China-based enterprise content management (ECM) software provider GEONG International Ltd (AIM: GNG) said it has recently signed a number of new contracts with tier-two Chinese banks worth a total value of RMB7.1 million.
GEONG has signed four contracts for its existing PortalAge product, already used by tier-one banks, to help clients build their internet banking facilities and employee portals.
These contracts have been signed with the Rural Bank of Dongguan, the Bank of Qilu, the Guangdong Development Bank and the Bank of Dezhou and are worth a total of RMB2.9 million.
The company has also been developing a number of new PortalAge products during the past six months die to fast growing demand, specifically tailored to meet the core banking and Customer Relationship Management (CRM) needs of tier-two banks.
These new products are already proving popular with two recent contract signings, including a RMB3.2 million contract with the Rural Bank of Shangdong and a RMB1.0 million contract with the Bank of Dalian.
Chief executive Weidong Wang commented: "These contract signings which demonstrate the versatility of our PortalAge solutions and represent a significant breakthrough for GEONG within the fast growing tier-two banking sector. There are over 200 tier-two banks within China, most of which are just beginning to build their IT systems, presenting considerable opportunities that we feel we are well positioned to benefit from."