NetSol Technologies, a provider of global IT and enterprise application solutions, has signed an agreement to license and implement the NetSol Financial Suite (NFS) solution with China's first state-owned motor finance company, Chongqing Auto Finance Co (CQAFC). This new contract further advances NetSol's position as the premier provider of finance and leasing solutions to automotive financing companies in China.
The scope of the agreement includes the license, implementation and maintenance of NetSol Finance Suite (NFS) Credit Application Processing System (CAPS), Contract Management System (CMS) and Wholesale Finance system (WFS). The company expects to begin recognizing revenue from this new contract before the close of the current fiscal year, which ends June 30, 2012.
CQAFC signed the strategic cooperation agreement with NetSol Technologies after evaluating multiple IT and enterprise application solution providers. The head of CQAFC, Li Bo, said: "With NetSol as our partner, I believe Chongqing Auto Finance is in an excellent position to begin to build a robust auto finance IT system platform in Western China."
"As the first creative financial institution to provide national service to all auto brands and models in China, CQAFC will provide financial services for all auto manufacturers, distributors and consumers," said Najeeb Ghauri, chairman and CEO of NetSol. "NetSol was selected based on our innovative technology and strong leadership in the automotive finance and leasing sector, especially in China."
With extensive investment in research and development and more than 14 years of finance industry knowledge and business domain experience in the Asia Pacific region, NFS presently is a leading solution for asset leasing and financing. NetSol has more than 10 successful implementations with companies licensed by the China Banking Regulatory Commission (CBRC).