IBM Selected To Help China's Fujian Rural Credit Manage New Financial Products

International Business Machines Corp. (NYSE: IBM) said that it was selected by China's Fujian Rural Credit (FJRC) for its new storage infrastructure to help speed up deployment and raise efficiency of Internet. It would also offer cloud-based new financial apps like mobile banking, for the province's increasingly prosperous agricultural population.IBM said that with fast proliferation of the Internet, mobile communications, cloud computing and big data analytics technologies, FJRC expects a remarkable new market of diversified financial services for its rural populations. The company added that this new virtual storage system came in time for FJRC to maximize on the growing market opportunities.Selecting the IBM Spectrum Virtualize, the Chinese firm has quickly deployed innovative financial products as the old system or other storage products were not able extend support. The new services included convenient service outlets, mobile service vehicles, and mobile banking available to a broader community. FJRC has been able to issue over 70 percent of the annual loans for the province's agriculture households, and 40 percent for the in-province small businesses.The American firm said that facing over 14 million agricultural populations in the province, the Chinese firm now provided a complete range of commercial and retail banking services through its network of 67 rural credit unions, cooperative and commercial banks across the province. Shares of the company traded 0.04 percent higher on Tuesday.