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NETSOL’s NFS Ascent Wholesale Platform Goes Live in China for Major Global Auto Captive

CALABASAS, Calif., Oct. 22, 2019 (GLOBE NEWSWIRE) -- NETSOL Technologies, Inc. (NASDAQ: NTWK), a global business services and enterprise application solutions provider, has successfully implemented and gone live with its NFS Ascent Wholesale Platform for a tier-one German auto captive finance company in China. This customer has a strong presence in China as well as the rest of the Asia-Pacific region.

This deployment is part of a previously announced $30 million contract in which NETSOL was selected as the vendor of choice after an extensive evaluation process. NFS Ascent’s Wholesale Finance Solution (WFS) was chosen for its specific applications directed to the Chinese market as well as its compliance with various regulations set out by the People’s Bank of China (PBOC) and other industry governing bodies.  

The Ascent Wholesale Finance Platform (WFS) provides dealers and finance companies with a powerful solution, able to adapt seamlessly to a client’s wide range of requirements, enabling future-proofing of their operations in order to meet rapidly changing market dynamics.

“It is with great honor that I announce the successful go-live of Ascent’s Wholesale Platform in China for a global powerhouse in the automotive sector,” said Najeeb Ghauri, Co-Founder, Chairman and Chief Executive Officer of NETSOL Technologies. “This deployment of WFS showcases another strong performance from our implementation team, who have continued to show why we’re the leader in this market. With another on-time delivery and a smooth rollout with 100% data migration verification, we’re continuing to set a higher bar in China and the industry overall.”  

“This latest implementation further demonstrates our team’s proven capabilities and the versatility of our flagship product,” said President, Head of Sales and OTOZ CEO Naeem Ghauri. “Our team ensured timely delivery and a smooth rollout while maintaining data integrity and accuracy during the migration phase of the project. I would also like to commend the superior collaboration between management and the project teams responsible for the successful completion of this implementation.”

About NETSOL Technologies
NETSOL Technologies, Inc. (NTWK) is a worldwide provider of IT and enterprise software solutions primarily serving the global Leasing and Finance industry. The Company’s suite of applications is backed by 40 years of domain expertise and supported by a committed team of more than 1,300 professionals placed in eight strategically located support and delivery centers throughout the world. NFS, LeasePak, LeaseSoft or NFS Ascent – help companies transform their Finance and Leasing operations, providing a fully automated asset-based finance solution covering the complete leasing and finance lifecycle.

Investor Relations Contact:

Matt Glover and Tom Colton
Gateway Investor Relations
1-949-574-3860
investors@netsoltech.com