The Hindu Business Line : Laser Soft eyeing West Asian markets

The Chairman and Managing Director of the company, Mr B.S. Kamath, told Business Line here on Monday that the company wants to acquire at least 10 per cent of the market in those countries in the next three to four years.

Terming West Asia as a big market for banking software products, he said that though the market was dominated by European and British companies earlier, their products are aging now. Indians have lot of opportunities there in such a situation.

He said his company is ready with Islamic banking products to cater to the needs of West Asian customers. The core banking system (CBS) of the company has been implemented in Bank Muscat at Bahrain, and is under implementation in Bank Muscat at Oman.

The company is also planning to export its products to Africa, Europe and the US in future.

Mr Kamath said that Laser Soft is preparing software products for the insurance sector. The company has hired some experts in the insurance sector for this purpose. "Basic work is being done in this regard," he said.

Earlier addressing presspersons, he said that CBS solution of the company drastically reduces the implementation and running costs.

The solution runs with lowest networking bandwidth.

The company's products are running in 7,000 outlets of various banks and handle transactions totalling around Rs 7,000-crore a day.

Corporation Bank and Andhra Bank have adopted the Laser Soft's CBS for their operations.

In Corporation Bank, CBS has been implemented at the lowest possible cost, Mr Kamath said.

The technology developed by the company could support the banks even in case of consolidation in banking industry as the centralised CBS is capable of handling tens of thousands of branches, he said.