2002 Press Release
Shanghai (China), 05 June 2002 - A leading IT solutions and application service provider (ASP) today opened its new regional office in Shanghai, China. Officiating the ceremony were Mr He Shoucang, Deputy Director of Shanghai Informatisation Office and Mr Leong Keng Thai, Ag CEO of Infocomm Development Authority of Singapore. CrimsonLogic Shanghai Representative Office will introduce its suite of innovative and comprehensive solutions and services to the China market.
CrimsonLogic will work with local Chinese companies and agencies to offer leading-edge IT solutions and services to customers in various sectors including trade and logistics, legal, healthcare and government.
China has been touted as the bright spot in Asia-Pacific's economic recovery. IDC estimated that the WTO membership will drive China's IT market up by 25% to US$25.6 billion while other optimistic figures reported were that of China's trade surplus, which has widened to US$5.95 billion in the first two months of 2002.
Mr V Mathivanan, chief executive officer of CrimsonLogic, said, "We are very excited by the prospects and potential posed by China. By coming into China, we hope to bring the benefits of technology to the Chinese companies to enable them to stay competitive especially with its accession into WTO. At the same time, we want to invite Singapore and foreign companies already in China or planning to move into China to engage us as their IT partner."
CrimsonLogic will primarily set their sights on the business-to-business (B2B) and eGovernment sectors. Gartner reports that the Asia Pacific region's B2B Internet commerce had reached US$220 billion in 2001, or 24% of the worldwide total. It also predicted that by 2005, Asia Pacific will account for 28% of the worldwide total, with B2B Internet commerce transactions totalling US$2.4 trillion. Similarly, the government sectors look very promising with IDC reporting that the Chinese government is planning to invest US$411 million this year on applying IT technologies in government departments.
Mr Mathivanan added, "Our 14 years of experience and commercial expertise in providing business- and government-related IT services have given us the technical and management know-how to develop innovative solutions for our customers, not just in Singapore but also the international market including China."
Mr Mathivanan also said that CrimsonLogic can easily translate the same technology and expertise used in Singapore and apply them in China to benefit the Chinese government, businesses and citizens.
Another high potential market targeted by CrimsonLogic lies in eLearning. Elearning as an extension of continuous learning is rising in popularity with the opening of China market. In addition, the supply of educational institutions is not adequate to meet the increasing demand. Together with the increasing demand for Internet, a booming eLearning industry is on the cards. Research has shown that China's Internet users are second only to the United States with a monthly increase of 5% to 6% of newcomers to the Internet community.
CrimsonLogic's foray into electronic data exchange and eCommerce since the early 90's has put it in a lead role among service providers in similar capacity. CrimsonLogic is known for its development of the world's first paperless eJudiciary filing and retrieval system called LawNet.
In the trade and logistics sector, CrimsonLogic has developed Singapore's first comprehensive trading solution, TradePalette, enabling importers, exporters, traders and freight forwarders to connect seamlessly with their business community through one interface. On the same note, CrimsonLogic's eLearning initiative has also taken off with the Law Society of Singapore. This online learning hub is designed to transmit video lectures, provide question and answer discussion rooms, downloadable material and even testing and grading, thus allowing lawyers to maximise their time.
To date, CrimsonLogic has developed more than 20 successful services and solutions that are highly credible and secure in various sectors. It constantly adopts the latest technologies to develop new service offerings.
CrimsonLogic has also developed a series of eGovernment solutions that allow its customers in Singapore to perform various activities easily and securely via the Internet. These include the filing of corporate tax returns, transferring vehicle ownership, stamping of documents relating to the purchase, leasing and mortgaging of properties and the transfer of stocks and shares.
CrimsonLogic now has more than 8,400 companies using its various application services in Singapore and the region. Its representation today spreads throughout the world in Australia, Canada, Malaysia, Mauritius, Middle East and Ghana. It has also set up a software development centre in Bangalore, India, in March last year.