Most of the companies have been turning to outsourcing companies, taking into account the legal recovery and regulations among financial institutions. Availing themselves of the financial outsourcing services such as financial services and finance and accounting outsourcing services. This is in order to meet regulations while saving costs and meeting deadlines. Different countries such as Rwanda, Sri Lanka and China are capitalizing on the trend by ramping up their front and back office solutions for the financial sector. There will be a promoting Sri Lanka as a destination for the finance business process outsourcing. The initiative will be led by the Chartered Institute for securities and Investment in cooperation with the Sri Lankan Association of Software and Service Companies.
China is turning into a veritable hub for financial back office services, after being named as China’s best financial services outsourcing base in 2009. The primary focused given China emergence in the field of outsourcing, Foshan is worth noticing. The Republic of Rwanda has also seen the potential where the Rwanda Development Board has advised that they are considering business process outsourcing in ICT with the people being in ICT in order to promote finance business process outsourcing as well as training in financial analysis and financial modules. While Sri Lanka, China and Rwanda are capitalizing on the trend, the Southeast Asian country, the Philippines who recently overtook India as number in call center revenues is foregoing the trend. The country has advised that it has been providing call center and business process outsourcing services to the finance sector. The country has advised that they will imposing stricter regulation on financial institutions with the country’s governments institutions. The Bangko Sental ng Pilipinas and the Department of Labor and Employment crafting a new rules to govern outsourcing in the banking industry. The regualtions may not affect the international outsourcing clime for the country, it would certainly be a blow to a local business in the country. It is still sees promise for the country in the finance and accounting sector. The banking institutions meanwhile including the National Australian Bank and Deutsche Bank have turned to outsourcing non-core activities, this is particularly information Technology to companies such as IBM and TCS. The global downturn has affected the economy in more ways than one. As the financial institutions struggle to recover from the downturn countries and companies alike will be sure to capitalize on the opportunity that this presents.
REFERENCE:
http://www.blog.infinit-o.com/financial-outsourcing-gains-global-notice/
