Delhi-based Nucleus Software Exports Ltd, is doubling manpower at its subsidiary in Singapore to consolidate its presence in the South East Asian market.
Currently, the subsidiary has staff of 120, which will surge to over 200 within the next three months.
According to Vishnu Dusad, managing director, Nucleus Software, "Since we already have a fair understanding of the needs of the market over there, we will create more products in newer areas. Singapore will be our hub for the South East Asian region, especially because of the positive and encouraging stance of the government there."
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The additional staff would be used to enhance research and development functions as well as beef up other support functions.
Earlier, the company had opened a 100 per cent subsidiary in Japan with a staff of around 25 people.
The 500-people strong Nucleus Software caters to the development of software in the banking and financial markets with specialisation in the retail banking segment.
The company's main product FINNESS has found customers in banks such as American Express, HDFC, ICICI, as well as in companies such as General Motors Acceptance Corporation.
The company is also working on a couple of products targetted at banks offering trade financing facilities. The product 'Trade Facto' is expected to be ready by the end of the next quarter.
Another cash management product, which would allow banks to offer collection and payment services to their corporate customers, is also being developed.
"Right now huge inefficiencies exist in the system. We plan to rectify them with the deployment of our product. We also see a huge potential for these products in the international markets. As always we use India as a test base and then replicate the products to suit other markets," Dusad disclosed.