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"Financial outsourcing service is the best way to update the financial industry amid the global financial crisis," Yuan Yue, financial commentator and board chairman of the Lingdian Consulting Firm, said at the Beijing Financial Back Office Industry Forum on March 10.
A survey conducted by McKinsey & Company said outsourcing services, especially financial outsourcing services, are continuing to grow amid the global financial downturn. Five of the six giant financial groups surveyed said they would develop back office services despite the crisis.
Yang Peng, CEO of China Data Group, said the financial industry must focus on front office operations while leaving the back office work with specialized companies to sharpen their competitiveness.
Some outsourcing service providers said at the forum they would establish their businesses in Huaqiao, as the park is making efforts to win government support to facilitate the development of the financial back office industry. It would be an opportunity for Huaqiao to combine financial institutes and outsourcing service providers.
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