Tata Consultancy to strengthen presence here [New Straits Time (Malaysia)]
(New Straits Time (Malaysia) Via Acquire Media NewsEdge) KUALA LUMPUR: AFTER being in Malaysia for over 16 years, Tata Consultancy Services (TCS), an information technology (IT) services and consulting firm plans to set up a regional support centre and Islamic finance centre of excellence (CoE) in Kuala Lumpur.
Its head of marketing and communications for Asia Pacific, Sean Davidson said the company will be investing some RM3 million to establish the support centre and Islamic banking CoE.
"TCS is aiming to bring together a set of advisors and specialists to creating a CoE for Islamic finance," he told Business Times.
Davidson said the nature of Kuala Lumpur's financial landscape and proximity to many of TCS' customers in the region is among factors contributing to the company's decision to locate here.
Earlier, TCS' universal financial services platform TCS BaNCS has been selected by the AmBank Group to replace its core banking engine.
With the addition of AmBank to the TCS BaNCS family of customers, Davidson said TCS' overall footprint in Asia is expanding while the number of customers focusing on Islamic banking is increasing.
"Since we are keen to support customers on as close to a real- time basis as possible, Kuala Lumpur with its strong vantage point location and financial orientation as a banking hub, emerged as a natural preference.
"The AmBank core transformation project involves both conventional and Islamic banking. This has been strategic for TCS BaNCS to enhance our presence in the region," he said.
He added that TCS will announce more details of its plan later.
On how TCS would benefit from its regional support centre and Islamic finance CoE in Malaysia, Davidson said the company believes both customers and TCS would benefit as such centres can support the product installations in the region and enhance the product richness and regulatory requirements on continuous basis.
"This is also a commitment in bringing investment to the region to foster growth and tapping market opportunities," he said.
Davidson, declining to disclose the value of the deal from AmBank, said the functional scope of the contract, which covers conventional and Islamic banking will support both retail banking and lending facilities.
"As in the case with other such core banking projects, TCS BaNCS will be executing a full life cycle implementation effort for AmBank.
"Such efforts will include a team formation and management for both TCS BaNCS and AmBank, project scoping and planning, setting and accomplishing objectives, breaking the overall engagement into phases to ensure quality of results along the way, and eventually full implementation of the TCS BaNCS universal financial solution," he said.
He also said TCS BaNCS has successfully accomplished similar engagements hundreds of times around the world for all types of financial services firms, and it looks forward to meeting and surpassing AmBank's requirement for growth going forward.
He said TCS BaNCS enables transformation in financial services through a superior and holistic site of solutions for banks, capital market firms, insurance companies and diversified financial institutions.
"Each solution in the TCS BaNCS family is designed to run as a scalable and robust service, fully integrated with existing business models, enterprise infrastructures and technology architectures," he said.
As part of the Tata Group, India's largest industries conglomerate, Tata Consultancy Services has over 226,751 of the world's best-trained consultants in 42 countries.
The IT services and consulting company generated consolidated revenues of US$8.2 billion (RM24.83 billion) for the year ended March 31 2011 and is listed on the National Stock Exchange and Bombay Stock Exchange in India.
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