Research and consulting firm specialising in the field of IT application in the global financial services industry, Celent, has just announced the availability of its latest report, Card Systems in Asia: Market Trends and Software Providers, in which are detailed the offerings, technologies and market presence of 13 card management systems vendors (nine global and four regional players) serving financial service providers in the region.
The report also presents insights on the state of card management system spending in Asia Pacific, including that gleaned from "a survey of Asian banks on market and technology trends in Asian cards, and provides recommendations for financial institutions and vendors that are considering expanding their business in the field," said executives from the Boston, MA, US-based firm.
One key finding is this: IT spending on card management systems in the nine main geographies Celent looked at closely-namely Australia, China, Hong Kong, India, Indonesia, the Philippines, Taiwan and Thailand-should grow at the estimated CAGR of 6.7 percent from the US$2.2 billion of 2012 to US$2.7 billion in 2015.
Others were shared by Hua Zhang and KyonSun Kong, coauthors of the report and analyst with Celent's Asian Financial Services Group, today at the time of the announcement. "Major IT trends [in the business in Asia Pacific] include building prepaid card systems, supporting the mobile cards market, and moving to open platforms," Zhang. "APAC countries should keep a close eye on the cards business from a regulatory point of view. Vendors entering Asian cards market need to consider the specific environment in each country."
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