CALABASAS, Calif., June 27, 2012 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. (Nasdaq:NTWK), a worldwide provider of global IT and enterprise application solutions, today unveiled the name of its newest customer for a previously disclosed contract on June 12 with a leading global consumer finance entity for the company's entire NetSol Financial Suite (NFS™) solution. The contract was established with Santander Consumer Finance S.A., and its joint venture partner Anhui Jianghuai Automobile to support their business activities in China.
With deployment activities already underway, the go-live date is scheduled for September 2012. In China alone, NetSol has completed more than 10 major implementations, including China Banking Regulatory Commission ("CBRC") and Ministry of Commerce Peoples Republic of China ("MOFCOM") licensed companies and banks, such as Minsheng Financial Leasing Co.
These activities, as well as planned new business currently in the late stages of the sales cycle, have prompted NetSol to double the number of its employees based in Asia Pacific (APAC) region to 60. Highlighting the changing market dynamics in China, China Daily recently reported that "In the U.S., 85 percent of all vehicles are sold through financing; in Europe, the number is 70 percent ... In China, though, only 10 percent of vehicle buyers used financing to obtain a vehicle in 2011." The article may be found at http://www.chinadaily.com.cn/cndy/2012-06/07/content_15481145.htm
NetSol noted its robust end-to-end leasing solution in the market, specifically tailored to cater to the Chinese legal, regulatory and business requirements, provide encouraging prospects as it seeks to become the number one provider of finance and leasing solutions to automotive financing companies throughout China.
About NetSol Technologies
NetSol Technologies, Inc. (www.netsoltech.com) is a worldwide provider of global IT and enterprise application solutions that include credit and finance portfolio management systems, SAP consulting and services, custom development, systems integration, and technical services for the global Financial, Leasing, Insurance, Energy, and Technology markets. Headquartered in Calabasas, Calif., NetSol's product and services offerings have achieved ISO 9001, ISO 20000, ISO 27001, and SEI (Software Engineering Institute) CMMI (Capability Maturity Model) Maturity Level 5 assessments, a distinction shared by only 178 companies worldwide. The company's clients include Fortune 500 manufacturers, global automakers, financial institutions, utilities, technology providers, and government agencies. NetSol has delivery and support locations in San Francisco, London, Beijing, Bangkok, Lahore, Adelaide and Riyadh.
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Matt Sheldon, Rob Whetstone