Software powerhouse Tata Consultancy Services (TCS) tied up with China Systems Corporation to successfully bag a mega contract from State Bank of India to supply, customise and implement its centralised trade finance (CTF) system.
Interestingly, this is one of the first tie-ups of an Indian IT company with a Chinese company for joint execution of an IT contract.
The project is which is one of the largest of its kind in the world in terms of the number of branches, customers and transaction volume.
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SBI has more than 13,000 branches including its associate banks with 51 foreign offices in 31 countries.
While TCS will manage and implement the entire CTF project, China Systems will supply its flagship product EXIMBILLS which has already been successfully implemented in more than 600 sites globally.
Neil N T Tseng, chairman and CEO, China Systems, said,
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