KVB Inks Multi-Year Services Agreement With Banclogix Worth $7.1m
- KVB Kunlun has leaned on a familiar partner to extend a three-year services agreement worth $7.1 million.
KVB Kunlun Financial Group Limited has entered into a new technology services agreement worth upwards of $7.1 million with Banclogix, a wholly-owned subsidiary of KVB Holdings, following an existing relationship between the two entities, per a recent KVB statement.
The new information technologies services deal will take place over the next three years, with Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term being made on December 31, 2016, 2017, and 2018. Previously KVB and Banclogix had entered into a duality of agreements back in early 2014 and December 2015, which have since expired.
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In particular, the KVB/Banclogix deal will see the latter providing software development and maintenance services, as well as information technology infrastructure project management services and information technology infrastructure maintenance services to KVB over the duration of the next three years.
Terms of the deal
For its part, KVB has paid an upfront fee of $451,279 (HK$3.5 million) to Banclogix for its software licensing agreement, which also includes an additional sum of $2.1 million (HK$16.5 million) for information technology services rendered, due by December 31, 2016. Moreover, the following two years will also see KVB pay a total of $5.0 million (HK$39.0 million) by December 31, 2018 for the aforementioned services provided by Banclogix.
The primary impetus behind the deal was KVB’s desire to bolster and improve its information technology infrastructures as well as its capabilities – Banclogix’s services suite has been supporting KVB for the past several years, which has helped mitigate any interruptions to its technology infrastructure.
KVB Kunlun Financial Group Limited has entered into a new technology services agreement worth upwards of $7.1 million with Banclogix, a wholly-owned subsidiary of KVB Holdings, following an existing relationship between the two entities, per a recent KVB statement.
The new information technologies services deal will take place over the next three years, with Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term being made on December 31, 2016, 2017, and 2018. Previously KVB and Banclogix had entered into a duality of agreements back in early 2014 and December 2015, which have since expired.
The new world of Online Trading Online Trading Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Online trading represents the trading of fiat currencies, digital currencies, commodities, stocks and indices, where traders and investors intend to make a profit, via the purchase or sale of the aforementioned products. This is done through an electronic network, made accessible by brokers in the form of an online trading platform or hub.Online trading continues to see a rapid growth year on year, due to a number of reasons. Firstly, the number of brokers offering their services, with more mone Read this Term, fintech and marketing - register now for the Finance Magnates Tel Aviv Conference, June 29th 2016.
In particular, the KVB/Banclogix deal will see the latter providing software development and maintenance services, as well as information technology infrastructure project management services and information technology infrastructure maintenance services to KVB over the duration of the next three years.
Terms of the deal
For its part, KVB has paid an upfront fee of $451,279 (HK$3.5 million) to Banclogix for its software licensing agreement, which also includes an additional sum of $2.1 million (HK$16.5 million) for information technology services rendered, due by December 31, 2016. Moreover, the following two years will also see KVB pay a total of $5.0 million (HK$39.0 million) by December 31, 2018 for the aforementioned services provided by Banclogix.
The primary impetus behind the deal was KVB’s desire to bolster and improve its information technology infrastructures as well as its capabilities – Banclogix’s services suite has been supporting KVB for the past several years, which has helped mitigate any interruptions to its technology infrastructure.