HONG KONG - March 22, 2000 --- iBusiness Corporation (iBusiness) and Excel Technology International (Hong Kong) Limited (Excel) today announced the formation of i21 Limited to offer premier Application Service Provider (ASP) solutions to business corporations. iBusiness holds a 62.5% stake in i21 Limited while Excel holds the remaining 37.5%.
i21 Limited aims to provide cost-effective on-line software solutions to businesses across different market segments. It allows business corporations to obtain a wide array of front-office and back-office business software applications cost effectively over the Internet. The quality, reliability and security of these applications have been proven and recognised by existing corporate users, including multinational corporations.
Attending today's inauguration of i21 were iBusiness' Executive Director and Chief Executive Officer Mr Edmond Ip and Chief Operating and Technology Officer, Dr Timothy Kwok; Excel's Managing Director, Ms Peggy Chan and Director, Mr Rickie Fung.
Speaking at the inauguration, Mr Edmond Ip of iBusiness said: "ASP is one of the fastest growing businesses as many companies are beginning to outsource their software needs. i21 is committed to provide premier business software over the Internet to meet different business needs of corporations. Our ASP offerings will be a cost-effective and reliable way for companies to enjoy the benefits of hi-tech, professionally structured systems through the convenience of the Internet."
i21 leverages on the strong product development and technological expertise of Excel coupled with the established marketing, trusted branding, customer reach and network base of iBusiness' partners.
Ms Peggy Chan of Excel commented, "Excel is delighted to join forces with iBusiness to introduce the i21 ASP business applications based on our existing proven products and technology. We are confident that the i21 products can offer service quality, reliability and security cost effectively across a broad spectrum of businesses."
i21 will be offering a suite of ASP services including, among others, stock trading, human resources and insurance. The first to be rolled out into the market is iStock21, a one-stop on-line securities trading application catered for the stock brokerage community in Hong Kong. iStock21 is the only ASP enabled service that has been proven and run by sizeable stock brokerage firms (including Core Pacific Yamaichi, East Asia Securities and Mansion House Securities.) Over HK$100 billion worth of stocks have already been traded on this application. Its advanced features, proven reliability and capability to handle large volumes of transactions are now readily available to all stock brokerage firms.
Whether it is through the Internet, mobile phones, IVRS System or at the branch level, iStock21 provides a consistent interface between customers, brokers and banks offering real-time stock monitoring, buy/sell order processing, account checking, and settlement facilities.
Other i21 product offerings include iHR21 and iClaims21. iHR21 aims at automating certain human resources functions, including payroll, income tax calculation as well as future Mandatory Provident Fund (MPF) contributions. iClaims21 is designed to handle policy administration and claims processing for medical insurance companies and policy holders.
About iBusiness Corporation
Formed in January 2000, iBusiness Corporation (iBusiness) is the Internet joint venture of four leading Hong Kong-based multinational corporations, namely Cheung Kong (Holdings) Ltd., The Hongkong and Shanghai Banking Corporation Ltd., Hutchison Whampoa Ltd. and Hang Seng Bank. Capitalizing on the resources, network and customer base of the shareholders, iBusiness is committed to become a major player in the Internet arena and a leading facilitator of e-commerce businesses by offering B2B and B2C on-line solutions for different market segments. In addition, iBusiness will explore and develop new business ventures with strategic partners to provide a wider and fuller range of Internet service offerings to Hong Kong and Asia.
About Excel Technology International (Hong Kong) Limited
Established in 1988, Excel Technology International (Hong Kong) Limited
(Excel) is a leading e-Solution Provider in the banking, securities and insurance sectors with over 200 IT professionals. Its product portfolio comprises several advanced and reliable Internet based software products, addressing the needs of today's e-commerce environment. Equipped with sound business knowledge and excellent technical skills, Excel is positioned to provide innovative solutions and quality service to help companies gain a competitive advantage in the present Internet age.
Excel has established a Software Center with over 100 IT engineers specialising in the development of Excel's own software products . This Center is a close partner of major software companies including Lotus, Microsoft, Oracle and Sybase. Excel's founder Ms Peggy Chan is a respected professional in the IT field and has received the Certificate of Excellence in the Young Entrepreneur of the Year Award in 1990.
Cheung Kong (Holdings) Limited, United Overseas Bank Ltd. (UOB), and UOB Venture and ChinaVest Limited are strategic investors of Excel. UOB is a universal banking group founded in 1935 with total assets (as of June 1999) standing at S$52,977 million. It has established itself over the years as one of Singapore's leading banks. ChinaVest is a leading US venture capital fund specialising in investment in technology companies in Greater China and Silicon Valley, and is managing a fund size of about of US$300million.
22 March 2000
Issued by WORLDCOM Hong Kong Limited on behalf of iBusiness Corporation and Excel Technology International (Hong Kong) Limited. For enquiries, please contact:-
Rachel Chan, tel: 2864 4883, e-mail: rachel@hkcg.com.hk or Helen Lam, tel: 2864 4872, e-mail: helen@hkcg.com.hk.
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