Financial Daily from THE HINDU group of publications
Wednesday, Dec 08, 2004
Financial Daily from THE HINDU group of publications Wednesday, Dec 08, 2004 |
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Info-Tech
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Software i-flex to set up facility in Moscow Our Bureau
Bangalore , Dec. 7 BANKING product and solutions company i-flex Solutions plans to set up a development centre in Moscow in another 18 months. "In the next 12 to 18 months, Moscow should be ready in terms of scale (of operations) and maturity to be on our offshore map," the i-flex Solutions BV Chief Executive Officer, Mr V. Senthil Kumar, told Business Line. i-flex had last week announced that it had set up an office in Moscow. It also said that i-flex plans to use the region as a base for talented software development resources. It recently sold its flagship product, Flexcube to International Moscow Bank. Mr Senthil Kumar said the Moscow office will be developed as a hub to service all the 12 CIS (Commonwealth of Independent States) countries. He said i-flex is currently negotiating with three more banks for deploying its products. He said there was a large potential because most of the banks there are trying to get into retail business. There are more than 250 banks that are potentially gearing up to replace their core banking technologies. "There is huge savings to be made in terms of cost," he said. He said the Central bank there is the world's largest employer with around 80,000 employees working for the bank. i-flex had also sold its earlier banking solution, Microbanker in the early nineties to Russian banks. Some of the banks such as ICICI Bank is looking at the possibility of setting up a bank there, he said. The Canara Bank-State Bank of India joint venture already has a bank in Moscow. Mr Senthil Kumar said skill sets in Russia was of high calibre and the software engineers were extremely good at mathematical models.
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