Enuit Upbeat about Asia-Pacific Region
Enuit always has quite a presence in the Asia-Pacific region in our Vendor Perception Studies and so far, this year is no different (the report is in progress). Much of that presence comes from having operations in China of course, but Enuit is also active in the region generally. Winson Low based in Singapore is Enuit’s VP Operations and he recently gave us an update on Enuit in the region. He started by giving me a rundown of activities and sales in the region. For example, Enuit sees some metals activity in Japan as well as Asia pacific’s interest in crude and petrochemical side for CTRM solutions, he told me. “We are very confident that the CTRM market in Japan will grow stronger but currently the Yen’s volatility may have some impact on Japan’s energy sector ,” he said.
In Singapore, he sees the refined products market as having quite some demand for solutions currently with medium-sized entities looking for both risk and trade management solutions. In fact, demand and interest across the region is quite good, he told us. “We see interest in places like Thailand, Indonesia, The Philippines and so on. In fact, we have a very large new customer in Thailand right now,” he said. Much of that interest is in the crude and petrochemicals space – oil & gas essentially, however, there is also growing interest in carbon and emissions solutions as well. The Middle East is also showing a lot of interest in CTRM solutions on the oil & gas side.
India is another market Enuit has been looking at, but he says it too is challenging in terms of price. He remains confident however that Enuit can offer a future proof product for major entities in India – particular oil & gas.
One of the drivers for much of the interest he sees is driven by increased trade volumes, he believes. “Businesses using Excel or homegrown solutions in particular are faced by challenges around the increased volume of trading,” he said. Obviously, geopolitical events and resulting volatilities are also in play and help to drive the trade volumes too especially where these events introduce market’s complexity and risks which in turn, drives up the need for systems.
Enuit’s Chinese entity is quite sizeable with around 40 employees, but the Chinese market is somewhat difficult as it remains price sensitive, he said. In essence, local IT suppliers enjoy a price advantage, but the market is maturing, and buyers are beginning to get educated about what a real CTRM looks like. In fact, as an aside, our CTRM book is about to be released in the Chinese market in Chinese and this may help educate that market a little.
In the non-China regions, Enuit is growing and looking to hire to expand support and implementation. It is also seeking partnerships with local consulting forms to help with implementation projects, Winson told us. He is looking to 2025 and sees considerable opportunity in the region as well as a potential shortage in resources
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