3i Infotech signs Memorandum of Understanding with China's Yucheng Technologies Ltd. to set up a joint venture. It aims at promoting 3i Infotech's award winning BFSI products and related services in the growing Chinese market.

3i Infotech announced the signing of a non-binding Memorandum of Understanding (MOU) with Yucheng Technologies Ltd., to set up a 51:49 Joint Venture in the Peoples Republic of China. This marks 3i Infotech's foray into China, a high growth market. As there is considerable similarity between the market dynamics in India and China, the expertise 3i Infotech has in providing software products and IT services to the Banking, Financial Services and Insurance ("BFSI") sector in India, combined with the customer relationships and expertise Yucheng has in catering to the Chinese market, can be leveraged to provide products and services to BFSI entities in China.

Yucheng Technologies Ltd., headquartered in Beijing, China, is a NASDAQ listed company with more than 1,700 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in eleven cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including 1) channel-related IT solutions, such as web banking and call centers, 2) business-related processing solutions, such as core banking systems, foreign exchange and treasury management, and 3) management-related IT solutions, such as risk analytics and business intelligence. It is also a third party provider of POS merchant acquiring services in partnership with banks. Mr Rajiv Malhotra, Innovative Solutions, New Delhi was the advisor to both the parties.

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