Payments solution provider Fundtech has moved into the Asian market with the opening of a Singapore office. The New Jersey-based company says it plans to establish a strong presence in the region and build local teams to sell and support its product set.
"There is an increasing demand for cash management and e-payments products and services in Asia due to rapid economic growth in these nations," says TowerGroup research director Rajeev Agarwal. "Global and local banks are looking for sophisticated, but easily customisable solutions because each Asian country has a different infrastructure for payment clearing and settlement."
The Bank for International Settlements, the World Bank, and the Asian Development Bank are driving implementation of payment systems based on the RTGS (Real-Time Gross Settlement) methodology in most Asian countries. Seven Asian countries already have or are planning implementation of large-value RTGS payment systems, and four others are developing such systems.
"With Singapore as the new gateway to this market, we feel that it was important to position ourselves to realise the full potential of the opportunities in China and the rest of Asia," said Reuven Ben-Menachem, chairman and CEO, Fundtech.