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Asian markets for CTRM and CM software have been pretty active in 2020 despite everything, says Tony Teo, Enuit’s MD for Asia-Pacific and Middle East. “We can’t travel so much during the pandemic but Singapore’s team has been very active in engaging potential clients over phone discussions, face-to-face demo, and the rest we can do remotely,” he said. “A lot of smaller companies in Singapore have been looking for solutions.” These are apparently often companies that have been relying on in house systems or even Excel spreadsheets. “They don’t engage consultants or SI’s,” he said. ”Rather they evaluate 3-5 vendors via a fairly lengthy process and make their own decision.” Most are oil & gas companies with some refiners, LNG entities and even a few metals entities also shopping.
Tony says that the larger companies in the region are still using outside selection help. Enuit has 8 projects running right now in Singapore having won its fair share of deals, Tony said. “We had two wins in September – an LNG trader and a crude oil trader.” Enuit also set up a Tokyo office in December 2019 with a business development person and senior BA located there. It has already gained a couple of clients in Japan, Tony told me, and he expects more to come.
Apparently, there are many local vendors and IT shops in the region as it might be expected that to provide some local competition to Enuit. He sees more of the newer up and coming vendors active in the Asia-Pacific markets these days, he said, and doesn’t see much of the larger more established vendors now as they are part of one larger entity. In the ComTech CTRM Vendor Perception Study, Enuit showed strong brand awareness in the region leading in market leadership perceptions in almost every category. Tony was also quick to point out proudly that Enuit had been recently “selected as the winner of the CTRM Software House of the Year in the 2020 Energy Risk Asia awards.” This was the subject of a recent press announcement.
Tony thinks that Enuit is strong in risk functionality where it has placed a lot of focus in adding enhancements. He sees that risk functionality as being a differentiator and not just limited to market and position risk but cites credit as an area of strength for the platform too. He also pints to the recent addition of Commodity Management functionality which he sees as especially crucial in the metals area where the supply chain can be very complex.
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