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India-based core systems supplier, Idealinvent, has set its sights on South East Asia after forging two new partnership agreements in the Philippines and Indonesia. The vendor now has an office in Singapore and is looking for its first customer. There have also been new projects in Europe for the vendor.

Indian core banking system vendor, Idealinvent, is looking to tap into the South East Asian market after signing two new partnership agreements in the Philippines and Indonesia. The former is with QNX Solutions, a system integration company which already has relationships with other core system vendors such as 3i Infotech, and the latter is with HBM, an integration company specialising in data management. 

Premkumar Bhagwatsaran, CEO at Idealinvent, says that the vendor has adopted a partnership strategy, with the intention of broadening its horizons in Asia and Europe. As well as the partnerships in Singapore and Indonesia, he adds that Idealinvent is negotiating with potential partners in Vietnam, and hopes to strike similar agreements in Cambodia, Laos and Burma. 

Bhagwatsaran explains that the opportunities in the Philippines are different to those in Indonesia, given the different state of the banking infrastructure. ‘In the Philippines, we are talking to banks for accounts and deposits functionality, whilst in Indonesia, we are looking more on the data management side,’ he says. Indonesia is more of a closed-shop as the major banks have the vast majority of market share, but in the Philippines, he feels there is opportunity for Idealinvent’s ConnectCore system, launched in 2011 (IBS, June 2011, Idealinvent launches new ConnectCore core banking system). ‘We are working with one bank here. We have moved into a proof of concept phase with them for cards and deposits.’ 

Meanwhile, Idealinvent has also extended its partner strategy in parts of Europe. Bhagwatsaran says that the vendor has recently completed a project with a bank in Moldova, delivered through its partner there, for its direct banking module. It has also had a multi-bank deployment of its card management module of ConnectCore in the Nordic region, delivered through another partner on a hosted model. ‘The first bank went live at the end of November and it will do the entire card accounting on ConnectCore.’

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by Darshana Adanwale