July, 2002
eBworx, a leading financial solutions specialist in South-East Asia, and ING Financial Institutions, a division of ING Group, one of the world's largest financial services companies, today announced they had entered into a Memorandum of Understanding (MOU) to co-market each other's products in the Asia-Pacific region, including China.
Under the terms of the MOU, both parties will work together to explore business opportunities including:
eBworx's partner in the MOU is the Institutional & Government Advisory (IGA) group of ING Financial Institutions, which has developed a broad experience of advising banks worldwide on how to develop world-class management systems and risk control. This is the first time the IGA in Asia has partnered with a technology solutions specialist to enhance their offering to their clients.
"The partnership between IGA and eBworx will create a joint market approach to develop innovative business solutions for Global Clients. This MOU recognizes eBworx's ability to successfully develop and deploy cost-effective, world-class technology solutions for the financial services industry," said Ted Tan, Chief Operating Officer of eBworx Berhad.
"We see the Memorandum of Understanding with eBworx as a key development in our strategy to broaden the range of services we can offer to our banking clients. A key factor driving the performance of financial institutions today is the alignment of technology, processes and human resource management. These factors interact, are dependent on each other and must be aligned with the institution's strategy. Therefore a closer co-operation in the consultancy and advisory services of IGA and eBworx is a natural development and in the best interests of our clients. Together we will be able to find the right strategy and solutions," said Jan Cherim, Managing Director, Head of ING Financial Institutions.
eBworx is a subsidiary of CSE Systems & Engineering Ltd, a global systems integrator with a turnover in excess of S$100 million. CSE is headquartered in Singapore with offices in the USA, UK, Malaysia, Philippines, Thailand, China, and Hong Kong and listed on the Singapore Stock Exchange. In March 2001, eBworx was given due recognition by Singapore's IDC as a "software hero" specializing in the financial services industry. Credit was accorded to eBworx for extensive domain knowledge in the banking industry and dedication to R&D on innovative solutions for the financial services industry. The company has an impressive list of blue-chip clients that include UOB, Keppel Insurance, Lippo Bank, BCA, Equitable PCI Bank, Arab-Malaysian Banking Group, Aetna Universal Insurance and many more.
ING Financial Institutions' Institutional & Government Advisory group specializes in bank advisory services, pension and insurance-related advisory work, debt advisory services for sovereign clients and international consultancy activities for post office-related financial institutions. In Asia, ING's Institutional & Government Advisory Group is currently involved in ongoing projects with Chang Hwa Commercial Bank of Taiwan, Bank Lippo of Indonesia and Siam Commercial Bank of Thailand. It has also recently given assistance to Korea Exchange Bank. ING's banking advisory group is also active in Malaysia, the Philippines and India. ING Group is a global financial institution of Dutch origin, active in the field of banking, insurance and asset management in 65 countries, with some 110,000 employees. In Asia, ING operates in 13 countries with more than 10,000 employees.
For more information, please contact:
eBworx: Ross Gan, Corporate Communications: + 65 6484 1622 (Office) + 65 9688 4780 (Mobile)
ING: Sheel Kohli, Head of Corporate Communications, Asia: +852 2913 8768 (Office) +852 9100 8576 (Mobile)
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