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Outsourcing center for financial services
By Pan Zheng |
June 10, 2010, Thursday
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Print Edition
Print Edition
HANGZHOU is one of China's earliest success stories in service outsourcing and is home to more than 40 national industrial bases such as the Software Industry and Export Base and the Cartoon Industry Base.
To boost this sector, Hangzhou also is rich in educational resources of 247 major fields of study in colleges and universities related to outsourcing of services.
In the past few years, Hangzhou has been honored as the Best Developing City of International Outsourcing and Best Delivery Center of Financial Services, among other titles.
Its economic power and ecological environment also have great potential to aid in development of service outsourcing industry.
Even in 2009 during the global economic downturn, Hangzhou's service outsourcing industry expanded rapidly in scale and continues to move forward.
The entire offshoring delivery of 2009 has reached US$919 million, 352 percent higher than that in 2008.
By 2015, Hangzhou plans to transform itself into a leading national city for financial service outsourcing and a delivery center, as well as a software development and outsourcing center.
Competitive edge
The Hangzhou government is sparing no effort to support the outsourcing of financial services.
In recent years, Hangzhou has developed greatly in the financial area and now is one of the country's most developed cities in terms of finance.
According to recent statistics from the Chinese Academy of Social Science, the total size of Hangzhou's financial industry ranked No. 5 nationally in 2008 and 2009, following Beijing, Shanghai, Shenzhen and Guangzhou in Guangdong Province.
Its financial "ecological environment" standard ranks first among all large and medium-size domestic cities.
At the end of 2009, Hangzhou had 242 financial institutions, around 60 percent of Zhejiang Province's total number; 38 banks have opened in Hangzhou, seven of which are foreign-invested; 58 insurance companies have settled in Hangzhou, with two of them establishing headquarters in the city.
By late 2010, Hangzhou is expected to represent more than one-third of the entire financial increase value of Zhejiang Province.
In recent years, outsourcing financial services has been considered the key part of Hangzhou's service outsourcing industry.
More than 13 enterprises of financial services outsourcing have given Hangzhou a large turnover of US$210 million in 2009. They include State Street, SSS Worldwide, Insigma, Hundsun Technologies Inc, Sunyard and Excel Global IT Services. The amount is almost equal to the turnover of Hangzhou's entire outsourcing industry in 2008.
Although the number of financial outsourcing enterprises is not large, most of them are high quality and own their own brands.
Many have special advantages: State Street enjoys a good international reputation; Insigma is often honored as one of China's top 3 software outsourcing enterprises; Hundsun is a national leader in financial software development; Sunyard is one of the earliest enterprises in this field.
The big-brand effects have attracted more and more financial institutions to Hangzhou.
Four fields
Hangzhou's outsourcing plan for financial services has four major areas.
First, outsourcing of financial software, mostly that of financial service systems. Most financial service outsourcing enterprises in Hangzhou are of this type.
Second, professional financial services, including legal services, accounting services and research projects. These services contribute to overall quality of financial service outsourcing.
Third, outsourcing of high-end financial process services, such as financial data processing, backup in case of financial disaster, accounting centers and credit card business.
Fourth, outsourcing of logistics support, including human resource management, file management and purchase management. These are among the simplest kind of services among all financial institutions and the earliest outsourcing carried out.
The first three areas concern high-end outsourcing of financial services and these are key development points in Hangzhou's overall plan.
The Hangzhou government aims to make the city a high-end international outsourcing and delivery center for financial services in the near future.
To boost this sector, Hangzhou also is rich in educational resources of 247 major fields of study in colleges and universities related to outsourcing of services.
In the past few years, Hangzhou has been honored as the Best Developing City of International Outsourcing and Best Delivery Center of Financial Services, among other titles.
Its economic power and ecological environment also have great potential to aid in development of service outsourcing industry.
Even in 2009 during the global economic downturn, Hangzhou's service outsourcing industry expanded rapidly in scale and continues to move forward.
The entire offshoring delivery of 2009 has reached US$919 million, 352 percent higher than that in 2008.
By 2015, Hangzhou plans to transform itself into a leading national city for financial service outsourcing and a delivery center, as well as a software development and outsourcing center.
Competitive edge
The Hangzhou government is sparing no effort to support the outsourcing of financial services.
In recent years, Hangzhou has developed greatly in the financial area and now is one of the country's most developed cities in terms of finance.
According to recent statistics from the Chinese Academy of Social Science, the total size of Hangzhou's financial industry ranked No. 5 nationally in 2008 and 2009, following Beijing, Shanghai, Shenzhen and Guangzhou in Guangdong Province.
Its financial "ecological environment" standard ranks first among all large and medium-size domestic cities.
At the end of 2009, Hangzhou had 242 financial institutions, around 60 percent of Zhejiang Province's total number; 38 banks have opened in Hangzhou, seven of which are foreign-invested; 58 insurance companies have settled in Hangzhou, with two of them establishing headquarters in the city.
By late 2010, Hangzhou is expected to represent more than one-third of the entire financial increase value of Zhejiang Province.
In recent years, outsourcing financial services has been considered the key part of Hangzhou's service outsourcing industry.
More than 13 enterprises of financial services outsourcing have given Hangzhou a large turnover of US$210 million in 2009. They include State Street, SSS Worldwide, Insigma, Hundsun Technologies Inc, Sunyard and Excel Global IT Services. The amount is almost equal to the turnover of Hangzhou's entire outsourcing industry in 2008.
Although the number of financial outsourcing enterprises is not large, most of them are high quality and own their own brands.
Many have special advantages: State Street enjoys a good international reputation; Insigma is often honored as one of China's top 3 software outsourcing enterprises; Hundsun is a national leader in financial software development; Sunyard is one of the earliest enterprises in this field.
The big-brand effects have attracted more and more financial institutions to Hangzhou.
Four fields
Hangzhou's outsourcing plan for financial services has four major areas.
First, outsourcing of financial software, mostly that of financial service systems. Most financial service outsourcing enterprises in Hangzhou are of this type.
Second, professional financial services, including legal services, accounting services and research projects. These services contribute to overall quality of financial service outsourcing.
Third, outsourcing of high-end financial process services, such as financial data processing, backup in case of financial disaster, accounting centers and credit card business.
Fourth, outsourcing of logistics support, including human resource management, file management and purchase management. These are among the simplest kind of services among all financial institutions and the earliest outsourcing carried out.
The first three areas concern high-end outsourcing of financial services and these are key development points in Hangzhou's overall plan.
The Hangzhou government aims to make the city a high-end international outsourcing and delivery center for financial services in the near future.
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