Midas Kapiti software

JAKARTA (JP): Computer software producer PT Midas Kapiti International has said the Indonesian market for banking software remains promising despite the country's ailing banking industry.

Company president K.K. Grover said on Monday that local banks which would manage to weather the current crisis would be forced to modernize their technology to compete with multinational banks in the country's liberalized market in the future.

He said the company has increased its manpower to 18 people this year from two people last year to anticipate the future growth of demand for its software products from local banks.

The company sells banking software which integrates banking database and enable banks to quickly access them. The software costs between US$150,000 and $1 million.

The company has installed its software in 13 banks, including local, joint venture and foreign banks, and targets to get two new customers this year.

Midas Kapiti, which started operations in Indonesia last year, is a subsidiary of Britain's Midas Kapiti International. (jsk)