Global IT services provider Capco sets up its Asia-Pacific hub in Hong Kong.

Capco, the global business and technology consultancy firm focused on the financial services industry, has announced the opening of a Hong Kong office as its hub for the Asia-Pacific region.

The new branch adds further local presence in the region to cover a larger part of Hong Kong and Singapore. Capco currently has operations in Bangalore, India. Its parent firm, banking and payments technology developer FIS, has 19 offices throughout Asia-Pacific.

"Hong Kong is a natural hub for us to service both global and local clients, particularly in the banking, capital markets and wealth management sectors. Since establishing the Hong Kong office we have won significant regulatory compliance projects with tier one global investment banks with a strong footprint in the region," said Neil Ramchandran, partner and chief executive of Capco India, in a statement.

According to research by Gartner, global IT spending is forecast to reach $767 billion in 2014, a 5.5 per cent rise from 2013. A similar study by Celent also estimates that bank IT spending from Asia-Pacific specifically, which is now the largest market globally, will grow by 5.8 per cent in 2014 to reach $66.5 billion.