China's ICBC Leasing Co., a wholly-owned subsidiary of Industrial and Commercial Bank of China, has extended its agreement with India's Genpact, a leader in business process and technology management.
ICBC Leasing had signed a two year agreement with Genpact in 2008 for information technology related and other outsourcing business. This agreement has been extended by six months, a release from Genpact said.
The cooperation between Genpact and ICBC Leasing has pioneered IT outsourcing services in the domestic financial leasing sector. In the renewed contract, Genpact will focus on improving previous tasks and developing new functionalities to further strengthen the construction of an information platform for ICBC Leasing’s financial system and develop a cutting-edge, Oracle-based operations management system. For the domestic financial leasing sector, this contract renewal will establish a new standard for industrial information systems.
“We are very glad to be able to further strengthen our partnership with ICBC Leasing. As an innovative financial sector, financial leasing has broad market potential in China. We hope to leverage this cooperation to establish our advantages in the sector and provide premium services in process management, reengineering and information technology for more customers in the near future. We believe that we can not only effectively help enterprises reduce costs and improve efficiency and business performance, but also help them realize the significance of information technology and process reengineering, so as to fulfill our commitment to Chinese market. We hope that our expertise and successful experience can drive the development of China’s financial leasing sector in a rapid and steady manner,” said, Charles Hunting , Chief Executive Officer for Genpact Asia.
In order to help ICBC Leasing establish better asset management and operation practices that met the requirements of China Banking Regulatory Commission through informatisation, Genpact tailored an integrated solution for ICBC Leasing which was implemented in three phases. In the first phase, Genpact helped ICBC Leasing meet automated business and financial auditing requirements by establishing and improving ICBC Leasing’s financial system. At the same time, using Oracle ERP as a basis, Genpact tailored leasing, receivables, payable, capital, general ledger and inventory modules for ICBC Leasing to establish normative financial processes, improve the efficiency and performance of financial auditing, and meet various other special business needs of ICBC Leasing. The second phase of the project was designed to improve financial statements. Implementation of the second phase not only fulfilled the in-house financial statement needs of ICBC Leasing, it also fulfilled the requirements of ICBC Headquarters for financial statements; and an automatic conversion to CBRC 1104 Reporting System was achieved.
Through further system improvements and adjustments, the third phase met demands for floating interest rate leasing contracts and supported leasing business operations, thereby achieving the company’s goals for financial management precision.
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