Brazilian IT firm opens in Paraguay to serve local banks
M2Sys, a Brazilian IT firm focused on document image processing for the financial segment, is kicking off operations in Paraguay, its first stop outside Brazil.
The firm has formed a subsidiary and two executives are currently setting up commercial operations in capital Asunción, in partnership with Paraguayan IT consultancy firm Grupo Zadock.
At the same time, the company is eyeing further opportunities in South America and some of its executives have planned a trip to Mexico in the coming weeks to extend talks with a potential local partner, M2Sys executive director Roberto Schmaltz, who is heading the regional expansion, told BNamericas.
Mexico could also be a door to the US market, Schmaltz said.
In Paraguay, talks began eight months ago, he added.
"We saw that there were interesting business opportunities in our segment. Paraguay is a country with a great desire for modernization and interesting, open legislation. There are also Brazilians at the board of Zadock, which has helped our talks with banks and companies," said Schmaltz.
According to Schmaltz, one of the potential clients is Bancard, a Paraguayan electronic payment processing firm providing services to banks.
Created 10 years ago, M2Sys has 500 employees and serves 8 big banks in Brazil. The firm kicked off its business by processing scanned checks and other financial documents for HSBC in Curitiba, Brazil. Its main rivals are US group NCR and Xerox's ACS.
The company has also developed document processing technologies allowing clients to open bank accounts via smartphones in line authentication procedures and other rules established by the central bank.
Aside from Curitiba, M2Sys has an office in Brasília and is activating another one in São Paulo. The company processes 4mn images per month in its servers, nearly all of which come from scans by banks.
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