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To: TLindt who wrote (1248)	1/16/1998 11:55:00 PM
From: Chemsync	Respond to of 8545

IBM to push Integrion approach in the Asia-Pacific Sorry if this has been posted before. I just stumbled over it. 12 Jan 1998 ÿ ÿ [SINGAPORE] A banking paradigm adopted by North American banks with the onslaught of the Internet will be introduced to the Asia-Pacific region by US giant IBM. Fifteen North American banks and IBM have formed a consortium called Integrion to confront the new dangers and challenges brought about by the Internet. IBM Asean banking general manager Lee Han Kiat told BusinessIT: "A consortium like Integrion helps banks compete effectively with non-banks which may enter their turf through innovative technology." He added: "The key implication of the Internet is it allows new competitors to get into the financial business." Integrion has begun offering Internet banking plus a broad range of other on-line services to more than 60 million households, or over half the retail banking population of North America. IBM is in talks with Asia-Pacific banks including those in Singapore to bring the Integrion concept to this region, Mr Lee revealed. The Asia-Pacific version is called Interactive Financial Services. A source said Nets -- Network for Electronic Transfers (Singapore) -- is involved in these discussions. Nets offers electronic payment systems and has as shareholders Singapore's Big Four banks -- DBSBank, OCBC, OUB and UOB. A pilot project will probably be launched in Australia early this year. Through Integrion, banks offer not only Internet banking but also links to other products and services by partners. Mr Lee said banks must provide compelling content in cyberspace to retain the surfer's interest and to achieve that, banks should tie up with other businesses to offer multiple Internet services. And local banks are slowly rising to the challenge. Mr Lee disclosed that one bank here will soon launch an Internet service through which home buyers can apply for housing loans and access related services such as insurance and interior decorators. ÿ ÿ