Enterprise IT News talks to our CEO about the outlook for IT and the Banking and Finance Industry:
Faster, cheaper, better performance
Posted Date: Thursday, 26 March 2015 00:00
JurisTech, a spin off and wholly owned subsidiary of parent company Natsoft, was founded during the Asian financial crisis of 1997. Founder and CEO, See Wai Hun said, “Back in 1997 when we started the company, we wanted to go into web technologies and big data. However the Asian Financial Crisis hit us head on and nobody was interested in these areas.”
Enterprise IT News has a chat with See about what the financial industry has in store for Malaysia and her company.
EITN: When you founded JurisTech, what were the shortcomings in debt recovery industry, that you wanted to address and overcome?
See: Non-Performing Loans rose from 6% in 1997 to 28% by the end of 1998. Many banking institutions had to take the defaulters to court and foreclose the properties in order to recover the debts but none of these banks had a system to help them manage the litigations or outsourcing activities to debt collection agencies. We grabbed this opportunity to create peer to peer networks (at that time there is no broadband available) between the banks and these third parties. That was our blue ocean strategy. Since then, we have already made everything web based and not only were we the first movers but the market leader in Malaysia for this industry.
EITN: How have you designed/architected your tech software solutions to be able to address them?
See: We had big challenges because we knew we had to go 100% web even though it was the late 1990’s when web technologies were still immature and web 2.0 was just a pipe dream. So we modelled ourselves on the leading web enterprises of the day such as Yahoo (remember them?), and developed our own application server technology with a shared nothing architecture to ensure ultimate scalability.
We are still improving our application server to this day and have built an ecosystem that supports rapid application development and web 2.0 technologies.
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