Expanding APAC market reach through inspired outsourcing

A global IT company achieves 150% business growth in the Philippines

The client is a multinational company headquartered in Western Europe providing IT systems and services to the global banking, financial services, and insurance (BFSI) industry. Its client portfolio includes leading financial institutions in North America, Europe, the Middle East, and the APAC region. It has over 10,000 employees worldwide.

The company recognized the tremendous potential in the Philippine market for financial technology (fintech) solutions providers in the past years due to the thrust of the Philippine government for financial and digital inclusion across the country. It therefore expanded its presence in the Philippines and offered its solutions to support the digitalization of the local banking, financial services and insurance (BFSI) industry from its APAC headquarters.

The Requirement / The Challenge
The client’s APAC business development team had little success in its efforts to gain market share in the Philippine BFSI industry. It realized that it needed to have a deeper understanding of the culture and nuances of the local industry and to be more competitive from a financial standpoint. With these in consideration, it decided that the best direction would be to localize its business development efforts, and fast, so as not to miss out on the opportunities. It required assistance in the employment and operations management of a Philippine business development team as it did not have its own legal entity in the country.

The Solution
The client engaged Eastvantage to facilitate the building of its Philippine Business Development team. Eastvantage was able to source and onboard team members who were the best fit to the client’s requirements within the agreed timelines. Aside from helping the client build its Philippine business development team, Eastvantage also assumed responsibility for all other employer-related administrative functions such as:

  • HR support
  • payroll support
  • compensation & benefits administration
  • visa processing services
  • compliance with labor laws
  • overall management of efficiency, performance, and development

By having a local business team in place, the client was able to:

– Establish a business development process more apt to the local scenario

– Obtain access to networking with major banking and insurance organizations, expediting recognition and acceptance within the Philippine BFSI community

– Secure service contracts with new clients representing 150% growth in its Philippine business

– Gain additional service contracts with existing clients

– Introduce additional products and services to other industries

– Reduce business development cost

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