3i Infotech to launch Joint Venture in China in BFSI sector

Tuesday, February 19, 2008, 13:02 [IST]

Mumbai, Feb 19 (UNI) 3i Infotech today announced signing of an MoU with Yucheng technologies of China to set up a joint venture in the Banking, Financial Services and Insurance (BFSI) sector.

Headquartered in Beijing, Vucheng Technologies, a Nasdaq listed compay has over 1700 employees and is a leading provider of IT solutions and services to Chinese banks and financial service companies.

3i Infotech, in a release here said that it would have a 51 per cent holding in the joint venture. Commenting on the development, Company MD and CEO V Srinivasan said 3i Infotech had a long standing tradition of entering markets with a high growth potential.

''The Asian markets in particular are of keen interest to us, given the huge growth potential that they offer'' said Mr Srinivasan . The company was looking for a long and fruitful relationship with the chinese firm, he added.

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