chinasoftChinaSoft International, a Chinese IT solutions and outsourcing provider, plans to create a regional HQ in Shanghai’s new Free Trade Zone to get closer to the financial institutions that will make FTZ their home.

At least 11 financial firms have been given the go-ahead to set up in the FTZ, mostly domestic banks — see this earlier EngagingChina post.

To bolster its credentials in this market, ChinaSoft has taken full control of Shanghai Huateng Software Systems, which specialises in the financial software sector.

The banking & financial services group has become one of the largest business groups in ChinaSoft and since it integrated the Huateng business, it has experienced impressive growth.  Service revenues soared from RMB120m  in 2007 to  RMB620m last year, while the number of employees increased from 600 to 2800.

ChinaSoft currently provides services for the Chinese central bank, the four major state-owned banking institutions (Bank of China, Bank of Construction, Bank of Agriculture and Bank of Communications) and a long etcetera of city commercial banks and foreign banks.