February 28, 2005
Kuala Lumpur, 28 February 2005 - eBworx Bhd, which was listed slightly more than a year ago, remains one of the more dynamic MESDAQ-listed companies.
Having achieved another creditable performance in 2004, the company intends to move on to a higher level and has set new targets for 2005.
New Projects
Already the year has gotten off to a good start with the signing of two new contracts for a local bank and foreign bank. The RHB Bank project is to implement eBworx’s Digital Credit Management System – Collection and Recovery Module. This module tracks and streamlines the process of the overdue loan account collection. The project duration is 10 months.
The other contract is for PT Bank Permata, Indonesia to implement eBworx’s Digital Cash Management System. This is to allow the bank’s corporate and SME customers to perform commercial transactions via the Internet. The project duration is eight months. This is eBworx’s second project with Bank Permata. The earlier project in May last year was to implement eBworx’s flagship Digital Credit Management System.
New Executive Office
To inject more dynamism, eBworx has set up a new executive team with strong credentials. It will be headed by co-founder and Chief Executive Officer Tan Suan Fong. New appointments include K.K. Chen as Deputy Chief Executive Officer. Chen has 25 years experience in the software and service industry. He started as system engineer in IBM, general manager for Computer Associates Malaysia and President of Silverlake.
The new Technology and Delivery Director is Bronnie Tse, who has broad experience in technology, project operation, professional service and marketing at ICL, Cable & Wireless HKT.
The Global Sales and Marketing Director is Steve Kucia from UK. He has vast experience in sales and management as Managing Director of Unisys HK and Managing Director of digital commerce consulting firm Headstrong Asia.
New Products
eBworx has developed several new products, two of which will be launched this year. The Digital Credit Risk management System Version 1 is one of the modular software applications of eBworx’s Digital Business Center Suite. It provides complex mathematical models to banks to simulate the credit risk before approving a loan. This new product has great potential since most of the banks are required to comply with the Basel II requirements by 2007.
The other new product is TradeSpring Version 1, developed by 50%-owned associate SpringWorx Technovations Sdn Bhd. This is a new generation of Web-based Trade Finance solution empowered with flexible workflow and configurable business rule engine.
Thrust for 2005
The target is to bring in RM56 million new orders in 2005. The eBworx Group will continue its focus on South East Asia and will hire sales personnel in Indonesia, Thailand and Singapore to tap the market.
With the implementation of eBworx’s DCMS in Hua Xia Bank, is confident of garnering more contracts in China and has assembled a business development team in Beijing.
Key business initiatives include building a Software Engineering Center in China to service the large market in China and to tap the large talent pool in China for R&D.
eBworx will also build a Loan Processing Center to help banks in this region to process consumer loans and credit cards.
Industry Recognition
The most recent award received by eBworx was BEA Significant Platform Win of 2005. BEA is the world leading J2EE application server provider while eBworx’s products are built on industrial standard J2EE platform.
In addition to that, International Data Corporation (IDC) has also identified eBworx as one of the Leading Financial Software Providers in this region for 2004. This is the second recognition from IDC. The first recognition was in 2001 whereby eBworx is reported by IDC as the Software Hero of Malaysia.
eBworx is a home-grown regional financial solutions specialist, providing a wide array of innovative digital commerce solutions to the financial services industry which include software products, technology consulting and systems integration services that enable financial institutions to improve their sales operational efficiency and manage credit risk.
It was granted MSC status on 11 February 2002. In 2001, the eBworx Group was given due recognition by Microsoft (Malaysia) Sdn Bhd by being conferred the Microsoft Partners Award for “E-Commerce Solution of the Year” in Malaysia. In the same year, IDC Market Research (M) Sdn Bhd identified the eBworx Group as the “Local Software Heroes in Malaysia” for being a significant software company in Malaysia.
It has three wholly-owned subsidiaries – Digital Nervous System Sdn Bhd (DNS), incorporated in Malaysia, eBworx International Pte Ltd (EBI), incorporated in Singapore and eBworx Technology (Beijing) Co Ltd, incorporated in China. The principal activity of all three companies is the provision of computer software applications and dealing in computer software and hardware for the financial services industry.
Institutional Investors
eBworx’s institutional investors include OSK Venture Equities Sdn Bhd, a venture capital company of OSK Ventures International Berhad and CSE-Infotech Limited, a wholly-owned subsidiary of CSE Global Limited, which is listed on the Main Board of the Singapore Exchange.
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