Korean high-tech firm hit a success in India
Hyosung TNS, an info-tech unit of Korea’s Hyosung Group, is fixing eyes on India, the world’s second-most populous country, and the seventh-largest economy in terms of gross domestic product.
In particular, the Seoul-based company targets the market for automated teller machines (ATMs), of which upside potential is great.
Although India is one of the strongest economic powers with enormous growth potential, utilization, and penetration rate of banks is far from enough to be used by a population of over 1.37 billion.
According to data released by Reserve Bank of India, 206,589 units of ATMs are installed across the country as of September 2019, meaning 15 units of ATMs per 100,000 citizens.
Since it started operation in India in 2009, Hyosung TNS has been supplying ATMs to State Bank of India (SBI), the nation’s business bellwether, and other organizations. It provided SBI with software optimized for already supplied ATMs last year.
Hyosung TNS is expanding marketing activities to other companies to integrate the software into their ATMs. Through this, it aims to gain a virtuous-cycle effect of earning revenue of software royalties and increasing the sale of hardware.
After successfully clinching the order for supplying ATMs for the ‘Rural ATM Project’ in Mexico under his leadership, Hyosung Group Chairman Cho Hyun-joon expects to position itself as a leading banking solution provider also in India by successfully expanding its presence in the market.
“We will continue innovation to lead changes in the ATM market in the forefront and to grow as a global comprehensive ATM solution leader beyond hardware provider,” he said.