Asia Pacific financial firms increasingly consider outsourcing

A number of financial institutions in the Asia-Pacific region are outsourcing their information technology functions to cut cost and maximize business value. In a press statement, Gautam Verma of Thomson Reuters said that many financial institutions in the region are outsourcing to reduce the cost of owning technological assets and mitigate the rising costs of compliance. With many banks in the Asia-Pacific region looking for third-party IT providers, IT outsourcing is becoming a fast-growing and profitable sector in the region’s financial technology business. A Thomson Reuters report said that the majority of financial institutions in the region are offloading non-core, back-office operations to third-party service providers so they can focus on core banking activities.