Infosys eyeing Europe, Middle-East, Africa for Finacle

NEW DELHI: Finacle, the banking product division of Infosys Technologies is looking to enhance its customers in Europe, Middle-East and Africa markets even as it awaits the key North American market to pick up, a senior company official has said.
   
"We see a lot of market momentum in EMEA (Europe, Middle- East and Africa) and Asia Pacific region (APAC). America is certainly picking up pace, however North American banks have been relatively slow towards legacy renewal," Infosys Technologies (Finacle) Head Haragopal M told.

The company is already active in the North America region with two clients and is looking forward for the market to pick up, he said.
   
With a customer-base spread across 55 countries, he said the company has 100 banks in the different regions which are using Finacle.
   
Finacle has just entered the Hong Kong market and already has clients in China. It has posted a revenue of 68 million dollar for the first half year of this fiscal, registering a 32 per cent growth over the comparable period last year.
   
On Islamic banking solution, Haragopal said, the product is already under implementation with numerous clients around the world.
   
A solution has been designed and developed based on Sharia principles to handle Islamic banking which not only supports various investment and financing products but also brings pooling and profit sharing features, he said.
   
Further, it also supports accounting as per the AAOIFI (Auditing and Accounting Organisation for Islamic Financial Institutions), he added.