Malaysian banks hot on outsourcing
More banks in Malaysia are reportedly outsourcing their non-core
operations or services in a bid to help gain operating efficiencies and
reduce operating costs.
Malaysian service provider Symphony House has formed a joint venture with
Singapore's OCBC Bank which aims to provide outsourced services for
processing of cheques among Malaysian banks.
Symphony already provides application software development, computer
solutions, IT services and share registration.
The joint venture will pool in resources and expertise from both parties.
More importantly, the joint venture targets not only Malaysian banks but
the Singaporean market as well.
According to Symphony, the potential size of the outsourced cheque
processing market in Malaysia is large, with an estimated total volume of
over 650,000 cheques presented for clearing each day.
In the case of Symphony and OCBC, it is targeting clients that want to
engage in nearshore offshoring.
