Swift sets up direct presence in India
10 December 2007 | 7327 views | 0
Financial messaging network Swift has responded to growth in payment and securities traffic from the Indian subcontinent by establishing a regional financial hub in Mumbai.
The Brussel-based co-operative says it is strengthening its presence as a direct result of the sustained growth and development of the financial services sector in India, and in particular the proliferation of international relationships between Indian financial institutions and counterparties worldwide.
The Indian subcontinent is already an important region for Swift, with 201 user institutions, of which 92 are in India. Growth in Swift financial messages from the region was a solid 19% in the year to October 2007, and is expected to accelerate in 2008. While payments messages represented 58% of total messages in the year to October 2007, securities message traffic grew at the fastest rate, at 37% for the region.
Ian Johnston, head of Asia Pacific, Swift, comments: "The financial industry in India is changing fast. Swift is now here, on the ground in the key city in the region, to help the community respond. Developing financial markets in emerging markets is a critical element of Swift's 2010 strategy, and our growing investment here reflects that commitment."