BEIJING, Aug. 25 /Xinhua-PRNewswire-FirstCall/ -- Yucheng Technologies, Limited (Nasdaq: YTEC), a leading provider of IT solutions and services to China's banking industry, announced the formation of Elegon Infotech Limited, a joint venture with 3i Infotech Limited from India. The opening ceremony for the first significant Sino-Indian joint venture in the Chinese financial technology sector was held Friday in Chengdu.

Elegon will focus on localizing financial technology software from 3i Infotech, including internationally renowned insurance, banking and securities software platforms, to meet the needs of China's diversified financial services sector. Due to the high degree of complementarity with its existing solutions, Yucheng will be able to cross sell Elegon's products to its existing client base and expand into new markets, such as insurance and securities sectors, where 3i Infotech's software products are recognized as industry leaders.

The opening ceremony, at the Elegon headquarters in Chengdu, Sichuan, was attended by officials from the Chengdu government. The Chengdu government fully supports the joint venture, which will leverage the region's abundant supply of high-quality IT talents, through various taxation incentives, favorable leases and employee subsidies.

Commenting on the development, Mr. V. Srinivasan, Managing Director and CEO of 3i Infotech, said, '3i Infotech has a long standing tradition of entering markets with a high growth potential. The Chinese market, in particular, is of keen interest to us, given the huge growth potential that it offers.' He further added, 'With Yucheng's focus on and deep knowledge of the banking and financial services industry in China and its dynamics, the synergies between their business goals and those of 3i Infotech made them a natural choice for our foray into China. We look forward to a long and fruitful relationship with Yucheng.'

Mr. Weidong Hong, CEO of Yucheng Technologies said, 'Our goal is to develop solutions that support the financial services sector in China. When 3i Infotech approached us about localizing and exclusively distributing their internationally recognized software in China, we knew this was an opportunity to diversify our service offering and expand into new client bases.