TCS Financial Solutions among top two IT facilities in China: IDC
30 July 2007
Mumbai: TCS Financial Solutions, a strategic business unit of Tata Consultancy Services, has been ranked `amongst the top two IT facilities in China'', by independent research group IDC.
The ranking is based on TCS Financial Solutions'' (TCSFS) performance in 2006, a company release said.
"TCSFS has emerged as a major force in China''s banking IT solutions market after winning major deals with Bank of China and Huaxia Bank", IDC, a leading provider of global IT market research, said in its report.
TCS Financial Solutions, focused on providing state-of-the-art business application solutions, said IDC has ranked one of its flagship products, BaNCS Core Banking, as the top core banking solution in China, based on its performance in the year 2006,
"The recognition from IDC is evidence of TCSFS'' continuous commitment to deliver excellence through its global delivery network, and also its ability to provide Chinese corporations and global customers with best-in-class technology products and solutions," Ginja Pande, EVP and regional head, TCS Asia Pacific, said.
IDC estimates the market for core banking solutions (excluding hardware) in China at RMB 1,036.6 million in 2006, up 23.8 per cent over 2005. Core banking solutions accounted for 23.8 per cent of the overall banking solution market and constituted the No.1 category of bank IT solutions spending. China ''s banking IT expenditures, the IDC report said, are expected to increase 15.1 per cent or RMB 42.1 billion by 2007.
