CloudWing Network will develop a Chinese version of Finastra’s Fusion Summit treasury management solution
Singapore – 2 December, 2021 – CloudWing NetWork Technologies CO., Inc. (“CloudWing Network”), a subsidiary of Hundsun Technologies, has acquired the rights to Finastra’s Fusion Summit product and book of business in Mainland China, Hong Kong and Macau. CloudWing Network will develop, license and deploy the Fusion Summit treasury management solution for customers in these markets and develop a Chinese version of the solution that will be tailored to the specific local requirements, enabling banks to take advantage of both domestic and international opportunities.
Fusion Summit is a cutting-edge treasury management solution used by large and medium-sized financial institutions, supporting operations across business lines including currency markets, capital markets, foreign exchange transactions and derivatives markets.
This agreement will complement the acquisition of the rights to Finastra’s Fusion Opics product and book of business – also in Mainland China, Hong Kong and Macau – by another Hundsun Technologies subsidiary, Hangzhou Hundsun Lirong Software Co., Ltd. (“Hundsun Lirong”), which was signed in July 2021. With support from Finastra, Hundsun Lirong has produced a Chinese version of the Fusion Opics treasury solution, Hundsun Mangos. Together, these solutions will enable Hundsun Technologies to provide a complete offering of treasury business solutions for banks of all sizes.
As part of the new agreement, CloudWing Network will strengthen local functionalities of the solution and directly engage with Finastra Product Management for co-innovation to evolve the solution. Finastra will continue to develop Summit for its customers internationally and will provide continuous product upgrades and support to CloudWing Network.
Peng Zhenggang, Chairman of Hundsun Technologies, said, “This agreement is another important step in the company’s strategy to incorporate international expertise. In the future, Hundsun Technologies will continue to acquire advanced software products from abroad to integrate with the local financial market and develop more advanced technologies. Solutions that are tailored for the needs of Chinese customers, whilst meeting international standards, will contribute to China’s self-reliance and steady innovation.”
Eric Duffaut, President and Global Head of Customer Operations, Finastra, said, “Finastra has been operating in this region since 2003 and we have seen an increased demand for solutions that fit the specific requirements of the Chinese market, and for banks to work more closely with local partners. In line with this evolution and with customer success at the center of everything we do, our strategy is to help banks access locally relevant solutions and local support to better support their digital transformation. We are delighted to have completed this agreement with CloudWing Network, which fully supports our strategy and will benefit all Fusion Summit customers in Mainland China, Hong Kong and Macau.”