Innovations Software Technology, an IT solutions provider and member of Germany-based Bosch Group recently opened its Asia Pacific headquarters in Singapore, aiming to strengthen its regional presence by housing one of its research and development facilities and its financial industry solutions.

Despite stellar growth forecasts for the Indian IT services market in the Banking, Financial Services and Insurance (BFSI) space—predicted to reach US$2.7 billion by 2013—the fiercely competitive market remains fragmented between a large number of providers offering the same services, according to Springboard Research.

Banks in the Asia Pacific region are expected to invest heavily on technology this year as transformative and long-term projects see new light after the recovery, an annual report by IDC Financial Insights reveals.

The Guangdong Rural Credit Union (GDRCU) in China recently went live with Tata Consultancy Services Financial Solutions’ BaNCS Core Banking technology, enhancing the institution’s financial system and innovating its core processes.

Thailand's Krung Thai Bank recently deployed a video-based collaboration suite from Cisco across its head offices, with a goal of reducing travel between offices and a future plan of extending its use to customers.

The technology initiative of the China Foreign Exchange Trade System (CFETS)—dubbed the Reminbi currency trading platform—for the Chinese inter-bank market has gone live early December, Tata Consultancy Services reports.

Having weathered the storm Asian banks look to capitalize on the expected inflow of investments into the region and put strategic IT investments back on the agenda.

Land Bank of the Philippines, the official depository of the Philippine government, has recently taken an optimization upgrade by deploying Blue Coat ProxySG appliances which aims to speed the delivery of key business applications across its 36 branches nationwide.