19 Aug 2008
Fundtech has appointed Gil Gadot as managing director of Fundtech Asia-Pacific. Gadot is a co-founder of the company and most recently held the position of executive vice president and chief technology officer (CTO). He will oversee Fundtech's expansion in the region.
Speaking to gtnews, Gadot outlined three trends that have encouraged Fundtech's decision to expand its operations in the Asia-Pacific region. First, as Asian corporations have become more international and sophisticated in their expansion into other regions of the world, domestic banks are feeling the pressure to follow suit. "As domestic clients conduct business abroad, the banks have difficulties in continuing to service them in other geographies. Now they must start offering international business operations to these clients," said Gadot.
Second, there are now more western companies operating in Asia that are used to a certain level of service and sophistication from their home market banks. These companies are also demanding this service level from local banks. And third, large global banks, such as HSBC, Citi or Barclays, are bringing sophisticated tools and instruments into these countries and if local banks are to compete they need to upgrade their systems to offer the same products and services that global banks offer.
Gadot sees a market-readiness in Asia-Pacific that hasn't been there previously. "Seven years ago the Asian market was ready for localised solutions but not a global offering. Today the market is more mature."
At SIBOS, SWIFT's user conference in September, the company plans to launch a new product for the Asian market called Global Cash Plus, a cash management product. Based on TransactCentral, the new product will be equipped with global features and rules engine, as well as a financial supply chain component. "It is what we call 'end-to-end squared' - it is an end-to-end-to-end offering going all the way from the bank to the corporate through to the corporate's trade partners, whether suppliers or buyers. It is an offering that doesn't yet exist in Asia - a truly global cash management product that can service the bank and all its market segments," claims Gadot.
As part of its expansion strategy, Fundtech will continue to focus on countries where it has already established a presence, such as India, Singapore, Japan, Thailand, Malaysia, Philippines and Australia, but plans to keep an eye on China, which it believes is a strategic country. It has already partnered with a Chinese company, Digital China Financial Solutions, to sell its products in the country.
First published on www.gtnews.com
- Joy Macknight
- I am deputy editor at The Banker, a Financial Times publication. I joined the magazine in August 2015 as transaction banking and technology editor, which remain the beats I cover. Previously I was features editor at Profit & Loss, an FX and derivatives publication and events company. Before that I was editorial director of Treasury Today following a period as editor of gtnews.com. I also worked on Banking Technology, Computer Weekly, and IBM Computer Today. I have a BSc from the University of Victoria, Canada.