Global software solutions provider for the asset finance and leasing industry NETSOL Technologies, has announced a new contract with a global automotive financial services company in China.
The agreement is built around the need for the customer to update its legacy NFS system to NETSOL’s next-generation Ascent platform. According to NETSOL, the multi-year, multi-million-dollar agreement includes licensing, support and services revenues components.
Having worked with NETSOL for a long time, the customer predominantly offers automotive installment loans, credit loans, interest subsidies and other services to the Chinese market.
Hui Liang, president of NETSOL China, explained: “After having worked with this significant customer over the years through our legacy NFS offering, we appreciate the vote of confidence this major renewal means for the quality of service we have provided in that time. This upgrade to NFS Ascent is also further market validation for our next-gen solution in our largest historical market.”
Described as “an adaptive platform for the evolving global asset finance and leasing industry”, NFS Ascent was designed to ease the running of retail and wholesale finance business for auto, equipment and big-ticket finance companies.
As a company, NETSOL Technologies provides a range of IT and enterprise software solutions to the global finance and leasing industry. Employing more than 1,300 people to support the company’s suite of applications, NETSOL operates through a series of eight support and delivery centers across the globe.
Liang added: “Thanks to the flexible architecture we’ve built into both our legacy and next-gen platforms, our teams will be able to migrate valuable data from the current system as well as integrate additional third-party data sources into the new platform with high fidelity and without issue. To further expedite this transition process, our deployment will be carried out in three-phases over the coming months by our teams at home in Lahore and across the APAC region.”
