Tata Consultancy Services (TCS) has strengthened its Korean presence through a business cooperation agreement with Korean IT services and systems integrator, TongYang Systems Corp (TYS). In a press release, the company informed that together, they will target the local market, specifically in banking, finance and insurance and better execute larger projects that need localisation. TCS regional director-Asia Pacific, Girija Pande said: “The large projects are mainly in the space of re-engineering in financial services and manufacturing.”

Mr Pande further told FE: “This tie-up is a strong signal of our commitment to Korean and Asia Pacific markets. TCS is already present in China, Taiwan, Hong  Kong, Australia, New Zealand, Malyasia, Singapore, Japan and Korea. We are now looking at expansion into Indonesia, Thailand and Philippines.” This partnership brings benefits and competitive advantages to the Korean market by blending TCS’ project execution and developmental capabilities, with TYS’ experience and knowledge of the local market, according to Mr Pande. 

The wider range that will now be available in Korea, includes TCS’ proprietary  product offerings in financial services space, mainly in banking, core banking, insurance, custodial services and depository. The agreement will provide CMMIr and P-CMMr maturity level 5 quality standards to Korean customers. At present APAC including India accounts for about 15% of total revenues of TCS and it is growing at a healthy rate, according to Mr Pande. 

TCS will make available to TYS its development tools and methodologies and ramp up R&D efforts to improve local software development and implementation processes. “This partnership will increase both parties’ abilities to expand and exploit opportunities in providing leading IT services to progressive Korean organizations,” said Ja Hong Ku, CEO TYS. TCS’ global customers in the financial services industries include SIS: Switzerland, STRATE: South Africa, NSE: India, NSDL: India, Canadian Depository, Kuwait Clearing and Company, Deutsche Bank, ING Group, AIG and AXA Insurance.