Oracle looks to Chinese joint stock and commercial banks for opportunities with confidence
Chet Kamat, Oracle Financial Services Software’s CEO feels Oracle is making steady progress in the Chinese market, and does not predict any major challenges or hurdles that are country specific. September 10, 2012 | Baron LaudermilkChet Kamat, Oracle Financial Services Software’s CEO and managing director feels that Oracle has already built a strong footing in the Chinese market by aiding international companies enter the Chinese market, and it will also particularly begin targeting tier two banks in southern China and the northeast. Oracle will have to target tier two, three and four banks as China’s largest banks have all recently installed new core banking systems. Bank of China last year completed the implementation of a system originally bought from TCS, and then fine-tuned it to its own specifications. ICBC unveiled in 2008 its fourth generation core-banking system that was built in-house. Agricultural Bank of China selected Temenos core banking system as a Reference Architecture in 2010, while China Construction Bank constructed its own core banking system with the support of IBM. Since Oracle was not able to enter top tier banks, they have focused on city commercial bank projects, such as their successful installation of the FLEXCUBE system for Ping An Bank in 2012. Kamat however, appeared to be unconcerned about being able to find new opportunities in the Chinese market. He stressed the long history Oracle has in China and its robust presence in the country. Oracle is no minor player in China’s financial services industry. In 2004 the company opened its third Asia-Pacific region product development facility in Shenzhen, China’s southern major financial and manufacturing center, which has over 100 engineers, and over 300 workers doing sales, support, and handling day-to-day operations. Oracle also has a development center in Beijing and as implemented its E-Business Suite in more than 150 Chinese companies, including Bank of China, China Telecom, Huawei, and Bao Steel Group. Oracle Financial Services Software Annual Report 2011 Figure 1. Oracle fiscal year 2010 – 2011 break-up of operating revenue by reg...
Categories: China,Core Banking,technology, China,Core Banking,Technology & Operations, Keywords:Oracle, Chet Kamat, Jilin Bank, Ping An Bank, FLEXCUBE, TCS, Bank Of China, Agricultural Bank Of China, ICBC, Digital China
Oracle, Chet Kamat, Jilin bank, Ping An Bank, FLEXCUBE, TCS, Bank of China, Agricultural Bank of China, ICBC, Digital China
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