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SINGAPORE : The banking and financial services sector in Asia looks set for further growth, as economies in China and India continue to hum along. And big global banks are among those seeking a bigger pie of the market.
Big global banking names have been seeking to grow their presence in Asia - to tap into booming growth here. And as they relocate more resources here, they have been pumping money into their IT infrastructure.
Merrill Lynch, for example, increased its IT budget by 60% during 2005 and 2006. And it's not exactly about to tighten its vaults when it comes to tech spending.
"The slowdown in the US economy is actually getting us to focus more on Asia. We're leveraging some of our talent in India; we have a large technology function in India today. We have over 1,000 staff based there and in Singapore. We're beginning to leverage more talent in this region over and above other locations around the globe," said Stewart Carmichael, Chief Administrative Officer, Merrill Lynch Global Services.
Merrill Lynch is eyeing more opportunities in markets such as South Korea, and it will need the technology to support the push. But the demand for better and more efficient IT system is not just coming from the big global names.
Singapore-based computer systems builder Datacraft Asia said the Asian banks are also seeking to introduce more high tech services. One of its clients, an Indian bank, is looking to grow its mobile services.
"There are 100 million new bankable people coming on stream in the next five years, and the race is on to support them. This (Indian) bank currently has 40,000 branches in India and is looking to expand through mobile branches," said Andrew Cooks, Director of Datacraft Asia.
As China and India open up their banking sectors further, analysts said they expect to see growing demand for a more efficient and comprehensive IT infrastructure, and that means more money on IT spending. - CNA /ls
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