PromptNow, leading financial mobile applications developer in Thailand, to become TIS subsidiary TIS aims to expand payment business in Thailand's where market is tapped for growth
May 17, 2016
TIS Inc. (hereafter, "TIS"; headquarters: Shinjuku, Tokyo; CEO and President: Toru Kuwano), a member of the IT Holdings Group, announces its decision to invest in PromptNow Co., Ltd. (hereafter, "PromptNow"; headquarters: Bangkok, Thailand; unlisted; General Manager: Natjira Honda) — a subsidiary of Thai-listed MFEC Public Company Limited (hereafter, "MFEC"; headquarters: Bangkok, Thailand; listed as MFEC; CEO: Siriwat Vongjarukorn), which formed a capital and business alliance with TIS in 2014 — and turn PromptNow into a subsidiary.
PromptNow is a leading company in Thailand with expertise in financial mobile application development for financial institutions, primarily banks and insurance companies. It provides cutting-edge solutions for banks and financial institutions and is well-known for mobile enterprise application development on multiple-platforms, including iOS, Android and Windows.
TIS has a considerable track record in domestic payment system development and is working to reinforce its strength in the payment-related business, including efforts to promote the total retail payment solution PAYCIERGE. In terms of overseas business strategies as well, a priority has been placed on promoting the payment solution business outside Japan and expanding activities in overseas markets.
Since forming the capital and business alliance with MFEC in 2014, TIS has discussed and considered joint pursuits with MFEC in additional areas of growth. During this process, TIS gave high marks to the strategy of MFEC subsidiary PromptNow to expand the payment solution business in Thailand, and decided to position the company as the platform for its payment-related business there, with the company becoming a subsidiary.
The Thai government's announcement of a national e-payment master plan'1 heralds potential for tremendous growth in the field of payment solution services in Thailand.
- A policy adopted by the Thai government in December 2015 to essentially become a cashless society using such approaches as payment through common national identification (Any ID) or e-tax.
Together, TIS and PromptNow will leverage reciprocal strengths and strive to capitalize on this great opportunity for growth in Thailand's payment-related business sector.
For more information on PromptNow, please visit http://www.promptnow.com/
TIS' ASEAN Strategy
Along with remarkable economic development in the ASEAN region, Japanese companies have steadily accelerated efforts to build a presence, from the establishment of production bases to local business entry. Up to now, TIS has extended its business reach into several ASEAN countries, namely, Singapore, Thailand, Indonesia and Vietnam, to respond to the IT support requirements of its clients.
In 2014, TIS formed a capital and business alliance with MFEC, a major local SI (system integration) specialist in Thailand, and acquired IAM Consulting, a top-class SAP consulting firm. Then in 2015, the company pursued a capital and business alliance with Anabatic Technologies, a major local SI company in Indonesia, thereby enhancing its business presence in the ASEAN region. Bringing PromptNow under the scope of consolidation as a subsidiary at this time is part of TIS' strategy for expansion in the ASEAN region.
TIS will continue to actively engage in joint pursuits with promising partners like this to further its business presence in the ASEAN region.
About TIS Inc.
TIS, a member of the IT Holdings Group, provides IT solution services, including system integration and entrusted development as well as service-style IT solutions, such as data center and cloud services. Concurrently, the company contributes to the growth of client businesses through the establishment of a global support network centering on China and the ASEAN region and more than 3,000 business partners in various industries, such as financial services, manufacturing, distribution and services, public sector services and telecommunications.
For more information about TIS, please visit http://www.tis.co.jp/
About the IT Holdings Group
The IT Holdings Group comprises 50 IT companies with about 20,000 employees in total. Each company has experts in forte fields who support numerous clients, including companies in financial services, manufacturing, services and the public sector, in Japan and overseas in the day-to-day running of existing and future business activities. The IT Holdings Group not only solves client problems but also anticipates future needs and presents suggestions to help clients keep moving forward.
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- The information in this news release is current as of the announcement date. This may be superseded by information that comes out later and may differ from the information contain herein.
Regarding information in this news release
Please contact the Global Business Planning Office, Corporate Planning and Control Department, Corporate Planning SBU, TIS Inc.
Phone (outside Japan): 81-3-5337-4397 E-mail:firstname.lastname@example.org