Golden Era for Domestic General Ledger Systems
The financial technology innovation and transformation sector in China has made significant progress, aligning with national digital economy policies and financial regulatory guidance. Since 2020, this sector has transitioned from a pilot phase to an accelerated construction phase.
The necessity for the digital transformation of accounting has become increasingly evident in the digital era. The Ministry of Finance of China’s "Accounting Informatization Development Plan" promotes the active digitalization of accounting and the establishment of a national accounting informatization development system that meets contemporary demands. With the new Accounting Law coming into effect on July 1, 2024, accounting informatization has been incorporated into legislation for the first time. This legal milestone, combined with technological advancements, marks a new phase for accounting digital transformation.
Amid these developments, financial institutions urgently need to integrate financial digital transformation with technological autonomy. The general ledger system, as the core of the accounting information system, is a primary focal point for autonomous and controllable transformation and upgrading in this extensive top-down initiative.
From the perspective of market bidding, banks' progress in financial technology innovation varies. Leading large banks have entered the deep waters of this transformation, aiming to complete their overhauls by 2027. Meanwhile, small and medium-sized banks are following closely, with a long-tail effect gradually emerging. The general ledger system has become a focal point of digital transformation in the banking industry this year.
According to incomplete statistics, by June 2024, the number of bidding projects for general ledger systems in the banking sector has already surpassed the total from last year. Most of these projects are from provincial-scale city commercial banks, rural commercial banks, and rural credit cooperatives. As small and medium-sized banks fully advance their financial technology practices, the demand for upgrading general ledger systems is expected to continue surging in the future.
A Decade of Cultivation, the Trusted Choice of the Industry
Sunline, after years of technical accumulation and practical refinement, has meticulously crafted a new generation enterprise-level general ledger system integrating functions such as measurement, accounting, management, and analysis. This system fully supports domestic software and hardware environments, achieving compatibility and certification with mainstream domestic databases, servers, and middleware. It has gradually established a mature technological roadmap based on financial technology innovation, constructing a secure and controllable ecosystem.
During this period of explosive demand, Sunline's "Enterprise General Ledger" system has become the trusted choice for financial institutions seeking digital and domestic upgrades in general ledger management.
In the past two months alone, the product has secured four consecutive contracts, winning favor with a trillion-level city commercial bank in central China, a provincial-level rural commercial cooperative bank, a leading provincial-level rural credit cooperative, and a top agricultural commercial bank in South China. Simultaneously, general ledger projects have entered an intensive rollout phase. Besides assisting a joint-stock bank in May to smoothly transition to a domestically produced system across the entire bank, Sunline has also recently launched general ledger systems in collaboration with two other banks. Furthermore, these solutions were recently selected for the Ministry of Industry and Information Technology's 2023 list of innovative information technology application solutions, highlighting their outstanding advantages in technology, architecture, and industry experience.
Over the past decade, Sunline has reaped abundant fruits of its labor. The "Enterprise General Ledger" system, honed over nearly ten years, has consistently led in bid-winning rates, commencement rates, and delivery completion rates, successfully establishing numerous industry-leading benchmarks. To date, Sunline has implemented the Enterprise General Ledger system for over 60 financial partners, spanning policy banks, joint-stock banks, city commercial banks, rural commercial banks, asset management companies, consumer finance companies, and more. This widespread adoption reflects a comprehensive flourishing and multiple breakthroughs across various sectors.
"Product + Implementation" Dual-Driving Leads
Sunline's "Enterprise General Ledger" system leads the industry due to its outstanding product capabilities and professional implementation expertise.
This general ledger system adopts an advanced architecture of microservices + distributed systems, offering unique flexibility, scalability, and stability. It enables rapid response to product innovations and supports enhancements in internal banking operations management and future business expansions. Moreover, the system boasts powerful functionalities, including:
Standardized Accounting Model: Presets accounting measurement and rules covering various business types such as loans, bond investments, interbank transactions, enabling comprehensive lifecycle accounting rule management.
Flexible Configuration of Accounting Rules: Features account-level accounting measurement and highly parameterized accounting engine capabilities, flexibly adapting to changes in regulations and tax rules, thereby reducing pressure on front-end system modifications.
Precision and Detailed Financial Data: Provides a scientific and robust data model, integrating comprehensive financial data to support the issuance of corporate financial reports, notes to the financial statements, and indicator data, facilitating easy penetration and traceability.
Near Real-Time Forecasting: Offers near real-time integration and processing of accounting data to meet monthly closing and annual financial statement needs.
End-to-End Monitoring: Monitors the entire accounting process with risk alert functionalities, aiding in mitigating risks associated with day-after reconciliation adjustments.
The Sunline project team has recently delivered three projects with exceptional quality, earning high praise from clients over the past month and a half.
For a joint-stock bank: Regarding the transition from the old to the new general ledger system, our main concerns were system compatibility and data consistency. The Sunline project team efficiently achieved seamless integration of the new system with the existing environment. Over a period of more than six months in parallel operation, they ensured complete data consistency and addressed limitations of the original system, thereby enhancing overall bank-wide accounting efficiency.
For a rural commercial bank: Faced with various financial and tax policy requirements, our focus was on ensuring compliance in loan business taxation and accounting while maintaining smooth and rational data flow. Sunline's Enterprise General Ledger system helped us achieve precise VAT separation and established detailed tax registers and loan sub-account management. This clarity and precision in loan business accounting streamlined our processes effectively.
For a local bank in Hong Kong and Macau: We dealt with the challenge of adhering to different accounting standards between the head office and mainland branches. The customized general ledger system from Sunline adeptly adapted to our multi-standard environment, enabling accounting based on local standards and flexible data conversion between local and mainland standards. This ensured efficient connectivity of financial information across regions.
Driven by both national policies and our own digital transformation needs, financial digitalization has become an inevitable choice for financial institutions. Sunline actively responds to this trend by focusing on developing a comprehensive "Enterprise General Ledger" system as part of our full-stack FinTech solutions. We are committed to facilitating secure and efficient financial digital transformation for financial institutions, contributing to the advancement of financial technology development.
About Sunline
Shenzhen Sunline Tech Co., Ltd., also known as Sunline, is a globally leading provider of financial technology solutions. Since its establishment in 2002, Sunline has been dedicated to offering comprehensive financial IT solutions for financial institutions, covering core banking, internet finance, data management, and administrative services. In the wave of digital transformation, Sunline has leveraged its outstanding technological prowess and profound industry expertise to provide robust support for numerous banks and financial institutions in their digital transformation efforts.
