'Indian IT experts use Singapore to venture into ASEAN'
Singapore: More and more Indian IT companies are using Singapore's financial ecosystem to launch their products and services into ASEAN markets, according to an industry expert.
"Incentives offered by Singapore's Economic Development Board (EDB) excites and prompts large and midsize companies to consolidate their treasury operations in the city state and venture across the South East Asian region," said Deep Singhania, who has spent over 30 years in the IT industry.
EDB, a trade promotion state agency, offers Finance and Treasury Center (FTC) incentive, while Singapore has emerged as a regional risk management and treasury hub, he said of the city state which is now an acclaimed asset and wealth management centre.
Singhanias Singapore advisory and consultancy company AugmentSol, is already leading a number of Indian companies to expand in SouthEast Asia using Singapore as the base.
AugmentSols latest venture is with IBSFintech, the recent winner of reputed Adam Smith award in the world of corporate finance and treasury.
In 2017, IBSFintech took charge of Maruti-Suzuki's treasury and trade finance, starting with investment tracking. It also took charge of forex treasury operations of Olam Agro India, subsidiary of Singapore-headquartered Olam International.
It will be marketing the same product across the region. Another leading Indian IT group venturing out of Singapore to the global market is MindLogicx, a knowledge engineering and R&D company from Bengaluru.
Mindlogicx is establishing a global headquarter in Singapore and has globally launched its anti-fraud examination system, IntelliPAD a month ago in Singapore for the global examination world.
Designed to stop leakage of examination papers, Singhania sees IntelliPAD reaching out to the world's top universities with its 'Just in Time' question paper delivery on specially designed devices as a most secured way in managing high-stake examinations.
Singapore's strong financial risk management and patent protection along with the strong ecosystem of incubators and VCs, gives comfort to these "highly IT sensitive" fintech and technology companies to bloom their incubated innovations for multinational corporations seeking the latest in advanced technologies to guard their data and assets, he said.