Singapore Tech

NEC sells automated banking software to South, Southeast Asian lenders

13, Nov. 2019

Daichi Iwata (L), director of the Digital Integration Division at NEC Corp., and Michio Kotegawa (R), director of the Financial Solutions Business Unit of NEC Asia Pacific Pte. Ltd., pose at the Singapore Fintech Festival on Nov. 11, 2019, with senior Banqsoft executives.

SINGAPORE, NNA – NEC Corp. is gearing up to sell its Banqsoft-brand automated banking service software among South and Southeast Asian lenders who are reaching out to underserved people in the region, company officials said at an event this week.

NEC Asia Pacific Pte. Ltd., the Japanese firm’s regional headquarters in Singapore, is promoting the cloud-based software that does credit reviews, loan proposals and applications for new bank accounts.

The company unveils Banqsoft for the first time to potential Asian clients at the Singapore Fintech Festival from Monday through Friday

The Japanese electronics and information technology giant picked up the software after acquiring Danish IT group KMD Holdings ApS in February. Banqsoft was an arm of the Danish group.

The 25-year-old Banqsoft has sold its software to some 50 firms in Denmark, Finland, Norway and Sweden, a Norwegian company official told NNA at the fintech event Monday.

NEC’s Singapore unit has received inquiries about the software from lenders in India, Indonesia and Vietnam, said Michio Kotegawa, director of Financial Solutions Business Unit. It anticipates picking up its first Asia client over the next year, Kotegawa said in an interview with NNA at the venue.

“NEC can relate its artificial intelligence analytic service with the software to provide high quality service,” Daichi Iwata, digital integration director at Tokyo-based NEC, told NNA at the event in Singapore.

If automation can cut loan interest rates and transaction fees, it would “establish the foundation” for people who do not yet qualify for certain financial services, Iwata added.

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