout the world.
To learn more about NetSol, visit www.netsoltech.com or watch
the corporate video at
https://www.youtube.com/user/netsolwebmaster.
Forward-Looking Statements
This press release may contain forward-looking statements
relating to the development of the Company's products and services
and future operation results, including statements regarding the
Company that are subject to certain risks and uncertainties that
could cause actual results to differ materially from those
projected. The words "expects," "anticipates," variations of such
words, and similar expressions, identify forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, but their absence does not mean that the statement is not
forward-looking. These statements are not guarantees of future
performance and are subject to certain risks, uncertainties, and
assumptions that are difficult to predict. Factors that could
affect the Company's actual results include the progress and costs
of the development of products and services and the timing of the
market acceptance. The subject Companies expressly disclaim any
obligation or undertaking to update or revise any forward-looking
statement contained herein to reflect any change in the company's
expectations with regard thereto or any change in events,
conditions or circumstances upon which any statement is based.
Investor Contacts:
PondelWilkinson Roger Pondel |
Matt Sheldon investors@netsoltech.com (310) 279-5980
Media Contacts:
PondelWilkinson George Medici |
gmedici@pondel.com (310) 279-5968
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