The Hindu Business Line : TCS bags $3-m deal from Philippine Depository

TATA Consultancy Services Ltd has won a $3-million contract from Philippine Depository & Trust Corporation (PDTC), a subsidiary of Philippine Dealing System Holdings Corp (PDS).

This engagement forms part of a larger growth strategy for TCS in Asia- Pacific, with the TCS group taking a strategic 10 per cent stake, at par, in PDS for a consideration of about $0.9 million, said TCS in a news release today.

The contract is for implementation of a depository, registry, clearing and settlement systems for the equities and fixed income securities market in the Philippines, the company said.PDS is Philippines' electronic platform for trading, clearing, depository, registry and custody of fixed income securities.

Under the terms of the contract, TCS will implement its eClearSettleTM software, a comprehensive solution for depositories, clearing organisations, transfer agents and central banks.

Recently, the Bangko Sentral ng Pilipinas (Central Bank of Philippines) initiated a series of market reforms of which PDTC, together with the other projects under the PDS Group, will play active roles.

"This landmark deal in the Philippines is part of our growth plan in the Asia- Pacific region," said Mr Girija Pande, Regional Director, Asia-Pacific, TCS.