Big finance systems keep up with the industry's ever-changing requirements

Headquartered in Tennessee, US, a global asset management corporation has established an Offshore Development Center in Vietnam to support its Asian transaction & global data system.
finance system

About the Client

Offshore Development Center
BFSI

This article describes a real-life project. However, we can not disclose our client’s name & the project details for privacy purposes.

The client is one of the largest investment firms in the world, with more than $689 billion in assets under management in 2022. Founded more than 50 years ago, the global firm now has more than 5000 employees with locations all over the world.

They offer a wide range of investment services for investors & private clients in major world markets, from extensive research to wealth management initiatives.

Project Overview

Industry

Asset Management

Team size

50+

Country

Global

Timeline

Aug 2021 - Ongoing

Challenge

Being an aged-old financial system, the client has a massive data infrastructure, which is integrated among smaller systems & technical platforms. As data becomes a more valuable factor for wealth management companies to capitalize for their global expansion & sales efficiency enhancement, the global firm calls for a big IT support system to manage & maintain their data.

Adapt to technological changes

Establishing its first computing system in Pascal language, the company has undergone several major digital updates, none of which are simple transformations. The technological landscape is dynamic, with new technology being rolled out every day. The corporation, on one hand, needs to keep up with the latest innovations. On the other hand, they face the challenges of incorporating these new technologies into their super-complicated systems.

Adapt to laws & regulations

Keeping up with the ever-changing requirements of laws & regulations are demanding task for all financial businesses. The challenge is even tougher as the company seeks to enhance its global presence. To put it differently, not only global laws, but they also need to meet the compliance standards of each country’s market they enter, which, again, requires much better IT efforts & resources.

Adapt to financial crises

Wealth management businesses are susceptible to various economic impacts including inflation, recession & more. For example, Zimbabwe hyper-inflation several years ago caused a severe crisis for many financial institutions. For these reasons, it’s important for corporations to build a resilient financial system that allows them to mitigate risks, respond effectively to a wide variety of shocks & continue providing financial services amid different economic scenarios.

Solution

As their system is highly intricate & complex, they can not solve the aforementioned problems with a single solution or technological initiative. Instead, the issues require a bigger IT resource team with optimized operation costs & efficiency.

An Offshore Development Center (ODC) in Asia

An offshore development center, by definition, is a team of overseas experts who handle some specific IT tasks & projects of an organization.

While developing an Offshore Development Center in Asia allows US-based companies to hire IT talents at a better rate, the clients purposely seek a team of ODC in Asia in order to fulfill their growth strategy.

Proceeding millions of global transactions every day, the wealth management corporation needs an Asian IT team to manage & maintain their system operation during a different timezone from their US & EU team.

Moreover, while their huge infrastructure needs constantly updating new clients & transaction information, the Asia-team can actively support the system with data processing, thus, help them operate error-freely & stay respondent to any changes better.

ODC in Vietnam: Political stability & dedicated IT staff

After considering various country destinations in Asia, the large firm has decided to choose Vietnam to build their ODC center in Asia.

While Vietnam IT is equivalent to other prominent countries in the region in terms of prices & the availability of IT talents, the country is considered to have a better eco-political landscape. Since the large firm was looking for long-term partnership & risk-proof growth, Vietnam’s political stability is more attractive than other countries such as China or Hongkong.

Moreover, having established an ODC in another Asian country before, the firm has previously faced the challenge of teamwork with their ODC team. Language barriers and cultural differences are major challenges that hinder the overseas team from collaborating effectively with the on-site team. Thus, it requires the offshore team to have better attention, better learning attitudes & teamwork spirit.

Rikkeisoft as a trusted IT vendor for financial businesses

Looking for an IT business partner in Vietnam, the corporation finds Rikkeisoft as a potential candidate.

The majority of developers & QA-testers in Rikkeisoft are fluent in English, which empowers better team communication & faster project implementation. Furthermore, according to the client, Rikkeisoft’s infrastructure can handle their requirements, which is another major reason they choose Rikkeisoft other than other companies.

Result

The collaboration results in a trusted partnership that solves the corporation’s problems & fuels sustainable growth. Until now, Rikkeisoft has successfully completed projects & tasks assigned, while managing to meet various regulatory compliance of the financial industry.

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