Trade Innovation, the market leading trade services solution, will be packaged and promoted as TI Express to the provincial Chinese banks. Under the terms of the agreement, Misys and Vanda will work closely together to market and implement the solution, as well as develop specific functionality in response to local banking requirements.
Vanda is a leading solutions provider in People's Republic of China, primarily engaged in the business of providing solutions to banking and financial institutions. It is also a member of Hutchison Whampoa Group, which is a leading international conglomerate committed to innovation and technology, with businesses spanning the globe. Vanda has a strong market share in core banking applications and will be enhancing its offering with TI Express.
Mr. Loh Tiak Koon, CEO of Vanda said: "We are pleased to forge the partnership with Misys. Our collaboration with Misys will help develop the international banking business in China. With Misys' leading trade services solution, we can expand the scope of services as well as provide full spectrum international banking solutions to our banking clients. We anticipate the increasing demand for international banking solutions as domestic banks need to reinforce their competitiveness against the fierce competition from foreign banks".
"With our extensive banking client base and technical capabilities, we are confident that the collaboration will further expand Misys' market share in China and realise our revenue potential", added Mr. Loh.
"Misys understands the need to partner with leading organisations to enhance the reach of our solutions, and to ensure that their benefits are fully delivered in compliance with local banking regulations and practices. We are delighted to be partnering with Vanda and believe in the success of our team", said Mr. John Palmiero, General Manager, North Asia, Misys Wholesale Banking Systems.
The partnership has already produced its first results, with Bank International Ningbo, an Indonesian private bank with branches in Ningbo and Shanghai, recently signing for the solution.