(Yicai) May 31 -- Shares of Sunline Tech rose after the Chinese financial technology services provider said it would provide core management systems to Thai lender Siam Commercial Bank.

Sunline [SHE: 300348] was trading up 3.9 percent at CNY7.25 (USD1) as of lunch break in Shenzhen today.

The deal, which is expected to bring Sunline a total revenue of USD49.6 million, includes the supply of core management systems and related maintenance services to Siam Commercial Bank, the Shenzhen-based company announced yesterday.

Signing the agreement with Siam Commercial Bank will have a benchmark effect on the application of Sunline’s core products in Southeast Asia and a positive impact on the company’s overseas market expansion and operating performance, Sunline noted.

Siam Commercial Bank was a client of Sunline in the past three years, the latter pointed out. In 2021 alone, the Chinese firm earned a total of CNY39.9 million (USD5.5 million) from the lender.

Founded in 1907, Bangkok-based Siam Commercial Bank has a market capitalization of around THB104 billion (USD2.8 billion). It specializes in offering deposit and loan services to individuals and small- and medium-sized enterprises.

Sunline is a fintech firm providing technical services for the digital transformation of commercial banks. Its main product is offering solutions for banks’ core businesses.

Over 96 percent of Chinese banks with assets of more than CNY500 billion (USD69 billion) were Sunline clients as of the end of last year, according to the company’s latest annual financial statement.

Sunline has been offering services to Southeast Asian lenders for more than seven years, with its revenue from overseas business accounting for 6.5 percent of the total revenue last year.

Editor: Futura Costaglione