A Snapshot - An Industry Capability Profile.
Transcription
A Snapshot - An Industry Capability Profile.
PAKISTAN’S FINANCIAL SOFTWARE INDUSTRY AN OVERVIEW POWERING GLOBAL FINANCE NetSol Inc. became the first Pakistani technology company to enlist on the NASDAQ, and is one of the leaders of Pakistan’s financial services technology industry. Having won the National Software Export Trophy for several years on the basis of the success of its singular product – LeaseSoft – Netsol has since successfully diversified – both regionally and sectorally – to become somewhat of a powerhouse of financial technology across a range of different financial applications and areas. Netsol, however, is not alone. A number of Pakistani companies – Systems, Mixit, TPS, Softech, Aerocar, Avanza, Autosoft Dynamics, PIBAS, THKS, and Sidat Hyder Morshed Associates – have created products that form the building-blocks of an increasingly tech-savvy and complex financial services industry, both at home and abroad. From software for the mortgage industry to payment and ATM systems, trading systems, asset management systems, core banking systems and specialised banking applications, Pakistan’s technology companies are powering the global financial industry across Asia, Europe, North America, Africa, and Oceania. A varied financial services technology sector Serving the global financial services powerhouse Financial services have long been an important pillar of Pakistan’s IT industry that has been overtaken, only recently, by the boom in the telecommunications sector. Pakistan’s financial services technology industry is also quite diversified – both in terms of the geographical-market footprint, and the coverage of various sub-sectors – and has shown considerable resilience in the wake of the recent global financial crisis, whose impact has been particularly severe and prolonged on the developed financial markets in the United States and Europe. The United States has been, and will continue to be for some time, the global powerhouse of the financial services industry, and a significant driver of the world’s economy. From a market thrust standpoint, for instance, the financial services technology companies have been varied, and can be divided into three distinct streams: • Focussed towards the developed world, especially the European Union (EU) and the United States (US) • Focussed towards rest of the world, especially the Asia-Pacific (AP) region • Focussed towards the emerging markets and developing countries in the Middle East and North Africa (MENA), including, Pakistan’s domestic market at home In each of these markets, Pakistani IT companies face and respond to a different set of drivers, challenges, and opportunities commensurate with the level of maturity, regulatory needs, demands of the endconsumer, and growth prospects. 27% Banking Commercial banking Savings institutions Credit unions Mutual & close end funds Securities brokers / dealers 21% Finance companies Real-estate investment trusts Asset- backed securities issuers Funding corporations Securities 13% Other Life insurance All other insurers 10% 16% Insurnace 14% Pensions Private pension funds State and local govt funds Federal govt pension funds Government Related Government sponsored enterprises Federally related mortgage pools Figure 1: Size and Make Up of United States’ Financial Services Industry (FSI) (Source: Financial Services RoundTable) Companies profiled in this brochure NETSOL INC. MIXIT TECHNONOLOGIES SYSTEMS LTD. TRANSACTION PROCESSING SYSTEMS (TPS) AEROCAR SOFTECH SYSTEMS SIDAT HYDER MORSHED ASSOCIATES CENTRAL DEPOSITORY COMPANY PAKISTAN REVENUE AUTOMATION LTD. NADRA AUTOSOFT DYNAMICS PIBAS ALCHEMY TECHNONOLOGIES AVANZA SOLUTIONS THK SOLUTIONS P1 P3 P3 P5 P5 P6 P6 P6 P6 P6 P6 P6 P7 P7 P7 OTHERS: PAKISTAN SOFTWARE EXPORT BOARD P7 PAKISTAN SOFTWARE HOUSES ASSOCIATION P7 STATE BANK OF PAKISTAN z P7 According to a study by McKinsey and Co., the United States’ financial industry represented as much as 35-40% of the asset base of the global financial industry.1 The Financial Services Round Table – the powerful lobby group of the US financial services industry – puts its size at about $60.65 trillion in 2009.2 Of this, about 27% was in banking, 21% in securities, and 16% in pension funds, among others. The United States continues to be the most sophisticated and innovative of all financial services industries in the world, and this, combined with de-regulation and re-regulation, has created a vociferous demand for Information Technology (IT). According to Gartner Inc., vertical market IT spending in financial services in 2009 stood at $554 billion – down 0.7% - over the previous year, but still comprising almost 20% of the overall global IT spending.3 The US financial services IT spending, although the hardest hit, still constitutes a major share of this spending. Gartner has since revised its forecast for 2011 onwards, and now projects greater financial services sector growth within the global IT spending of $2.8 trillion by 2014.4 A number of Pakistani companies have developed products and services for the demanding consumer at cutting-edge financial markets in the developed world in the United States and in Europe. 02 Mixit Technologies (Pvt.) Ltd., for instance, provides critical product development and 24x7 support services to Mixit Inc. in the United States – a provider of multi-asset trading systems for equity, options, and futures markets, and Order Management Systems (OMS) to some of the industry’s leading securities and brokerage houses. Mixit’s secure and highperformance suite of products include order and execution management workstations, and order routing networks supporting both buy-and-sell side institutions and stock exchanges. Mixit’s products connect brokers/dealers, financial institutions, international routing networks, extranets, and exchanges. With just over five years since the launch of its OMS, the company has grown considerably to provide connectivity to over 70 liquidity venues and 200 algorithmic destinations. Mixit Technologies’ system services more than 200 brokerage firms, with over 800 deployed OMS workstations and 2500 FIX connections worldwide. Mixit Technologies plays a significant role in the design and development of this mission-critical flagship platform, and is equally involved in daily operational support, including technical support, client services, FIX connectivity and support services. The company’s dedicated technical team, headed by Yusuf Jan, Director and CEO of its Pakistan operations, working out of its design and engineering facility in Pakistan, has been solely responsible for this technical and managerial feat, making it a serious contender in its specific market niche. Mixit exemplifies a small, but growing, number of Pakistani companies that have demonstrated an ability to develop and deliver software products and services for some of the world’s most sophisticated financial markets. It has also played a pioneering role in introducing the Financial Information Exchange (FIX) Protocol to Pakistan's capital markets. Systems Limited precedes Mixit by more than a decade. It is the captive development operation of a US company with a strong product portfolio for the mortgage industry. Domestic credit ($ 2994 bn) 250,000 200,000 150,000 100,000 50,000 0 2004 2009 G7 2014 E7 2019 2024 2029 2034 2039 2044 2049 For over ten years, Systems has developed and supported a suite of branded products that serve some of the leading players in the mortgage banking industry, from origination, to servicing, and secondary marketing. Combined with near-shoring and off-shoring services, Systems’ products and service portfolios have been at the centre of the automation, innovation, and cost-cutting revolution within the US mortgage industry. The “new” emerging markets in Asia and the Pacific While the United States and Europe have been global financial powerhouses for many years, they will not be alone as global economic centres for long. A McKinsey & Co. study estimates that between 2005 and 2015, China – with double the growth rate of the United States – will add approximately $2.2 trillion to its GDP in real terms – compared with $3.7 trillion in the United States – and will likely reshape the global landscape.5 A PriceWaterhouse Coopers’ report on emerging markets identifies the seven emerging (E7) economies as against the G7 developed economies as serious challengers to the economic weight of G7 countries (see Figure-2).6 Four out of these seven economies, namely, Russia, China, India, and Indonesia (the others being Mexico, Brazil, and Turkey) form part of the Asia-Pacific region. A larger number of countries (such as, Malaysia, Thailand, Vietnam, the Philippines, Pakistan, and Iran) from the Asia and Pacific region form a much bigger group of thirty economies in another index (the “PWC30”)7 that are destined to draw a bigger share of financial services sector growth in the future (Figure-3). The importance of an emerging Asia is not lost on Pakistan’s financial technology industry. "The Karachi Stock Exchange (KSE) has selected Mixit’s products for their robustness and maturity gained in the US markets. This will standardize our offering, enabling global reach, hence providing mutual benefits to our members and their international trading partners." – Managing Director, KSE NetSol Inc. is a leading player in this realm, with a significant claim to capturing the growing financial clout of the Asian consumer. Netsol’s financial leasing software products – LeaseSoft and, later, the NetSol Financial Suite (NFS) – have automated the automotive leasing industry across Asia-Pacific, Europe and North America, with virtually the “who is who” of the global automotive industry, sach as, Daimler, Toyota Motors, Mercedes Benz, Yamaha, Volkswagon, BMW, Fiat, and Nissan among its growing list of clientele. NetSol’s financial products are used in Australia and New Zealand, Thailand, Japan, Singapore, Mauritius, Saudi Arabia, United States, United Kingdom and China. World Figure 2: Financial Services Growth in Emerging Markets (Source: PriceWaterhouse Coopers) 03 Capital markets penetration (private debt and equity as % of GDP), 2004 US Rest of World EU $10,000 350% Nominal GDP per capital $25,000 Switzerland Belgium 300% Netherlands Spain Malaysia 250% UK Denmark Singapore Australlia Sweden France Ireland Taiwan Canada Germany Portugal Finland S. Africa 200% 150% Chile India 50% China Philippines Indonesia 0% Brazil Russia 2.70 Colombia 3.20 Argentina Japan Itlay S. Korea Isreal Thailand 100% Austria Greece Mexico Norway EUROPE New Zealand Poland 3.70 4.20 4.70 “Around 2020 to 2025, depending upon whether you’re a pessimist or an optimist, Asia will become the world’s largest consumer market, with 40% of the global consumption, and United States’ share will shrink to 20%, UK and Germany to 4%, France and Italy to under 3% and Europe overall to 18%. This will constitute a vast set of changes happening in the global economy” – Former British Prime Minister, Gordon Brown at the Bretton Woods Conference 2011 Amrket maturity (log nominal GDP per capital), 2004 Nascent Markets Emerging Mature (Source: McKinsey & Co.8) Figure 3: Future growth comes from Europe and Asia It is the Asia-Pacific market, however, which represents 67% of worldwide sales for the company, where NetSol truly commands its position as one of the market leaders. NetSol’s great tour de force, perhaps, is its entry into the rapidly-growing Chinese automotive market. Since entering only two years ago, NetSol has captured 94% of the domestic market addressable by foreign companies. Having positioned itself for the ultimate prize in China, NetSol has recently signed an agreement in India, enabling it to offer its products in the Indian market. Plans for launch in the Middle East are also in the offing. NetSol is gradually diversifying into other areas of asset-based finance, such as aircraft, marine, agricultural machinery, and consumer leasing. The distinguishing feature of NFS™ is its ability to cover the entire range of the auto-leasing operation. NFS provides the complete coverage throughout the life-cycle of the product. Netsol has taken the notion of quality in product development and support to its ultimate extreme, having maintained a CMM Level 5 certification over the years. While the company’s first products have served it well, Netsol is currently in the process of rolling out its next generation of products based on Service-Oriented Architecture (SOA) that has involved several years of re-architecting the whole product in order to meet the changing demands and needs of the future. Where Netsol has ventured so successfully, many other companies may seek to go as well. The emerging markets of Asia and the Pacific represent a future growth opportunity that Pakistan’s financial technology companies will ignore only at their peril. The process has only accelerated during the recent global financial crisis. It can draw strength by building upon its valuable experience and expertise gained in the domestic market. "Our initial confidence in NetSol was confirmed by the depth of industry expertise and openness we have found in its people during the business process analysis. The relationship with NetSol has been important - we formed an excellent partnership…It was reassuring to be able to access the top levels of NetSol's management whenever we needed to. The bottom line is that we would strongly recommend NetSol." – CEO, Singers Healthcare Finance Ltd. COMPANIES DOMAINS SPECIALISATIONS NetSol Technologies Finance and leasing Automotive, aircraft, and marine leasing industry Systems Ltd. Workflow management and BPM Mortgage industry TPS Transaction processing Enterprise payment, switch and channel manager Mixit Technologies Multi-asset trading systems Order and execution management, FIX connectivity Sidat Hyder Morshed Associates Insurance and banking Insurance, asset management, banking, ERP, etc. Softech Systems Trading and asset management Stock and brokerage, mutual funds, margin financing Autosoft Dynamics Banking – core and applications Core banking, Islamic banking, treasury management Alchemy Technologies Risk management, compliance Basel II compliance, risk manager PIBAS Pakistan Banking Core banking, Islamic banking, anti-money laundering PRAL Tax automation and consulting Revenue automation, tax clearing, e-government services, etc. Avanza Solutions Transaction processing and banking Financial middleware, ATM controller, card production, banking applications Aerocar ATM systems Low energy and biometric ATM systems THK Solutions Banking and finance Compliance and audit automation, ITSM, etc. Kalsoft Banking and exchanges Core banking, currency exchanges Central Depository Co. Shares’ depository and registration Depository, registrar, investor management Table 1: Specification and capabilities of the Industry’s leading players (Source: Technomics Compilation) 04 Driven by domestic demand Pakistan has had a significant and rich tradition of financial sector liberalisation and growth. Banking and finance has been, for much of the last decade, one of the major drivers of IT spending within the country.9 The last decade has seen continued intensification of a deregulation process that began in the early 1990s. Today, among the commercial banks, 12 foreign and 20 domestic banks together hold 80% of the banking system’s assets, and foreign banks enjoy the same rights as local banks (including 100% ownership).10 The Karachi Stock Exchange – with $25 billion of market capitalisation and over 700 listed companies – had once had the highest turnover and year-to-year gains among all emerging markets in the world. In the domestic market, the market characteristics, regulatory demands, and consumer choices have often created an opportunity for local players to compete against more established global behemoths in a range of different product-market segments, and have even managed to out-innovate some of these larger players. ATM, channel management, and payment systems A number of Pakistani companies have developed products and solutions for the ATM and payments systems category. Transaction Processing Systems (TPS) is one of the market leaders in this category, with around 70% marketshare of self-service banking and switching solutions. Today, TPS is the fastest growing cards and payment solutions company in the region, with direct and indirect presence in over 70 countries, and the customer base reaching 130 banks and telcos, spread across 30 countries worldwide. TPS has, over the years, out-innovated its competitors by developing and launching a range of different products, including ATM controllers, POS switch, transaction switching middleware, cash and cheque deposit suite, card personalization and management system, EMV compliance, reconciliation, online fraud detection and monitoring, and help-desk agent-based solutions. IRIS, TPS’ ”next generation switching middleware” offers an integrated solution to various delivery channels, such as ATMs, IVRs, call centres, Points of Sale Network (at branches/merchants), Internet banking, cellular banking, bill payments, etc., and provides considerable ease of scalability and functionality to its clients. controller), Vision (a card production system and 360 degree customer view), Unison (a contact centre solution), and Ambit (an Internet banking suite). Both Rendezvous and Nimbus have more than 50 installations each, worldwide. In addition to its own product line, Avanza has made considerable inroads in the recent years into providing services based on established vendors' technologies, such as, Microsoft's CRM, Sharepoint, etc., with some of the key clients in the Middle East. It also has a 175-man operation in Spain providing services to a leading financial institution. Avanza has also recently introduced a number of ATM-based applications such as prepaid cards, e-top up, and cash deposit. Both TPS and Avanza are significant regional players in this category. While TPS and Avanza delve into the software side of ATM and card processing, Aerocar have developed innovative integrated ATMs. In 2009, Aerocar won MIT’s Business Acceleration Programme (BAP), an opportunity to spend a summer in the United States, participating in an entrepreneurship development programme at MIT, and a whirlwind tour of the United States. Aerocar has developed an ATM machine – at a significantly lower cost than its closest rivals, NCR and Diebold – that uses much less energy, and requires even lesser maintenance. Particularly suited to developing country environments, the machine eliminates the need for constant cooling and environment management by working on a clever principle of creating positive pressure differential between the inside and outside of the machine. Aerocar is now in the process of rolling out a range of biometric ATMs to enhance the security of transactions. Where TPS has chosen to integrate with its product offerings, Avanza Solutions has done the opposite. Avanza builds upon its successful Rendezvous financial middleware software, and also provides a host of options to its clients, namely, Nimbus (ATM and POS “The synergies of TPS and 1LINK continue to redefine and reshape the e-banking business within Pakistan on a national basis. TPS’ switching platform is very reliable, robust and highly scalable, helping 1Link provide reliable and consistent services to 8.7 million customers of its 31-member bank with 99.9% uptime” – CEO, 1LINK 05 Capital markets, fund management, and insurance Capital markets, asset and fund management, and insurance are areas where Pakistani companies have dominated the domestic landscape, and are beginning to make serious inroads into the Middle East and GCC markets. “Here, the needs for localisation and idiosyncratic regulatory requirements have ‘levelled’ the playing field between domestic and foreign players”, says Salman Iqbal, the CEO of Softech Systems. Softech and others have moved in to fill the gap in the local market. Softech’s capital market solutions capture a considerable share (70-75% in some segments) of the domestic market. BackConnect™ – Softech’s flagship product – provides a range of offerings, such as a complete back-office as well as front-office Internet trading functionality with order management capability, equity and custody services, comprehensive exposure and authority control, and is installed at over 45 clients across the country. Other products, such as, AssetConnect™, InvestConnect™, CommodityConnect™, and FundConnect™ complete the entire range of capital markets products. On the whole, Softech’s products are used by clients with a cumulative $2 billion under management, including the largest, National Investment Trust (NIT) (PK Rs. 80 billion) with 18 branches and several ATM redeem units. Sidat Hyder Morshed Associates (SHMA) also offers software for the asset management and mutual funds industries with its iPAMs and Capella solutions respectively. While Softech enjoys a market dominant position in the capital markets, Sidat Hyder Morshed Associates (SHMA) enjoys a similar position in the insurance industry. SHMA’s suite of insurance solutions spans the entire continuum of general (GiS), individual life (iLAS), group life, and health sub-sectors. With near-market dominance in Pakistan, and considerable success in the Middle East and North Africa (MENA) region (such as Zimbabwe, Lebanon, Syria, and UAE), SHMA hopes to make a massive push for consolidation in the Middle East, and new market entry in Europe and the Asia–Pacific region. SHMA also has a market leading position in ERP software for the financial services sector – with its own financials and human capital management modules – that boasts the largest enterprise applications installed base in Pakistan. Other support applications for the capital markets and its related industries include the central depository and clearing systems by the Central Depository Company (CDC) and Softech Systems, revenue automation by Pakistan Revenue Automation Ltd. (PRAL), and identity management systems by the National Database and Registration Authority (NADRA). While Softech, SHMA, and others have done well to ride on domestic demand, and dominate the local markets in their respective segments, the region is truly the next frontier for many of these companies. “Africa – and the Middle East to some extent – is a natural next step for market dominance”, says Salman Iqbal of Softech Systems, “because of our similarities in regulatory requirements and systems, and the overall level of development of their capital markets. The confluence of engagement size or the ability to pay, and the need for customisation to meet regulatory needs create a ‘sweet spot’ that is quite attuned to where Pakistani companies have sought to operate on.” Softech enjoys a strong position in Ghana with several deployments. Many companies have explored markets in Nigeria, Kenya, Saudi Arabia, UAE, and Bahrain, etc. “National Investment Trust (NIT) has been running the AssetConnect system for over a year, at NIT’s head office and its fifteen online branches, maintaining folios of more than 57,000 units holders with a portfolio size of about Rs 80 billion. Softech Systems has supported us ably, and responded to our operational and customization requirements, and we are satisfied with their product, service and expertise in this domain” Chairman and President, NIT Core banking systems and banking applications Core banking systems and banking applications is another area where the local demand has created an industry specialisation. Here, though, unlike capital markets and payment systems, the industry players have, in recent times, found themselves being threatened by the onslaught of international competition. Many have developed core banking applications for the consumption of the domestic and regional markets. Autosoft Dynamics and PIBAS are among the oldest players in this segment. Autosoft’s Autobanker™ and PIBAS’ CORE™ have had a number of deployments in the small-to-medium-sized market segments. SHMA also has a Bank Essential™ core banking system. A number of small local banks have also developed in-house core banking applications – some using innovative open source platforms – for greater cost savings and flexibility. The last decade has witnessed a boom in core banking solutions in the domestic market, with a number of large and medium-sized banks spending millions of dollars on licensing and deployments alone. Figure 4: Dubai International Financial Centre 06 According to one estimate, upwards of $100 million a year has been spent over a period of several years by the domestic banking sector, with the four largest banks spending between $10-15 million per annum each.11 The majority of these deployments have gone to large international vendors such as Teminos, Misys, Symbols, and others, and the local vendors have been unable to compete in the large banks’ segment. However, deployment is where the local companies have a clear advantage. Sadia Khan points to the deployment of AutoBanker at 70 branches of Prime Bank in 24 weeks as a clear indication of the capability that exists locally. Many deployments by international vendors have been botched, and taken much longer than planned wasting millions of dollars of shareholders‘ wealth. The local vendors seem stuck in a cyclical “chicken and egg” dilemma. Clearly, there is room for creating a more level playing field for Pakistani companies in this important market segment through proper regulation and public policy, as there is room for the local vendors to upgrade their capabilities through better partnerships, and collaboration with more established global players. They have also tended to focus on small-sized banks, where their systems seem to meet the clients’ needs very well. They have also found the market for specialist and banking applications, such as Shariah-compliant modules, treasury modules, microfinance modules, as well as alternate delivery PRODUCT GROUP channels such as mobiles, the Internet, and telephone banking very attractive and receptive to their offerings. A number of products stand out in this category. These include Alchemy’s Risk Manager (BASEL II compliance); Avanza’s Ambit (Internet banking) and Unison (contact centre); Autosoft Dynamics’ iBanker (Islamic banking); THKS’ GraviDesk (IT service manager), AuditStream (audit), and Vertex (compliance); and PIBAS’ Shariah (Islamic finance), and SAML (anti-money laundering), etc. Pakistan’s financial services technology industry stands today at a potential inflexion point in its history. A number of positive developments, namely, greater specialisation within particular sub-sector niches, a conscious attempt to target MENA and open up Asia-Pacific markets, and a culture of out-innovating competitors in a select number of small market segments can position the industry to weather the storm brought together by the broader global financial crisis, and position itself for a renewal. A partnership between key industry leaders, users of financial services technology, industry associations (such as P@SHA), Special Interest Groups (SIGs), and important government entities, such as the Pakistan Software Board (PSEB), the State Bank of Pakistan (SBP) and others can prove instrumental in bringing about renewal and continued prosperity in the industry. PRODUCT FRANCHISE Leasing and Financing NetSol Financial Suite (NFS) and Leasesoft by NetSol Financial and Capital Markets BackConnect, Asset Connect, FundConnect by Softech iPAMS and Capella by SHMA Exchange Plus by Kalsoft Payment Systems IRIS and Phoenix payment and switching system by TPS Rendezvous, Nimbus, and Vision systems by Avanza Solutions AutoBanker by Autosoft Dynamics PIBAS Core By PIBAS Bank Essential by SHMA Vortex by Kalsoft Core Banking Systems Specialist Banking Solutions iBanker Islamic Banking Module by Autosoft Dynamics Risk Manager by Alchemy Technologies ADAMS Treasury Automation System by Autosoft Dynamics Ambit Internet Banking System by Avanza Real Time Trading and FIX Connectivity Mixit OMS (Order Management System) by Mixit Mixit FIX Network (Global FIX Connectivity Network) by Mixit ERP Financials and Human Capital Management (HCM) by SHMA Audit and Compliance AuditStream (audit) and Vertex (compliance) by THK Solutions SAML anti-money laundering solution by PIBAS Support Solutions GraviDesk IT service manager by THK Solutions Unison contact centre management by Avanza Insurance GiS (General), iLAS (individual life), and GroupLife by SHMA Table 2: A Partial List of Leading Financial Services Technology Products of Pakistani Companies ancial Netsol Fin Suite™ nect™ BackCon IRIS™ (Source: Technomics’ Compilation) ker™ AutoBan OMS™ GiS™ MIXIT Figure 5: Some of the Leading Products in Key Sectors 07 Pakistan Software Export Board (PSEB) 2nd Floor, Evacuee Trust Complex Aga Khan Road, F-5 Islamabad, Pakistan Telephone: +92 51 111 333 666 and +92 51 9204074 E-mail: [email protected] PSEB is the apex body created by the Government of Pakistan (GOP) within the Ministry of IT and Telecom (MOITT) and charged with promoting Pakistan’s exports from IT and IT-enabled Services (ITES) industry. PSEB does this by hosting and supporting foreign delegations to conferences and events, matchmaking and networking of Pakistani companies with foreign partners and clients, and supporting international marketing and image-building activities. To learn more about Pakistan’s IT industry, please visit the Industry Portal at http://www.IT.org.pk Pakistan Software Houses Association (P@SHA)) Suite 310, Business Centre Block 6, PECHS, Karachi, Pakistan Telephone: +92 21 3541 8121 and +92 21 3430 4796 Contact: Jehan Ara, President E-mail: [email protected] P@SHA is the representative association for Pakistan’s IT and IT-enabled services industry. It is a platform for promoting, protecting and developing the software industry in Pakistan. It provides a focal point of representation to a variety of outside agencies, finds ways to tackle issues confronting member companies, and provides advocacy for the advancement of Pakistan’s IT industry. To learn more about Pakistan’s IT industry, please visit P@SHA’s website at http://www.pasha.org.pk Disclaimer: This document is prepared by Technomics International’s Brand Intellect™ Service for the Pakistan Software Export Board (PSEB). It provides factual assessment and “best judgement” analysis of a dynamic and fast-changing industry. It is not intended as a sole means of advice for making investment decisions, and neither PSEB nor its consultant assumes any responsibility for the same. References: 1. McKinsey & Co., Sustaining New York and United States Financial Services Leadership, 2008 2. Financial Services RoundTable, Financial Services Factbook, 2011, p2. 3. Gartner Inc., Gartner Says Worldwide Vertical Market IT Spending Will Be Flat in 2009, available at: 4. http://www.gartner.com/it/page.jsp?id=893512 http://www.reuters.com/article/2010/10/18/us-gartneritspending-idUSTRE69H3FW20101018 5. McKinsey & Co., 2008 6. PriceWaterhouse Coopers, “Banking in 2050: How big will the emerging markets get?”, 2008 7. PriceWaterhouse Coopers, “The World in 2050: Beyond the BRICs – a broader look at emerging market growth prospects”, 2008 8. McKinsey & Co., 2008 9. PSEB, Pakistan IT Market Assessment, 2010 10. Husain, Ishrat, Financial Sector Regulation in Pakistan, State Bank of Pakistan (SBP), undated 11. PSEB, 2010 Technomics International Ltd 93 Century Court Woking, GU21 6DR United Kingdom Telephone: +44 1483 901916 Fax: +44 1483 901925 E-mail: [email protected] Technomics International is a boutique strategy, policy, and media advisory company. Technomics Media's Brand Intellect™ Services provide a unique approach to creating differential brand identities for national, regional, and sectoral clients. Brand Intellect™ delivers bespoke brand marketing campaigns based on strategic thought leadership and specialist marketing collateral. 08