NETSOL’s NFS Ascent® Retail Platform Goes Live in China for Major Global Auto Captive

Rhea-AI Summary

NETSOL Technologies (NTWK) has successfully launched its NFS Ascent® Retail Platform for a leading German auto finance company in China, marking the second phase of a previously announced $30 million contract. This implementation follows the successful rollout of the NFS Ascent® Wholesale Finance Solution. The platform's compliance with Chinese regulations and its powerful applications tailored for the local market are emphasized. The company looks forward to strengthening its presence in the Asia-Pacific region, appreciating the dedicated efforts of its remote development teams during the project.

Positive

• Successful implementation of NFS Ascent® Retail Platform for a major customer in China.
• Completion of a $30 million contract for a tier-one German auto finance company.
• Platform tailored to meet the specific regulatory requirements of the Chinese market.
• Anticipated long-term partnership with a significant player in the automotive sector.

Negative

• None.

CALABASAS, Calif., Oct. 21, 2020 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (Nasdaq: NTWK) a global business services and enterprise application solutions provider, has successfully implemented and gone live with its NFS Ascent^® Retail Platform for a tier-one German auto captive finance company in China. This customer has a strong presence in China as well as the rest of the Asia-Pacific region.

This deployment is the second phase of a previously announced $30 million contract in which NETSOL was selected as the vendor of choice after an extensive evaluation process. The Company successfully implemented the NFS Ascent^® Wholesale Finance Solution (WFS) last year, providing dealers and finance companies with a powerful solution capable of adapting to wide ranges of requirements and enabling the future-proofing of their operations. The NFS suite was chosen for its specific applications directed to the Chinese market as well as its compliance with various regulations set out by the People’s Bank of China (PBOC) and other industry governing bodies.

The NFS Ascent^® Retail Finance Platform includes the Company’s proprietary Loan Origination System (LOS) and Contract Management System (CMS), enabling an intuitive user experience that supports comprehensive contract management while conforming with all regulatory and compliance requirements.

“I am very proud of NETSOL’s development and implementation teams at our world class ‘Center of Excellence’ in Lahore, who were forced to switch to a purely remote work environment in the middle of this project,” said Najeeb Ghauri, Co-Founder, Chairman and Chief Executive Officer of NETSOL Technologies. “After two years of dedication and continual work amid a challenging COVID-19 environment, we have successfully implemented the full Wholesale and now Retail suites of our NFS Ascent^® platform for this significant existing customer and also a major player in the automotive sector. We look forward to a long-term partnership that will serve as another strong calling card for NETSOL in the APAC region.”

“This deployment is a big-ticket project for NETSOL and another major step forward for our operations in the new fiscal year,” said Executive Vice President of NETSOL Technologies Americas Peter Minshall. “Going live with a global captive of this magnitude further validates our solutions across the world. We covered all regulatory and compliance requirements while, at the same time, providing integration and automation to an incredibly sophisticated Chinese market. With this major implementation completed, we can allocate additional resources to a number of other upcoming launches we have planned in the coming months. Looking ahead, we have an encouraging pipeline of opportunities that should support our plans for incrementally improved performance this year. We are incredibly appreciative of the efforts from our global teams who continue to perform at an exceptional level even in the face of technological and logistical challenges.”

About NETSOL Technologies
NETSOL Technologies, Inc. (Nasdaq: NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global leasing and finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent^® – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete finance and leasing lifecycle.

Forward-Looking Statements
This press release may contain forward-looking statements relating to the development of the Company's products and services and future operating 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.

Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations
1-949-574-3860
investors@netsoltech.com

FAQ

What is the recent news about NETSOL Technologies (NTWK) as of October 2020?

NETSOL Technologies announced the successful launch of its NFS Ascent® Retail Platform for a German auto finance company in China, part of a $30 million contract.

How does the NFS Ascent® Retail Platform benefit NETSOL Technologies (NTWK)?

The platform is tailored for the Chinese market, fulfilling regulatory requirements and enhancing NETSOL's capabilities in the Asia-Pacific region.

What was the financial value of the contract NETSOL Technologies (NTWK) secured for the recent project?

The contract value is $30 million, involving the deployment of the NFS Ascent® Retail Platform.

What are the future prospects for NETSOL Technologies (NTWK) following this implementation?

NETSOL anticipates a long-term partnership with the client and has a promising pipeline of opportunities for improved performance.

Who was involved in the implementation of the NFS Ascent® Retail Platform for NETSOL Technologies (NTWK)?

The implementation involved NETSOL's development teams working remotely due to COVID-19 challenges.