Global consulting firm Capco has opened an office in Singapore, its third in Asia. Looking forward, the financial services consultancy and technology specialist aims at replicating the trajectory of its Hong Kong office, and has in the meantime set its sight on further expansion in the region.
With more than 3,000 employees globally, Capco is one of the larger consultancies of the globe. The firm differentiates itself in the marketplace through its specific focus on the financial services market. Since 2011 Capco operates under the flag of FIS*, a global financial services provider with revenues of more than $6 billion.
Originally established in Belgium in 1998, Capco has in the past 15+ years pursued rapid international expansion. Its first move into Asia dates back from 2004, when it opened a hub in Bangalore, India. Driven by high demand for back-office operational services the office grew quickly – within the first year the office had reached the size of 100 professionals. It took ten more years for the next expansion into Asia, with Hong Kong the following destination. Opened in 2014, the Hong Kong office went through a similar growth trajectory, and within six months Capco was forced to relocate to a larger office to accommodate the steep growth.
With Hong Kong still fresh in its mind, Capco has now decided to add a third location in Asia: Singapore, one of the largest financial hubs in Asia-Pacific. The new office offers a wide range of capability, from high-net-worth customer banking expertise and digital banking experience development, to the entire core banking platform upgrades and renewals that are taking place. Payments, wealth and regulatory initiatives have been earmarked as the key focus areas for the first 12 months.
With the new office, Capco aims at growing its on-the-ground footprint in line with its global growth ambitions, as well as better serve its global customers with an on-the-ground presence in Singapore. “Now based in Singapore, Capco is ideally positioned to support global financial institutions as many look to run pilots of their global programs across Asia”, states the consulting firm in a press release.
The ambition for the coming period is clear, says Peter Schurau, CEO of Capco Europe and APAC. "This is clearly a region of continuing growth opportunities. Our near-term ambition is to replicate the rapid success of the Hong Kong office, an experience which strongly validates our commitment to Asia Pacific.”
Looking ahead, Schurau reveals Capco has set its sights on further expansion in the region, highlighting Thailand and Australasia as the key targets.
* FIS acquired Capco in September 2011 for a fee of just under $300 million.