Charlie,
Surprised this didn't help any today?
ATLANTA--(BUSINESS WIRE)--June 26, 2000--S1 Corporation
(Nasdaq:SONE.O), a leading provider of Internet-based financial services
solutions, announced today its collaboration with Oversea-Chinese
Banking Corporation Ltd. (OCBC Bank) to propel Singapore's second
largest bank as a world leader in the online financial services
market. Utilizing the S1 Consumer Suite of applications, OCBC Bank
successfully launched Asia's first Internet-only bank - finatiQ - in
April this year. OCBC Bank, with assets of US$32.7 billion, has
implemented S1 Corporation's solution as the backbone of its
aggressive eCommerce strategy to deliver a competitive advantage. The
bank is hosting its transactions in the S1 Data Center in Singapore.
Leveraging its strategic relationship with Andersen Consulting, S1
Corporation worked closely with the team at OCBC to launch finatiQ in
only 100 days. OCBC's finatiQ is Asia's first Internet-only bank that
is in full production. This launch demonstrates S1's ability to
consistently execute on its global strategy to provide the world's
most innovative institutions with the solutions they need to
strengthen customer relationships, generate revenue and gain
competitive advantage.
According to Steve Chu, general manager of S1 Corporation Asia
Pacific, "We are very pleased to be playing a key role in OCBC's
aggressive eCommerce strategy. This 100-day launch demonstrates our
commitment to the Asia Pacific region and solidifies S1's role as the
premier global provider of Internet-based solutions to the financial
services industry."
The bank has announced its intention to invest one billion
Singapore Dollars (600 million US Dollars) in its eCommerce strategy
and work closely with leading technology providers, such as S1, to
achieve its aggressive goals. In delivering what is possibly the most
significant strategic initiative in the bank's history, Teng Soon
Lang, head of Group Information Technology at OCBC Bank, commended the
outstanding technologycontribution of S1. "Integral to the execution
of this strategy are our alliances with our technology partners, such
as S1 Corporation and Andersen Consulting," said Teng.
As the notion of Internet banking begins to rapidly take hold in
Asia, time to market and a secure transaction environment are critical
success factors for institutions who are looking to move quickly and
aggressively to position themselves at the forefront of the online
financial services market.
According to David Tan, General Manager of finatiQ, "Acting as a
buyer's advocate, finatiQ, Asia's first virtual bank, will allow
customers to perform secure online banking and investing transactions
with products from several financial providers. We act as a trusted
third party, providing independent financial advice to help our
customers identify financial products that best fit their needs. Our
customers can expect new product offerings every few months, and our
regional expansion will be implemented with similar swiftness."
"We continue to broaden and deepen our relationships with some of
the world's largest and most influential financial institutions," said
Chu. "This vote of confidence from OCBC Bank further validates our
expertise, our business model and our vision for the future of
eFinance."
The Consumer Suite is designed to provide fully transactional
financial portal solutions - a key competitive advantage in the world
of Internet financial services. This comprehensive package of
financial services applications provides robust functionality,
including banking, investments, insurance, bill presentment and
personalized one-to-one marketing capabilities. Based on a proven,
open architecture, the Consumer Suite can be further enhanced with
other value-added products, such as tax preparation, customizable
content from key providers like Reuters, FinanCenter and Intuit, and
financial planning tools.
About OCBC
With total assets of S$54 billion, and a staff force of 5,900 in
90 branches and representative offices in 13 countries, OCBC Bank
(which was founded in 1932) now ranks as one of the largest banks
incorporated in Singapore. In 1999 it reported a profit attributable
to shareholders of S$690 million.
OCBC Bank's mission is to be a world-class financial institution
in Asia Pacific. This it seeks to achieve by the provision of superior
customer service, particularly through the use of technology. A
leading e-commerce financial player, OCBC Bank also owns finatiQ.com,
Asia's first standalone virtual bank, through its wholly-owned
subsidiary, Bank of Singapore Limited.
About finatiQ
Accessible online at www.finatiq.com, finatiQ (pronounced
`fanatic') is Asia's first independent virtual bank. Using the
buyer-advocate model, finatiQ acts as a trusted third party to
represent the interests of the customer.
The customer will find that by coming to finatiQ, he is empowered
to create for himself a unique portfolio of financial products culled
from different financial entities to best address his financial needs
and investment objectives.
finatiQ currently offers an interest-bearing investment account
and the largest online offering of unit trusts in Singapore. In the
next few months, finatiQ will roll-out an unprecedented offering of
third party and proprietary financial and investment products at
highly competitive, if not `Best in Market' rates.
finatiQ is a division of the Bank of Singapore Limited which is a
wholly-owned subsidiary of the OCBC Group. OCBC has committed S$260
million to support the development and roll-out of finatiQ, firstly in
Singapore and subsequently to the region.
About S1 Corporation
S1 (Nasdaq:SONE.O), the pioneer in Internet banking, is a leading
provider of innovative Internet-based financial services solutions. S1
offers a broad range of applications that empower financial
organizations to increase revenue, strengthen customer relationships
and gain competitive advantage by meeting the evolving needs of their
customers across various lines of business, market segments and
delivery channels. Through its professional service organization, S1
Corporation's applications can be implemented in-house or outsourced
to the S1 Data Center. Additional information about S1 is available at
www.S1.com.
--30--cd/bos*
CONTACT: Sterling Hager, Inc.
Tracey Frederickson, 617-926-6665 ext. 327
tfrederickson@sterlinghager.com
KEYWORD: GEORGIA
INDUSTRY KEYWORD: BANKING COMPUTERS/ELECTRONICS E-COMMERCE
INTERNET SOFTWARE
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