CALABASAS, Calif., Dec. 17, 2014 (GLOBE NEWSWIRE) -- 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.
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.
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Source:NetSol Technologies, Inc.