Currently, the most severe product that Chinese financial industry is facing is obviously to confront the competition from foreign-funded financial institutions in China market. Active application of information technology has become a must for domestic financial institutions to face the international challenges. Intelligence and individuality wil be the only way for the development of the financial industry. The booming of Chinese financial institutions in financial informatization construction field has also drawn the attention of Singapore information and telcom enterprises and Singapore government to such transformation. This was originated from the "Singapore Solutions Centre" established in Shanghai lately, as the result of collaboration between IDA and SiTF, which symbolizes Singapore information and telecom enterprises have entered a new development phase in China market.
Financial informatization forces from the Lione City
As the country with highest IT popularization in Asia, Singapore is not only one of the most important financial hubs in the world, Singapore foreign exchange market is also the fourth biggest exchange market around the globe. Currently there are over 700 local and foreign financial institutions that are providing various kinds of financial products and services in Singapore financial market, including trade finance, foreign exchange, derivative products, capital market activities, loan enterprises syndicate, insurance, enterprise mergers and acquisitions, funds management, security exchange, financial consultation service and professional insurance services. The output value of the financial service industry currently accounts for 11% of GNP in Singapore.
During the past two decades, the experiences and expertise of IT solutions developed by Singapore information and telecom enterprises for Singapore government, enterprises and overseas clients have received extensive recognition in the world. The World Economic Forum listed Singapore as the country with the highest IT popularization globally after USA in the global information technology report 2003-2004. Currently there are 3/4 enterprises in Singapore that are using internet to carry out their business. Many excellent and major financial institutions have breathed new life to the financial market in Singapore, while many information and telecom enterprises with a spiriti of innovation and rich experience in Singapore are also cooperating with banking and insurance customers to customize multi-tier and intelligent financial system solutions.
Currently Singapore information and telecom enterprises are serving clients in financial service fields in Asia, Europe and America. For example, the collaboration between Commerce Exchange System Company and Bank of Sri Lanka has made the new system of the bank can process all transaction activities involving loan parties and loan transactions of the bank.
From finger to fist
"Singapore Solutions Centre" not only leaves a deep mark of Singapore for Singapore information and telecom enterprises, but also enable higher identification and competency of Singapore companies. "Singapore Solutions Centre" also has the powe to undertake projects in different sizes and complexity by supporting Singapore information and telecom enterprises and building industrial groups. For Singapore information and telecom enterprises, the establishment of "Singapore Solutions Centre" turns Singapore enterprises which have been operating individually in exploitation of China market from fingers to a fist, which makes these enterprises more competitive in China market.
Currently 16 enterprises which have joined "Singapore Solutions Centre" have formed into 4 groups, respectively led by leading enterprises with rich professional expertise and experience in four fields: financial services, intelligent transportation, logistics management and medical care. All Singapore enterprises in "Singapore Solutions Centre" will provide serial and integrated solutions that supplement each other. With the successfully experience of Singapore information and telecom enterprises in global information and telecom market, these enterprises will enhance the competitive power of their companies by making more Chinese customers using these solutions.
As a leading enterprise in the financial service field, IPACS already has customers in several major banks in China, with over 130 implemented projects in total. As an all-round computer software development and system integration service provider, The products, solutions and professional consultation services currently provided by IPACS in China's financial service market have received recognition from more and more Chinese financial institutions. Currently the complete system solutions provided by IPACS to domestic enterprises in China cover services such as network construction, software development, system integration, information consultation, network security and e-commerce etc., and has rich customer resources and successfully application cases in China. According to Mr. Sing Lam Wong, president of IPACS, this is the reason why IDA chooses to work with IPACS and makes it the leading enterprise to guide the financial service alliance.
A window to China's financial market
Mr. Sing Lam Wong said, very few governments would operate their government like operating an enterprise as Singapore government does. Maybe it's because of this attention and motivation of Singapore government and IDA for Singapore information and telecom industry, that IPACS finally joins "Singapore Solutions Centre", and becomes a key member, but that's not the whole story.
For Mr. Sing Lam Wong, president of IPACS Singapore with already 13 years of successful experience in China's financial informatization market, the entry into China among the first agents of IBM in China during those years made him see a financial service market with huge potentials, while the establishment of "Singapore Solutions Centre" in Shanghai on Apr. 20 this year let him see more opportunities belonging to him in this market he's been working for over a decade.
Win-win with customers and alliance partners
Mr. Sing Lam Wong jokingly called himself as the "alliance leader" of financial service alliance, but comparing with Kungfu alliance leaders in martial arts novels that are very powerful and can give orders to all leaders in the world, IPACS is rather contributing. President Sing Lam Wong said: "In order to be able to bring systems and solutions of other Singapore enterprises in the financial service alliance into China, IPACS not only uses its own sales channels, but also has to dispatch its own technical staff to jointly develop solutions that suits China market.
