2nd August 2001
London - Reuters, the global news, information and trading technology group, today established a new financial software facility in Bangkok to maintain and enhance a number of its financial products.
The new unit will take over responsibility for the day-to-day support of a broad range of real-time financial applications for market data display, order-routing, transactional systems, market information servers and multi-language news processors.
These software applications, which are used by Reuters clients throughout the world, are currently maintained and developed in various centres including London, New York, and Tokyo. Reuters expects to achieve improved quality control by consolidating expertise on process, support and testing in one centre and also to reduce costs.
The new unit will start operations in the fourth quarter of 2001 with a small team of software developers from Reuters existing operations in Thailand. It is expected to grow over a three-year period to around 200 employees, the vast majority of which will be Thai nationals.
Staporn Kavitanon, Secretary General of the Thai Board of Investment, said: "Reuters decision to invest in Thailand represents a significant vote of confidence in the country's competitiveness in the IT industry."
Mike Sayers, Reuters Chief Technology Officer, said: "We're making a substantial investment in a technology base in Thailand because we've been impressed with the ability and willingness of Thai developers to take on complex software applications in a relatively short timeframe. This new facility will aim to be a best-in-class centre focused on the provision of high quality support and enhancement of our international range of financial software products."