Trust Fintech Ltd IPO

About Trust Fintech Ltd

Trust Fintech Limited was originally incorporated on December 15, 1998 as a Private Limited Company as Trust Systems and Software (India) Limited vide Registration No. 117470 under the provisions of the Companies Act, 1956 with the Registrar of Companies, Mumbai. Pursuant to a special resolution passed by the Shareholders at their Extra ordinary General Meeting held on September 16, 2023, the Company was converted from a Private Limited Company to Public Limited Company and consequently, the name of the Company was changed to `trust Systems and Software (India) Limited' and a Fresh Certificate of Incorporation consequent to Conversion was issued on September 29, 2023 by the Registrar of Companies, Mumbai. Further, pursuant to special resolution passed by the Shareholders at their Extra Ordinary General Meeting held on November 22, 2023, the company has changed its name from Trust Systems and Software (India) Limited to Trust Fintech Limited and a fresh certificate of incorporation consequent to name change was issued on December 14, 2023 by the Registrar of Companies, Mumbai. The Corporate Identification Number of the Company is U72100MH1998PLC117470.

Global IT Market outlook: The global Information Technology market size grew from USD 8179.48 billion in 2022 to USD 8853.41 billion in 2023 at a compound annual growth rate of 8.2%. The information technology service market is comparatively concentrated, with a number of big, global players. Around 30% of the total market share in 2019 is made top five competitors in the market. IBM is the largest competitor, followed by Accenture, HPE, Microsoft, and SAP. The global core banking software market size was valued at USD 12.51 billion in 2022. The market is projected to grow from USD 14.54 billion in 2023 to USD 47.37 billion by 2030, exhibiting a CAGR of 18.4% during the forecast period. One of the significant market drivers is the rising adoption of SaaS-based or cloud-based banking platforms provided by software specialists such as Finastra, FIS global, and Temenos AG. Cloud-based platforms allow banking organizations to monitor payments, transactions, and other banking activities. Thus, the rising demand for productivity and improvement in enterprises will encourage the growth of the market. Key players are focusing on launching new products to gain a competitive edge in the market. According to Enterprise Cloud Index (ECI) 2022, cloud adoption in BFSI industries is expected to double in three years, boosting the market from 26% to 56%. Therefore, the rising adoption of cloud-based solutions and banking platforms by various banks is expected to drive the market growth in the forthcoming years. Also, the rising usage of Big Data, Payment as a Service (PaaS), cyber security, and remote banking solutions is expected to boost the market expansion during the forecast period. Indian IT Market Outlook: According to National Association of Software and Service Companies (Nasscom), the Indian IT industry's revenue touched US$ 227 billion in FY22, a 15.5% YoY growth and was estimated to have touched US$ 245 billion in FY23. IT spending in India is expected to increase to US$ 110.3 billion in 2023 from an estimated US$ 81.89 billion in 2021. Indian software product industry is expected to reach US$ 100 billion by 2025. Indian companies are focusing on investing internationally to expand their global footprint and enhance their global delivery centres. The data annotation market in India stood at US$ 250 million in FY20, of which the US market contributed 60% to the overall value. The market is expected to reach US$ 7 billion by 2030 due to accelerated domestic demand for AI. India's IT industry is likely to hit the US$ 350 billion mark by 2026 and contribute 10% towards the country's gross domestic product (GDP), Infomerics Ratings said in a report.

Trust Fintech Limited is majorly involved in the Implementation, and deployment of Core banking Software i.e. TrustBankCBS or MicroFinS. TrustBankCBS mainly serves the needs of medium to large banks & financial institutions and MicroFinS serves the needs of Small & growing Co-operative Societies, SACCOS & similar banking institutions. Its flagship product, TrustBankCBS, is a web-based software. It is available on-premises with infrastructure i.e. it offers the flexibility to the customer to deploy TrustBankCBS on their own premises with customized infrastructure. Alternatively, it is also available as off-the-shelf banking software solution in a `Software as a Service' (SaaS) model. This covers bundled solutions of software and hosting infrastructure on a rental basis for those preferring a hassle-free.

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