Misys Opens Centre of Excellence in Beijing in Response to Significant Growth in Chinese Business
No.1 for capital markets in China stepping up investment in R&D and people
Misys plc (LSE: MSY), the global leader in treasury, capital markets and banking software solutions, today officially opened a new centre of excellence in Beijing, the latest of six such facilities the firm has worldwide. Misys invests approximately 20% of global revenues back into research and development each year and the new centre will allow the company to design and develop solutions to address local market requirements and service its expanding client base in China and the Asia Pacific region.
Misys has over half its employees in Asia, serving nearly 400 customers in the region and 1,300 customers globally, including the world's top 50 banks. The company has had a presence in China since 1993 and in Asia for over 30 years. In China the employee base has doubled in the last year with plans to grow it to 300 in the next year to support its expanding customer base and a new graduate program is being introduced at the Beijing centre. Misys has more than 40 customers in China, including Agricultural Bank of China, Bank of Communications, Bank of China, China Construction Bank, China Development Bank, China Everbright Bank, and Industrial and Commercial Bank of China.
Misys has become the leading provider of technology solutions to China's growing banking and asset management industries, supporting Chinese banks as they continue to globalise their operations and expand internationally. The company has also used its international presence and experience to provide solutions and support for global banks planning to expand their businesses into China.
Mike Lawrie, Chief Executive Officer for Misys, said, "We have been a committed partner to China's rapidly growing financial services sector for nearly two decades, working alongside all the leading players. The opening of our new centre of excellence in Beijing is extremely exciting as it reinforces our long-standing commitment to R&D and means that we can take our local investment and market knowledge to serve Chinese and international banks more effectively in the country."
Ed Ho, Executive Vice President & General Manager, Treasury & Capital Markets, commented, "The financial services sector in China is facing many of the same challenges as clients in other regions, such as increased regulatory scrutiny as a result of Basel III. We have been able to provide financial institutions in China with comprehensive solutions to deliver a high standard of risk management systems in response to the China Banking Regulatory Commission's requirements. Another example is how we have supported the roll out of innovative structured products with our award-winning derivatives trading solution, which allows far more sophisticated functions than traditional systems."
Mr. Ho continued, "Most recently, we have worked with a number of banks to develop innovative systems to support the growing demand for more complex products, such as interest rate swaps in RMB. The fast-paced growth in wealth management in China is another area where we have been able to bring our vast global experience to bear in developing strong localised risk management systems."
Recent new clients in China include Shanghai Pudong Development Bank, Shin Han Bank, Harbin Bank, China Bond Insurance Company, Chinese Mercantile Bank and Ning Bo Bank.