CALABASAS, Calif., March 29, 2011 (GLOBE NEWSWIRE) -- NetSol Technologies, Inc. ("NetSol" or the "Company") (Nasdaq:NTWK) (Nasdaq Dubai:NTWK), a U.S. corporation providing global business services and enterprise application solutions to private and public sector organizations worldwide, today announced that it has signed a new agreement to implement the NetSol Financial Suite (NFS)™ solution, including its Wholesale and Retail platforms, with BYD Limited ("BYD"). The implementation will include NetSol Financial Suite (NFS)™ Credit Application Processing System (CAP) and Contract Management System (CMS) for retail business operations and Wholesale Finance System (WFS) for wholesale floor planning. Product licenses as well as business processes consulting, customization and on-site implementation services will be included in this implementation.
BYD is principally engaged in the business of rechargeable batteries, mobile phone components and assembly operations, and the auto business, including traditional fuel vehicles and new energy vehicles. BYD Auto Finance Company is a planned joint venture between BYD and Societe Generale with RMB 500 million in registered capital.
BYD will be provided comprehensive business processes consulting services as part of implementation in light of NetSol's vast experience in the financing and leasing business domains, especially in the Chinese market. Best practices, acquired through this experience by NetSol, are the key element to these consulting services, which help NetSol clients define and establish their business processes in line with industry standards of excellence.With extensive R&D and more than fourteen years of finance industry knowledge and business domain experience, NetSol Financial Suite (NFS) is presently the preferred solution for the leasing and financing domain in the entire Asia-Pacific region. In China alone, with more than 10 major successful implementations with CBRC and MOFCOM-licensed companies and banks, NFS™ is becoming the de facto standard in the China asset financing and leasing market, providing clients with product maturity and compliance with Chinese legal, regulatory and business requirements. This new contract further endorses NetSol's position as the number one provider of finance and leasing solutions to automotive financing companies in China.