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L&T Infotech Ltd on Tuesday opened a new centre in Singapore, intensifying focus on wealth management technology for its clients, mostly in the banking and finance sector.
“The decision to start our operations in this strategic business hub (of Singapore) is a part of our global strategy to strengthen and accelerate our Asia Pacific focus,” said L&T Infotech chief executive officer, Mr Sudip Banerjee.
The Centre for Excellence for Wealth Management and Technology would be serving international clients operating out of Singapore, including Citi Corp, Barclays and Credit Suisse.
The company was earlier operating in Singapore through a branch office which was opened in 2002. Addressing reporters at the inauguration of the centre, Mr Banerjee said the Singapore centre would eventually be a hub for the Asia Pacific region, supplementing L&T Infotech operations in Melbourne, Pusan and Tokyo.
He projected 30 per cent year—on—year growth for L&T Infotech, adding that the company would expand operations through organic growth as well as seek out new acquisition opportunities.
At present, 65 per cent of L&T Infotech earnings come from the United State market, where it has two major centres, 20 per cent from Europe through its three offices and six per cent from Japan and South Korea. Rest of the earnings come from South Africa, the Middle East and Singapore.
Mr Banerjee said L&T Infotech is increasing its business in India, especially by securing contracts with the Railways and Education.
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