Hong Kong headquartered IT consulting provider CLPS has firmed up its presence in the Philippines after forming a local subsidiary in the country as part of its broader expansion efforts.
The establishment of CLPS Technology (Philippines) Corp. in Metro Manila is in line with the company's global expansion strategy, and particularly its efforts to extend its operation in Southeast Asia.
CLPS considers itself a global IT consulting and solutions service provider with a focus on the banking, insurance and financial service sectors.
Indeed, the company serves as an IT solutions provider to a growing network of clients in the global financial service industry, including large financial institutions in the United States, Europe, Australia, Southeast Asia and Hong Kong, along with their mainland China-based IT centres.
The company said on 3 September that its CLPS Philippines branch had completed the initial phase of its business and had started to be operational.
The development comes as CLPS works to advance its presence in Southeast Asia in response to continuous demand for financial IT services in the region.
According to CLPS, one such move in this expansion was the company’s decision late last year to acquire the remaining ownership stake of Singapore-based IT services company Ridik, an acquisition that led it to designating Singapore as the Southeast Asia headquarters of CLPS.
Now, the company has established CLPS Philippines to support its clients' respective international business and, eventually, as a means to penetrate the domestic financial IT services market in the country.
As a result of this strategy, the company said, it will enable CLPS to maintain a strong foothold in the region.
As part of the move, Srustijeet Mishra, head of CLPS Southeast Asia region, has been named as the director and president of CLPS Philippines.
"The establishment of the Philippine subsidiary is another solid evidence of the successful implementation of our global expansion strategy,” Mishra said. “In addition, it will provide a more efficient service delivery to our international clients' businesses in the country.
“Our competitive advantage as a provider of industry-leading IT consulting and solution services in Asia Pacific region positions us to better serve our clients in banking and other financial institutions.
"As we look ahead, we will institute plans to drive our overseas presence, such as exploring business potentials in other parts of Southeast Asia to further push our overseas revenue in an upward trend," he added.