INSTITUTIONAL investor services provider RBC Dexia Investor Services (M) Sdn Bhd, which set up its outsourcing hub in Cyberjaya last year, is vying for opportunities to provide outsourcing services to local financial institutions.
"The (outsourcing) market in Malaysia is new. As such, we must first conduct market research to gauge whether outsourcing is something that fund managers here are looking at," RBC Dexia regional head for Asia-Pacific Dominique Draux told Business Times in an interview.
"We have put one foot in by establishing our regional hub in Cyberjaya. Now it depends on the (result of the) market research to see if local financial groups need our services," he said.
Currently, most financial institutions and asset management companies carry out their financial service activities in-house.
The centre in Cyberjaya was established to support its entities in 16 countries in Europe.
The outsourcing hub processes a wide range of activities including transactional activities for custody and fund administration, preliminary accounting work for net asset valuations, reconciliation for securities, cash and foreign exchange, and critical transactional support for its 24-hour global business.
RBC Dexia Malaysia is a unit of UK-based RBC Dexia Investor Services Ltd, an equally owned joint venture between Royal Bank of Canada and Dexia SA.
Its clients include asset managers, pension plans, insurance companies and financial institutions.
"I would like to compliment this country for its competitive cost structure and tax incentives," Draux said, adding that the company is pleased with the support given by government agencies like Multimedia Development Corp Sdn Bhd. He also commented on the country's strong labour pool, which gives the group the opportunity to ensure the quality of its staff.
----- Source: Business Times