Indian technology solutions provider 3i Infotech has signed a memorandum of understanding with Yucheng Technologies to set up a 51:49 joint venture in China.

As there is similarity between the market dynamics in India and China, 3i Infotech says the expertise it has in providing software products and IT services to the banking, financial services and insurance sector in India, combined with the customer relationships and expertise Yucheng has in catering to the Chinese market, can be leveraged to provide products and services to BFSI entities in China.

Yucheng Technologies has more than 1,700 employees and has established an extensive footprint to serve its banking clients nationwide with subsidiaries and representative offices in eleven Chinese cities. Yucheng provides a comprehensive suite of IT solutions and services to Chinese banks including channel-related IT solutions, such as Web banking and call centers; business-related processing solutions, such as core banking systems, foreign exchange and treasury management; and management-related IT solutions, such as risk analytics and business intelligence. It is also a third party provider of POS merchant acquiring services in partnership with banks.

3i Infotech is one of the top Indian software products companies and provides software products and IT services for various sectors. The company services customers in over 50 countries across five continents.