Global finance software solutions provider NETSOL Technologies has implemented its NFS Ascent Suite in China for a leading German auto-captive in the latest stage of a $110 million multi-country implementation.
The contract, which is the largest in NETSOL’s history, covers 12 countries and includes implementations, licences, maintenance, services and expected customisation fees.
China is the sixth and largest deployment of the system following successful implementations in Australia, New Zealand, South Africa, South Korea and Thailand.
The scope of the work covered a full-suite implementation of NETSOL’s retail and wholesale finance platform, including point of sale, credit application processing, contract management, wholesale finance and dealer access, along with a comprehensive migration of the client’s existing data over to the new platform.
Najeeb Ghauri (pictured), chairman and chief executive of NETSOL Technologies, said: “Our successful ‘go live’ in China denotes one of the most significant events in the history of our company.
“This implementation is the largest single deployment of our next-gen platform in the largest leasing market in Asia Pacific. China, in particular, has proven to be incredibly difficult to tackle for many of our competitors.”
He said that beyond the need for a highly technical and domain-specific skillset, the project’s success required dedication and sacrifice from team members.
Ghauri added: “I am so proud and grateful for the tireless efforts of all those involved who made this goal a reality.”
NETSOL Technologies specialises in software for the global leasing and finance industry, with products including NFS, LeasePak and LeaseSoft, which offer a fully automated asset-based finance solution covering the full leasing and finance lifecycle.
Naeem Ghauri, president and head of sales, NETSOL, added: “This successful deployment speaks to our deep industry knowledge and ability to form strong working relationships with tier-one international enterprises. Our successful implementation with one of the biggest global players in the auto captive market also demonstrates the incredible potential of our Ascent platform at scale as well as our team’s ability to execute on a given project.”
In total, more than 400 key personnel from both organisations spent a year working and testing prior to launch.
Ghauri added: “To achieve total fidelity in data migration and accounting reconciliation as well as compliance with the China Banking Regulatory Commission and the People’s Bank of China is an outstanding achievement. I am immensely proud of the work our team has done in China and around the world and believe our best work is still ahead of us.”