Jayafar Moidu, CEO, JMR Infotech,

IBS Journal speaks to CEO of JMR Infotech, Jayafar Moidu, about the firm’s plans for the future, its ongoing relationship with Oracle and its plans to break into the banking systems market proper

Implementation partners extraordinaire, JMR Infotech, has had a good 2017. The firm, which has held a long-standing partnership with Oracle FSS, has spent a lot of time developing its own in-house systems, as well as carrying out its deployment mandates. Jayafar Moidu, CEO of JMR Infotech, tells IBS Journal that the firm has been “keeping things quiet” as well as “making some noise” in the creation of its own bespoke banking solutions.

“As far as our core business strategy is concerned, we have close to 167 clients across the globe, from APAC to the Americas,” he says. The firm isn’t ready to sit on its laurels, though. “We have major growth plans. We have set ourselves a long-term target spanning two decades, and there is a blueprint and underlying strategy in place to help us become a top-ten player in the world.” JMR plans its first major milestone in 2022, when the firm will be performing an IPO. It plans to do so in India first, but aims to become a billion-dollar company by the time the offering rolls around. Moidu acknowledges that the goals are “humungous” but stresses that JMR is more than ready to “gun for them”.

Part of that growth will be increased access to new markets. “It’s no good sitting in one country when you want to work in another,” Moidu says. “Increasing your presence enables you to find those deals and know what’s going on.” Expansion is a key part of JMR’s strategy going forward, and “a number” of new countries are being considered, among them Japan. “Japan is a very conservative market and one that isn’t easy to open up. Once you open it up, though, it’s a big market in which you can grab some big-ticket deals.” JMR is working with some major Japanese investment firms to make this a reality. A goal for the coming years, says Moidu, is for JMR to have an established presence in 150 countries.

Innovation on the cards

Like many companies in the industry, another key part of the JMR strategy is innovation. The firm is continually investing in building out its own bespoke solutions. “We have set up an innovation lab and the focus is on looking at creating a new global solution with real commercial viability and a game-changing style.” Moidu is extremely keen to emphasise his confidence in what JMR is building. “Put me in a meeting with any CEO and in 30 minutes I am confident I could walk away with a deal on the table.” It’s not just about new systems though. JMR aims to offer its clients “continual portfolio renewal” and check which systems could be due a sprucing up and which are being outdone by the competition. “It’s simple: for us to win, the competition has to lose. To do that we have to keep looking at our portfolio.”

While JMR might be looking to expand its own products, the firm is also keen to strengthen its ties with Oracle, the creator of Flexcube.  “We are almost there with technical competencies and by 2018 we should be reaching that new level”. JMR has also turned heads at Swiss core banking vendor Temenos, which has approached the firm for its integration services. “Temenos has a good market share and an excellent model, it is always looking for new partners, and it’s a two-way process. JMR is one of the largest integrators in the world and we offer an end-to-end service.” Expansion like this gives JMR Infotech the chance to sell its services in markets in which Oracle cannot reach but Temenos can.

To Moidu and JMR, there is a huge level of potential in the unbanked segment of the global market. “When you look at the population of the world, maybe around four billion people are underbanked. We are targeting Africa, LATAM and the Pacific, setting up initiatives to target the underbanked and unbanked in these areas.”

Expansion into different industry verticals is also on the cards for the vendor. “As part of the overall storyline, we feel that the time has come for us to look at other industries to drive the growth we seek.” JMR is actioning the development of operations in health, education and manufacturing, as well as several other industries. Moidu adds: “in any industry, the key is creating a strong niche.” Make no mistake, JMR Infotech is taking steps to carve itself one from 2018 onwards.

by Alex Hamilton
Alex is Senior Reporter at IBS Intelligence, follow him on Twitter or contact him at: alexanderh@ibsintelligence.com