| [October 31, 2005] |
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Singapore Meets Demand for High-End Multisourcing; Offers Specialized IT, Local Capabilities, and Strong Legal and Business Infrastructure for High-End BPO services
SINGAPORE --(Business Wire)-- Oct. 31, 2005 -- Ranked by the US Department of Commerce as the second fastest growing hub for outsourcing among US businesses, Singapore is focusing on developing itself as a hub for high-end BPO and offshore activities.
With more companies using different offshore locations for outsourcing needs according to each location's strengths (multisourcing), Singapore has seen rising demand as a regional location for the storage, processing and distribution of high-end data and related IT services. Backed by a highly trusted business and technology infrastructure developed through global financial industry activity, Singapore will focus on several strengths that are critical to high-end offshore industries:
-- The lowest risk country in Asia Pacific (The Business Economic Risk Intelligence (BERI) and the Institute for Management Development).
-- The strongest intellectual property protection in Asia (The World Economic Forum).
-- World's most successful economy in exploiting Infocomm developments (Ranked first in The World Economic Forum, Global IT Report ahead of countries like US, Hong Kong and the UK)
The industry focus also leverages the world's first Business Continuity and Disaster Recover (BC/DR) standard. Established by Singapore in 2004, the industry standard specifies stringent requirements that BC/DR service providers must possess so that they can provide a trusted operating environment and help companies secure and recover critical data in crisis. The standard serves to further strengthen Singapore's reputation as a trusted environment for high-end outsourcing activities such as cash and securities settlement, treasury functions, project management and high-end data storage and processing - a cornerstone of the most critical outsourcing work.
Commenting on Singapore's commitment to growing its multisourcing capabilities, Mr. Hock Yun KHOONG Assistant Chief Executive, Infrastructure and Manpower Development, Infocomm Development Authority of Singapore (IDA Singapore) said, "The growth of our outsourcing industry reflects Singapore's long history as a trusted business hub. Global companies come to Singapore knowing they can do business with world-class quality assurance that is backed by a strong vibrant Infocomm industry which provides excellent support to enable the delivery and fulfillment of high-end multisourcing services."
The Singapore Government, represented by IDA Singapore, is leading a delegation of five local companies to participate in the Gartner Symposium/ITxpo. The five companies - Emerio, MatrixView, NCS, Singapore Computer Systems (SCS) and SingTel - are looking for partnerships in the multisourcing arena, as well as to showcase their solutions. (Please refer to Annex A for company details). IDA Singapore is a government agency that looks into the promotion and development of the ICT and Telecoms sectors in Singapore.
Promoting Singapore's High-end Multisourcing Capabilities
With the estimated BPO growth for Singapore forecasted at 13%, Singapore will continue to invest heavily in the multisourcing arena to ensure it increases its strength as a high-end outsourcing hub.
IDA Singapore has committed over US$7 million over two years to train and develop Infocomm manpower and generate pilot projects that demonstrate economies of scale and scope, particularly in the provision of high-end BPO services.
Using its free trade agreements with major markets, Singapore hopes to attract major suppliers and user companies to bring their multisourcing operations to Singapore. The free trade agreements will offer greater certainty to companies based in Singapore who do business in those foreign markets and enhance Singapore's reputation as a conducive and trusted business environment.
IDA will also help build the capabilities of local infocomm companies and build linkages with foreign BPO providers to help facilitate alliances between local companies and BPO providers in regional countries such as India and the Philippines. Such alliances offer the advantage of helping local companies grow and compete against the bigger players in the field. Promoting R&D in outsourcing technologies to retain high-value outsourcing activities supporting related industries is also part of IDA's goal to fuel the growth and development of the high-end multisourcing sector.
About Infocomm Development Authority of Singapore
-- The Infocomm Development Authority of Singapore (IDA) is committed to growing Singapore into a dynamic global infocomm hub. IDA uses an integrated approach to developing infocommunications in Singapore. This involves nurturing a competitive telecoms market as well as a conducive business environment with programmes and schemes for both local and international companies. For more information, visit www.ida.gov.sg or contact bpo@ida.gov.sg
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