Bangalore, May 2: i-flex solutions ltd (formerly Citicorp) has earmarked $4 million towards brand promotion. The promotional activities will include print and electronic media campaigns, Internet, international exhibitions, roadshows, setting up local offices and also upgrading the company's Web site.The company's chief executive officer R Ravishankar told eFE that the company would concentrate on the brand-building exercise by increasing its reach across Europe, Africa and Middle East.
He said the company was also planning to get into the Application Service Provider (ASP) business. To this end, i-flex solutions was currently in talks with several partners in India, Latin America and South East Asia suggesting them to use Flexcube as an ASP platform.
Ravishankar said the company had already signed up agreements with 39 banks including two Indian banks - HDFC and Sarawath Co-Operative Bank (the largest Indian co-operative bank based in Mumbai). Besides this, the company was also in talks with over 30 banks including some domestic banks.
The company markets its products in 68 countries with a focus on Africa, Europe, Middle East and even in places like Jamaica and Seychelles.
Currently, the company is developing derivative models including over-the-counter, exchange, trade, futures, interest rates swaps and forward rate agreements options. All these products would be rolled out by June, he said.
The company was also focusing on m-commerce and as a part of this it would develop WAP-related products like Flexcube Mobile Banking. Besides, the Flexcube team about 25 people were working on the project.
Recently, Flexcube has been rated as the second largest selling banking product in the world by International Banking Systems (IBS). The product was launched two years ago.
Ravishankar said the product was gaining popularity across the world. Over 60 per cent of the company's total revenue comes from products of which Flexcube series alone accounts for 50 per cent.
The company was currently working out the technicalities of providing Flexcube as an engine to enable e-commerce. This would be applicable mainly for Flexcube Corporate and Flexcube Retail, he said.
He said the company was in the process of entering Latin America, US and Japan. It would also set up a subsidiary in Netherlands within a couple of months, he said.
During fiscal '99-2000, the company was aiming to post a turnover of Rs 220 crore against Rs 140 crore in the previous year.
Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.