On April 18th, CVIC SE and Global Risk Systems (GRS) signed a cooperation agreement, in Jinan, with the intention of expanding the financial IT services in China and throughout the Asian Pacific region. Mr. Jing Xinhai, Chairman of the Board and CEO of CVIC SE and Mr. Geoffrey Ross, Executive Chairman of GRS signed the agreement as representatives of the respective companies.

The agreement includes: 1. Establish a Data Center, which aims at the development of an application service provider (ASP) business for banks. CVIC SE will offer the office space and facility to GRS for its data center, as well as agrees to offer support of the related financial application software.

2. GRS will help with the reconstruction of the current core banking system of CVIC SE by offering consulting services. GRS consulting services will help upgrade the core banking system by basing it on international criteria. In this way, CVIC SE’s competition capability in banking informationisation will be greatly improved and has more chances of expanding into the Asian Pacific region.

3. The two parties will strive to seek more opportunities for each other’s services and products in their respective local markets, after which, both will concentrate on the ASP in China.

Global Risk Systems is a famous financial consulting company in the IT field. Currently, it is providing professional financial IT consulting services to the Chinese market and provides application software services to banks. CVIC SE is one of the leading software developers and system integrators in China, Annual Top-100 Electronic & IT Enterprises (2000-2003)，a State Planned Mainstay Software Company and Key Offshore (US & EU) Software Development Company (MST, 2004). Its main business covers the fields of finance, transportation, E-government, E-commerce, middleware and offshore service providing.