Guangdong Development
Bank Chooses Oracle and Digital China for Centralized Financial System
China's Leading Commercial Bank
Leverages Oracle E-Business Suite to Increase Business Efficiency and
Meet Global Accounting Regulatory and Compliance Standards
Hong Kong, November 16, 2004 - Guangdong
Development Bank, a leading commercial bank in South China, has chosen
Oracle E-Business Suite from Digital China, a member of Oracle PartnerNetwork,
to establish a centralized financial system to better manage the bank's
operations across its 500+ branches throughout the nation.
As part of its long-term IT plans, Guangdong Development
Bank has selected Oracle E-Business Suite to replace its existing financial
systems and further automate its company-wide business processes to cope
with continuous business growth. By adopting Oracle's integrated application
architecture, the bank will be able to meet global regulatory and compliance
standards ahead of the liberalization of China's banking system under
World Trade Organization's (WTO) agreements.
"The bank has experienced extremely rapid growth
in recent years which has placed an increased burden on our existing IT
systems," said Liu Yongsheng, vice president, Guangdong Development Bank.
"With data scattered across the company, this not only greatly increased
our cost burden but also hindered our decision-making processes. The Oracle
solution reduces this complexity through a single view of data and a better-integrated
workflow which allows us to reduce operating costs and eliminate areas
for possible error. At the same time, we will be able to meet global regulatory
and compliance standards that are being put into place."
The new Oracle-based system will enable Guangdong Development
Bank to accurately manage cash and asset flows throughout the enterprise
including thousands of transactions occurring daily. By consolidating
data that was previously scattered across different areas of the business,
the bank's management will be able to view the data in real-time to make
timely decisions. Additionally, the system allows for the setting of financial
goals for various departments and other future financial forecasting.
Liu said that the scalability of Oracle's open
architecture provides extreme flexibility for the bank, as and when new
business needs are identified. "We can maximize our IT investment and
better utilize our IT resources in every phase of the business," he said.
Implementation of Guangdong Development Bank's financial
system will take place in two phases. Phase One will cover the bank's
headquarters in Guangzhou, as well as major offices in Beijing and Shenzhen.
Phase Two will cover the 500+ branches and sub-branches across China.
The entire system rollout is scheduled for completion in August 2005.
Digital China, the largest IT service provider and system
integrator in China, will be responsible for consulting services, project
implementation, and post-sales support services. With over 17 years experience
in the finance sector, Digital China possesses a strong team of professionals
with local and international consulting expertise.
" ‘Global perspective, local services' is our service
mission. Digital China strives to promote the internationalization of
banks in China through the adoption of advanced information technologies
and services," said Qiqi Dong, General Manager, Financial Services Division
of Digital China. "We are pleased to provide services to Guangdong Development
Bank together with Oracle."
"Guangdong Development Bank is leading the way in raising
their accounting standards to meet international standards and incorporate
global best practices with the Oracle E-Business Suite," said Cecil Ko,
general manager, Financial Services Industry, Oracle Greater China. "Enhancing
financial governance is a critical step to establish a solid foundation
for competitiveness in this one-way banking reform journey."
About Oracle
Oracle (NASDAQ: ORCL) is the world's largest enterprise software company.
For more information about Oracle visit our Web site at www.oracle.com.
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