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

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.”