FOR IMMEDIATE RELEASE
Hong Kong (Thursday, April 13, 2000) - Hutchison Whampoa Limited ("Hutchison", stock code: 13) and Vanda Systems & Communications Holdings Limited ("Vanda", stock code: 757) today announced the formation of a 50-50 joint venture, BEPay.com Limited. The purpose of this venture is to launch a B2B payment portal initially in Hong Kong.
Supporting round-the-clock online bill payment, BEPay.com concentrates on settling B2B transactions. As a payment portal provider for Application Service Providers ("ASPs"), BEPay.com links all three parties involved: the supplier, the buyer and the bank, in a single e-commerce platform, enabling automation of transaction settlement.
BEPay.com will be officially launched in July 2000; however, the new company is already actively recruiting banks and ASPs as its founding members. BEPay.com will provide business customers with the flexibility to deploy different payment options and the ability to choose from a portfolio of banking partners.
"The rapid advancement of technology and e-commerce means a new way of doing business and we believe that there is tremendous potential in the B2B market in Asia," said Mr. Canning Fok, Group Managing Director of Hutchison Whampoa Limited. "Hutchison is pleased to join with Vanda to bring the one-stop payment service to the ASP market. Vanda has strong integrated technical capability and extensive IT experience in Hong Kong and the Mainland China. We believe the combined expertise and resources of our organizations will enable us to provide a superior array of products and services to ASPs in the region."
"In the present Internet world, payment sites focus mostly on B2C payments, and almost all of them are owned wholly or partly by financial institutions. With a projected annual growth rate of 65%, B2B e-commerce market is expected to dwarf the B2C market in the coming 5 years. BEPay.com, will begin with the development of B2B payment system to capture the enormous potential of the market," said Mr. Lam Hon-nam, Chairman of Vanda. "With a powerful combination of Hutchison's extensive customer network and management expertise, and Vanda's experience in IT development, I am confident that the alliance will open up a new dimension of business."
About Hutchison Whampoa
Hutchison Whampoa is a Hong Kong-based conglomerate with origins dating back to the 1800s. With a market capitalization of US$66.7 billion, Hutchison is one of the largest companies in the territory. In 1999, consolidated turnover was over US$7.1 billion, and earnings after tax and exceptional items were approximately US$15.1 billion. With over 80,000 employees worldwide, Hutchison operates five core businesses in 24 countries: ports and related services; telecommunications and e-commerce; property and hotels; retail and manufacturing; and energy and infrastructure. For more information, please visit http://www.hutchison-whampoa.com.
About Vanda
Established in 1982, Vanda is a leading IT solutions provider in China, Hong Kong and ASEAN markets. It has 20 offices and over 50 business partners in China. It also operates in Macau, Singapore, Malaysia and the Philippines. In Asia (excluding Japan), Vanda is the biggest business partner for IBM. Its major clients now include leading banks, financial institutions, utilities, major enterprises as well as government ministries in Asia. For more information, please visit http://www.vandagroup.com.
Released by Keith Statham Associates PR 852 2810 8108
On behalf of BePay.com Limited
| Contacts: | E-Commerce Resources Limited of Hutchison Whampoa Bernard Fung 852 2128 5881 (bernardf@hthk.com) |
| Vanda Systems & Communications Holdings Limited Candice Teng 852 2197 2110 (candice_teng@vandagroup.com) | |
| BePay.com Limited Bridget Chan 852 2197 2144 (bridget_chan@BEPay.com) | |
| Keith Statham Associates PR Kathy Cheung 852 2801 0013 (ericyip@ksa.com.hk) Eric Yip 852 2801 0036 (ericyip@ksa.com.hk) |
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