Thiruvananthapuram, Nov 18 (IANS) SunTec, the city-based provider of pricing and centralised billing solutions, has been selected as a winner of the Red Herring 100 Asia award, given to promising technology companies in industry innovation.

SunTec chief executive K. Nandakumar received the coveted award at the Asia Red Herring 100 conference at Shanghai earlier this month.

Red Herring is a global media company that brings out a technology magazine, runs an online technology news service and publishes technology newsletters.

In a statement issued here Wednesday, SunTec said it was an honour to be selected as a Red Herring 100 winner.

'Relationship-based pricing is among the most innovative technologies that have dawned on the banking and financial services industry in the last decade. The award comes as an endorsement of our efforts in innovation,' said Nandakumar.

Red Herring chief executive Alex Vieux said though it was a difficult year for companies across the globe, the list of nominations from Asia-Pacific was impressive.

'Throughout these years, SunTec has built an impressive client base, competing with giants in the transaction pricing and billing space. They will certainly outgrow the marketplace and become a formidable force in future,' he added.