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Hitachi

Hitachi eBworx

March 01, 2004

eBworx Makes Foray into China

1 March 2004 - MESDAQ-LISTED home-grown financial solutions provider eBworx Bhd has penetrated the China market with a contract to implement the Digital Credit Management System (DCMS) for Hua Xia Bank.

The company told the MSEB yesterday that it had received a letter of award from the commercial bank, which has over 500 branches and offices in 23 cities across China.

The deal involves the licensing and implementation of the DCMS for Hua Xia's consumer and corporate banking services and the solution will help the bank adopt a more structured approach towards its internal risk management methodologies.

eBworx chief executive officer Tan Suan Fong said the letter of award was an important milestone for the company in penetrating the China market.

“This deal with Hua Xia Bank proves, yet again, that our products meet the requirements of the international financial arena,” he said, adding that with the contract, the company's order book had been boosted to about RM25mil. Tan said the new contract would also boost the company's top and bottom line quite substantially.

“We are also bidding for four or five other projects of similar value in China and expect one or two more to come in by the middle of the year,” he said, adding that the company's performance in 2004 was expected to be better than last year.

Besides China, Tan said, eBworx's focus in the next 18 months would be on countries in North Asia like Japan, South Korea and Taiwan as banking institutions there were bigger and had tremendous purchasing power. “Another focus would be on research and development to increase our product offerings,” he said.