Temenos is rolling outs its flagship T24 core banking system at a new client in China, a Shanghai-based consumer finance company. The contract was signed in Q4 last year.

The new taker is Quark Finance, a start-up lender that launched in 2014. Operating from headquarters in Shanghai, its business covers all major cities in mainland China.

Quark Finance focuses on auto finance, cash loans, small business loans and POS instalment.

In mid-2015, it joined forces with a major domestic appliance maker, Haier Group, and its consumer finance division, Haier Consumer Finance, to jointly launch an online platform. The new platform is set to offer a broad range of financing products and services to the Chinese households, including home appliances and other household products, education, healthcare and tourism.

Temenos’ T24 core banking system already has a number of takers in China, such as Bank of China International and Bank of Shangai.

Among recent takers is Nippon Wealth Limited Bank, a wealth management start-up in Hong Kong. The bank opened for business last year.

Another recent addition is the local operation of the Swiss private banking heavyweight, Julius Baer. The bank will replace ERI’s Olympic core banking system in Singapore and Hong Kong with Temenos’ T24.

By Tanya Andreasyan

by IBS Intelligence
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