Singapore fintech firm puts up base in PH

Tagit, a Singapore-based financial technology services provider, established a new hub in the Philippines given emerging prospects here as the banking industry shifts to the digital age.

Tagit yesterday formally opened a so-called regional delivery hub in Makati City, which it said was a strategic decision.

The office is staffed by almost 30 employees doing high-value jobs such as programming, development and administrative work, said Tagit CEO Sandeep Bagaria.

Within next year, the company plans to double the workforce in the Philippines, he added.

Bagaria said the Philippine hub would support both its domestic clients and those overseas, who were mainly in Asia and the Middle East.

Apart from Singapore and the Philippines, Tagit has offices in Canada, Malaysia, India and Indonesia.

Tagit is betting on smart Filipino talent in building its technical team that will enable it to respond faster to customer needs and will play a key role in our regional strategy, said Sajjad Akthar, Tagit chair.

Tagit’s flagship digital banking product is called Mobeix. The platform seamlessly connects to a bank’s existing IT infrastructure and can be rolled out across mobile devices such as smartphones and tablet computers.

Philippine National Bank was Tagit’s first customer in the country. It was followed by China Bank and Union Bank of the Philippines.

Bagaria said as internet penetration and smartphone usage increases, so too would demand for digital banking services.

“If you look at banks today, they are not only looking to serve their customers. They are also looking to acquire new customers,” he said.

He noted that Tagit was seeking to win more clients in the banking sector as well as customers in the Philippine government.