Press Releases

September, 2003

eBworx Secures Contract with Krung Thai Bank

Malaysia, September 2003 - eBworx today announced that they had secured a contract to implement Digital Credit Management System (DCMS) for Krung Thai Bank (KTB).

DCMS is one of eBworx's flagship products. It is a comprehensive credit management system which enables KTB to effectively automate and streamline their loan application processing, and thereafter to monitor and manage these loans.

"This contract signals another major breakthrough for eBworx as it is the second successful venture into the banking sector of Thailand. Krung Thai Bank's choice of eBworx's DCMS is a valuable endorsement that our products are viable and practical in the international financial arena," said Mr Tan Suan Fong, Chief Executive Officer of eBworx.

eBworx's first successful venture into Thailand was in August this year. The first project was to implement DCMS for Kasikornbank Public Co Ltd. Kasikornbank (formerly known as Thai Farmers' Bank) is the third largest commercial bank in Thailand.

“With two well-known banks in Thailand putting their vote of confidence in eBworx's products, we are confident of making further inroads into the banking sector of Thailand,” Tan added.

Essentially, the system to be implemented for KTB covers two main modules, i.e. the loans origination and processing, as well as loan recovery. These provide the bank with a comprehensive credit assessment and supervision of its customers across all segments, products and facilities.

The project spans the bank's entire loan portfolio, that is, Commercial Loans and Consumer Loans. It will be implemented in two phases, the first of which is Consumer Loans – which covers the bank's retail customer base and caters to products like Housing Loans, Motor Vehicle Loans, Overdrafts, etc. The second phase will see the completion of the Commercial Loans division, which caters to the bank's Corporate and SME (Small Medium Enterprises) customers. The Loan Recovery module will also be completed in the second phase.

With the implementation of DCMS, the bank is well positioned to increase its market share, whilst achieving better management of credit and operational risks.