Wing Lung Bank Selects IBM to Speed Growth Into China22 February 2006
IBM China/Hong Kong Limited and Wing Lung Bank,("the Bank") one of the oldest local Chinese banks in Hong Kong, todayannounced a joint software development initiative at IBM's Shenzhendelivery facility to transform the bank's products, services and customerchannels, as well as support its expansion into mainland China.
The three-year agreement, worth US$1.8 million, will see IBM ApplicationServices provide application development and management services to theBank through a new joint facility located at IBM's Shenzhen Global DeliveryCenter, one of three such IBM centers in China.
The co-development team at the facility will streamline and modernize theprocesses and tools the Bank uses to create its software applications.IBM's accelerated solution delivery approach will speed the Bank's productdevelopment process and time to market for new products and serviceinnovation, allowing the Bank to quickly address changing customer needsand increase its competitive advantage.
The agreement between IBM and Wing Lung Bank follows the recent opening ofthe Bank's Shenzhen Nanshan sub-branch in November 2005. The Bank iscommitted to investing in China and has been quick to capitalize on theCloser Economic Partnership Arrangement (CEPA), a free trade agreement thatfosters economic links between mainland China and Hong Kong. Wing Lung Bankwas the first Hong Kong-based bank to establish a branch in mainland Chinaunder CEPA.
"Establishing an offshore development center in Shenzhen to handle some ofthe work being done in Hong Kong, requires extensive planning and strongknowledge of IT, business processes and human resources," said Dr. PhilipWu, Executive Director and Chief Executive, Wing Lung Bank. "We're lookingto capitalize on IBM's expertise in these areas, as well as their vastexperience in doing business in China."
Wing Lung Bank chose IBM due to its commitment to teamwork and servicesuperiority, emphasis on customer relations and satisfaction, and abilityto offer insight into solving customer problems. "We were also impressed byIBM's core values of dedication to client success, staff development, anddeveloping trust and personal responsibility in its relationships," saidDr. Wu.
A recent study conducted by IBM's strategic research unit, The Institutefor Business Value, entitled "Banking 2015: Defining the Future ofBanking"* identified a shift towards a more customer-centric approach inbanking that requires banks to adapt their business models and supportingtechnology to focus on delivering value to customers through tools,information and options.
IBM's Applications Services addresses every type of application, fromlegacy mainframe systems to Web-based custom applications, as well asoff-the-shelf solutions from different vendors. The company's researchreveals that the accelerated solution delivery approach can reduce productdevelopment cycles by as much as 67 percent, and development costs by asmuch as 30 percent for banking clients, allowing banks to become morecustomer-focused organizations and more aware of likely returns fromapplication transformation initiatives.
"To maintain and grow shareholder value, banks must control costs byintegrating core business applications, reduce risk with tighterinformation security, and diversify and grow with customer-focusedinitiatives. The success of these initiatives depends on the alignment ofbusiness and technology strategies," said Dominic Tong, General Manger, IBMChina/Hong Kong Limited. "The ability to integrate business insight andtechnology to create business value positions IBM as the ideal partner tohelp local enterprises innovate and grow as part of China," Tong added.
"CEPA opens the window of opportunity for Hong Kong-based banks to growtheir presence in the China market. We are excited to have IBM helping usbuild the business infrastructure we need for rapid growth in China, and welook forward to a closer working relationship in the future," concluded Dr.Wu.
IBM's three Global Delivery Centers in China are certified at CapabilityMaturity Model Integration (CMMI) level 5, the highest certification levelfor process maturity and quality and improvement in software development.
*Note to editor: The Study "Banking 2015: Defining the Future of Banking"can be downloaded athttp://www.ibm.com/services/us/bcs/html/bcs_banking.html.
About Wing Lung Bank
Wing Lung Bank, founded in 1933, is among the oldest local Chinese banks inHong Kong. The bank today has 40 offices and a total staff of more than1,300. The total assets of the Bank stood at HK$71 billion as at 31December 2004. The Bank provides comprehensive services including deposits,loans, bills, foreign exchange, syndicated loans, corporate financing,credit cards, NET Banking, general and life insurance, Mandatory ProvidentFunds (MPF), and wealth management. For further information, please visitwww.winglungbank.com.
About IBM
IBM, the world's largest information technology and business solutionscompany, is the global leader in innovative systems, services, consulting,research and financing that help organizations transform into On DemandBusinesses. IBM opened for business in Hong Kong in April 1957. Fordetails, please visit www.ibm.com/hk.
For more information, please contact:Michael CorradoIBM Media Relations914-642-3009mcorrado@us.ibm.com
SOURCE: IBM
Source: marketwire
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