InvestorsHub Logo
Followers 138
Posts 19042
Boards Moderated 2
Alias Born 01/13/2007

Re: *MARINE 1* post# 16

Sunday, 12/28/2008 5:54:01 PM

Sunday, December 28, 2008 5:54:01 PM

Post# of 25
Longtop Announces Official Launch of E@able(TM) E-Banking Solution


XIAMEN, China, Dec. 27 /PRNewswire-Asia/ -- Longtop Financial Technologies Limited ("Longtop") (NYSE:LFT), a leading software developer and solutions provider targeting the financial services industry in China, today announced the official launch of its new E@able(TM) e-banking solution.

Based on the Longtop Intelligence Development Platform (LIDP), the E@able product suite is a comprehensive and highly secured e-banking platform that enables financial institutions to provide personalized online banking services to both individual and enterprise customers. In addition to traditional e- banking services such as personal and business account management, wire transfers, payment services, enterprise cash management and personal financing, the platform can be seamlessly integrated with other channel systems such as the call center and Customer Relationship Management (CRM) system, as well as decision support systems, which facilitates highly personalized value added services, and well-coordinated, targeted and personalized marketing applications.

"With our market leadership in channel related solution areas such as ATM and CRM, the launch of our new e-banking solution will further strengthen Longtop's capability to provide integrated channel solutions, and allow us to address the growing demand for online banking solutions, especially from small and medium sized financial institutions," said Weizhou Lian, Chief Executive Officer of Longtop.

E-banking services are in an early stage of development and experiencing rapid growth in China. According to a recent survey conducted by the China Internet Network Information Center (CNNIC), e-banking usage grew by 47% during the first six months of 2008 to 59.3 million users. As a result, the penetration rate of e-banking services among Internet users was 23.4% in June 2008, up from 19.2% in December 2007. With a penetration rate that is still well below that of developed markets such as the United States, where it stands at 53%, e-banking in China has significant room for further growth.

Safe Harbor Statement Under the Private Securities Litigation Reform Act of 1995

This announcement contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. In some cases, you can identify forward-looking statements by such terms as "believes," "expects," "anticipates," "intends," "estimates," the negative of these terms, or other comparable terminology. Factors that could cause actual results to differ include the effectiveness, profitability, and marketability of the company's solutions; the Company's limited operating history; its reliance on a limited number of customers that continue to account for a high percentage of the Company's revenues; risk of payment failure by any of its large customers, which could significantly harm the Company's cash flows and profitability; the ability of the Company to operate effectively as a public company; future shortage or availability of the supply of employees; general economic and business conditions; the volatility of the company's operating results and financial condition; the company's ability to attract or retain qualified senior management personnel and research and development staff; and other risks detailed in the company's filings with the Securities and Exchange Commission. These forward-looking statements involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates and projections about the companies and the industry. The company undertakes no obligation to update forward-looking statements to reflect subsequent occurring events or circumstances, or to changes in its expectations, except as may be required by law. Although the company believes that the expectations expressed in these forward looking statements are reasonable, they cannot assure you that their expectations will turn out to be correct, and investors are cautioned that actual results may differ materially from the anticipated results. Any projections in this release are based on limited information currently available to us, which is subject to change.

About Longtop Financial Technologies Limited

Longtop is a leading software development and solutions provider targeting the financial services industry in China. Longtop develops and delivers a comprehensive range of software applications and solutions with a focus on meeting the rapidly growing IT needs of the financial services institutions in China. Longtop has six solution delivery centers, three research centers and thirty-nine service centers located in 20 provinces throughout China. Longtop was founded in 1996 by Xiaogong Jia, Chairman, and Weizhou Lian, CEO, as a system integration company focusing on the financial services industry in China and made the transition to a software and solutions provider in 2001. For more information, please visit: http://www.longtop.com/ .

For more information, please contact:

Longtop Financial Technologies Limited Charles Zhang, CFA Email: Phone: +86-10-8421-7758

IR Inside BV Caroline Straathof Email: Phone: +31-6-5462-4301

DATASOURCE: Longtop Financial Technologies Limited


CONTACT: Longtop Financial Technologies Limited - Charles Zhang, CFA,

, or +86-10-8421-7758; IR Inside BV - Caroline Straathof,

, or +31-6-5462-4301


Join the InvestorsHub Community

Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.