Software company Luxoft Holding sets up office in Penang

GEORGE TOWN: Opportunities for growth due to high technology adoption levels in Asia Pacific convinced software solutions provider Luxoft Holding, Inc to set up operations in Penang.

CEO Dmitriy Loschinin said the company felt there was potential to be tapped due to the rise of financial tech (Fintech), Internet of Things (IOT) and Big Data (BD) in the region.

He said people now lived in a digital world where almost everything was run by software which created enormous challenges and opportunities.

Loschinin also said the company chose Penang for its RM235 million investment due to the quality of talent available here.

"We see there are business here and opportunities in human capital," he said in a press conference today with Chief Minister Lim Guan Eng at Wawasan Open University (WOU) where the Luxoft office is located.

An initial project Luxoft is working on in Penang is with Clarion (Malaysia) Sdn Bhd to develop an infotainment system for cars.

The company is listed on the New York Stock Exchange (NYSE) and lists IBM, Ford, Panasonic, Boeing and Deutsche Bank among its clients.

In his speech earlier, Lim welcomed the investment which he said will nurture talent and create high income jobs.

He said the Luxoft Automotive Software University (LASU) three-month program initiative aimed to create more than 400 software development engineers in the state.

He said the investment was "critical" for the development of Penang as it brought in high level technological expertise.

"This is a big investment for Penang," he said.