For Immediate Release: 19 August 2021
Singapore: BIPO, HR tech company, headquartered in Singapore, is accelerating its global expansion. It will significantly expand its current 16 overseas hubs, mainly in Southeast Asia, to include Africa, South America, and the Middle East by 2023. It competes with global giants such as Workday and ADP in United States by enhancing its services to multinational companies. It also aims to be listed on the US Nasdaq market in 2025 – Michael Chen, Founder and CEO of BIPO, revealed in an interview with Nikkei.
The HR tech market is growing rapidly as more companies undergo digital transformation (DX) and globalise their business. According to US research firm, Verified Market Research, the global market size in 2020 was $15.59 billion (approx. 1.6 trillion yen) and is expected to expand at an average annual rate of about 10%, doubling to $33.58 billion by 2028.
The services provided by BIPO include employee payroll, vacation and attendance management, automated expense reimbursement and web-based training, available across multiple devices made possible through cloud computing. It also supports electronic signatures and receipts, “We can now eliminate the international snail-mailing of documents, which is time-consuming and expensive,” says Founder & CEO, Michael Chen. BIPO’s HR Management System also utilises AI to analyse employees’ arrival and departure times to understand changes in work patterns and other factors.