By Patrizia Paola C. Marcelo
ASG Technologies Group, Inc. is optimistic about its operations in the Philippines given its client base.
General manager for Asia Pacific Praveen Kumar said that in the Philippines, the country is experiencing above 60% growth in consumer and revenue base for this year, and they are expecting double-digit growth for next year.
“We would have about double-digit growth even next year,” Mr. Kumar told reporters in a roundtable on June 26.
The company offers information management and information technology (IT) system management solutions.
Mr. Kumar said the company has seven major banks in the country as its clients, as well as nonbanking financial institutions. The company however plans to cater to second-tier banks (STBs), as well as the retail and manufacturing industries, to grow further and expand its base outside the financial sector, which is the main client due to the bulk of data that financial institutions handle.
“Our main growth driver is the financial sector… We now have to look at the second-tier banks for growth, as well as the retail, automotive, and other industries,” Mr. Kumar said.
He said that the Philippines is more or less at par with its neighbors like Malaysia in terms of digitization, while the country is at the learning scale towards the level of more mature markets in terms of data management and privacy.
Mr. Kumar said that companies have no choice but to handle data well, as well as continue to transform towards digitization.
“For data security, it is driven by governance, companies need to do it due to the penalties… While digitization is a need from the consumer-driven perspective the need is revenue-driven,” he said.
ASG has been in the Philippines for about 12 years. The company has its headquarters in Florida, United States.