Information technology firms are vying to strike gold in China's growing financial market, which is in great need of efficient software support to improve its competitiveness in the opening industry.

"The market demand for financial service software is huge in China which is in need of advanced back-office support to improve the efficiency of its financial institutions," said Ashley Clarke, Asia-Pacific chief executive officer of Systems Union Group plc.

Systems Union signed a contract with Shanghai-based Sino Life Insurance Co Thursday to provide financial management software to the insurer.

"The competition in the domestic financial market will focus on product innovation capabilities and working efficiency in the future. The growing demand of software support lures IT companies," said Charles Li, president of Sino Life.

GES International Ltd, a Singapore-based IT company, announced yesterday the establishment in Shanghai of its fourth and largest manufacturing facility. It aims to tap the point-of-sales machines market in China's mainland.

With a planned total investment of 130 million yuan (US$15.66 million), Shanghai GES Information Technology Co will develop, produce and market POS software systems for POS machine makers in China, said Daniel Yeong, chief executive officer of GES.

Currently, only less than 2 percent of the 15 million merchants in China's mainland are equipped with POS machines, compared with around 80 percent in the United States, according to China Merchants Bank.

(Eastday.com March 19, 2004)