Technology Spending Will Continue to Rise Among Asian Financial Institutions, According to Misys Southern Asia Market Forum
LONDON and SINGAPORE, March 15, 2013 /PRNewswire/ –
Technology spending will continue to rise among Asian financial institutions; this was
the overwhelming conclusion of the Misys Southern Asia Market Forum 2013, which bought
together over 100 representatives from 40 of the region’s leading financial institutions.
The high growth technology spending of financial institutions in Asia; accessible
banking platforms such as mobile and social channels; and turning regulatory pressure to a
bank’s advantage were among key discussions at the forum.
Michael Yeo, Market Analyst, IDF Financial Insights Asia Pacific, commented that IT
spending of financial institutions was up 4% worldwide in 2012. In Asia Pacific, this
figure was 7%, notably in the areas of core banking, risk management and CRM, and Yeo
predicts it will increase to 8.8% in 2013. The rise in high tech spending is evident in
Singapore, Malaysia, Indonesia and Philippines.
In 2013, there will be an uptake of forecasting and predictive modeling; as well as
mobile channels, which in Asia are likely to be driven by wealth management firms,
according to Yeo.
In the next two years, regulatory compliance software is likely to account for a large
part of financial institutions’ IT investment spending. Countries in Asia, such as Hong
Kong, Singapore and Malaysia, are starting to converge on how they deal with regulatory
demands. Due to the increasing number of compliance regulations and their growing
complexity, enterprise risk management departments are now receiving funding more easily
for their risk management software. It is becoming clear that financial institutions
consider collaborative risk management solutions a key component of their risk technology
Bret Bolin, CEO of Misys, states, “Misys provides solutions for more than 1,800 of the
world’s banks. We focus on the challenges these financial institutions face now and
partner with them to provide them with valuable solutions to help them meet the challenges
of the changing marketplace in which they operate. This two-day forum explored those
challenges and assessed how each of our solutions enables firms to serve their customers
better. We continue to evolve our solutions to add more and more value to our customers as
we help them meet their business needs and those of their customers.”
Misys operates 17 offices in Asia, including three development centres and two
recently opened offices in the Philippines and Vietnam. Approximately a third of the
firm’s new clients signed in the past year are Asia-based.
Misys is at the forefront of the financial software industry, providing the broadest
portfolio of banking, treasury, trading and risk solutions available on the market. With
1,800 customers in 120 countries our team of domain experts and partners have an
unparalleled ability to address industry requirements at both a global and local level.
Misys is able to address all customer requirements across both the banking and trading
book businesses. Misys is the trusted partner that financial services organisations turn
to for help solving their most complex problems.
Find out more at http://www.misys.com [outbind://35/www.misys.com ]
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