The President of Hyundai IT, Wonin Baek, was recently in Karachi for a day to have meetings with prospective clients and certain government officials.
Hyundai Information Technology is currently engaged on the largest IT project in the history of Pakistan, which is the automation of the State Bank of Pakistan, funded by the World Bank.
The direction and focus of the project is to enhance the management decision-making processes and to bring about improvements in the quality and usage of technology in the banking operations.
This project involves complete automation for the central bank, SBP-Banking Services Corporation, and branch offices all over Pakistan.
He said: "In my fair opinion, economic conditions of this country have been quite impressive in the recent years; especially the major economic indicators are giving positive signals not only to the local investors but also to the foreign investors."
He said: "During our SBP project, Hyundai IT had carefully studied Pakistan's economic market and we strongly believe that Pakistan could be one of our potential markets. In relation to this, HIT has now decided to invest more in Pakistan and hence we are in the phase of setting up our local company in Karachi, initially, and we further intend to open branch offices in Islamabad and Lahore in accordance with our global expansion plan.
We want to share our advanced technological solutions and services to modernise business operations and environment in Pakistan.
"Hyundai IT provided our own Core Banking Solution 'Kore-Bank' to Agricultural Bank in Vietnam, which is the largest commercial bank having 1,500 branches. For Pakistan, we will be focusing particularly on the Financial IT services, such as Core Banking, ATM (Automated Teller Machine), DRS (Disaster Recovery System), BCP (Business Continuity Planning) and IT Security, whereas Public, Defence and Industrial sectors are equally important for us and we are definitely going to tap this sector as well." Baek also visited the 'Financial Ideas 2004' in which HIT also participated.
He said it was a very successful event providing single platform to the business community for their financial problems and solutions offered by the leading financial institutions including the Sate Bank of Pakistan.
About Hyundai IT's business, he said that Hyundai IT [HIT] was incorporated in 1993 as an affiliate of Hyundai Group which is the largest business group in South Korea.
The company helped develop various infrastructure projects in different countries like Vietnam, Pakistan, Hungary, Hong Kong & China, Dubai and Egypt, taking the stature of 'IT Korea' to a new level.-PR
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