Singapore Technologies
Electronics Limited announces investment in WizVision as part of its end-to-end
Mobile Commerce Initiative
- By Janice Tan, Mgr-CorpSec on 26/10/2001 to SGX
The Board of Directors of Singapore Technologies Engineering Ltd
("ST Engg") wishes to announce that its wholly-owned subsidiary,
Singapore Technologies Electronics Limited ("ST Elect"),
has acquired a 22% equity stake in WizVision.com Pte Ltd
("WizVision").
The
other shareholders are KPMG Corporate Finance Pte Ltd which holds
3.9% and the balance 74.1% is held by 5 individuals.
The
acquisition is not expected to have any material impact on the consolidated
net tangible assets per share and earnings per share of ST Engg
for the current financial year.
WizVision specialises in infrastructure software that provides for
secure and reliable payment transactions through multiple channels
- physical, online and mobile. The company has developed innovative
bill presentment and online banking solutions for its clients.
"ST Elect recognises the trend toward solutions in the area
of mobile payment solutions and has been investing in new technologies
that provide quality solutions to meet this growing need. The InfoComm
Development Authority's Call-For-Collaboration Award, recently given
to a consortium led by ST Elect for Mobile Payment Solutions, will
help strengthen our position in the Mobile Commerce arena.
WizVision
will provide the financial back-end processing and payment technologies
for our end-to-end mobile commerce initiatives. Together with ST
Elect's mobile devices, mobile system integration capabilities and
its recent investment in mPayment Pte Ltd, we will be able to offer
comprehensive, scalable and secure mobile solutions to our customers,"
said Mr Seah Moon Ming, President of ST Elect.
WizVision has successfully implemented solutions for a client base
that includes international banks, payment processors, large enterprises
and government agencies. The company partners with leading technology
companies like Sun Microsystems, Baltimore, Reuters, Ingenico and
Omron to deliver end-to-end solutions for its clients. Other strategic
alliances include those with leading consulting firms like KPMG
Consulting.
Dr
Tan Eng Liang, WizVision's Chairman, said, "The close partnership
with ST Elect facilitates the marketing and roll-out of our solutions
in the region. We will be able to tap on ST Elect's regional network
and business contacts to expand the distribution channels for our
products. We are looking forward to a fruitful working partnership
with ST Elect."
"ST
Elect plans to deploy solutions that will build a total mobile-commerce
community in Singapore and the region. We have already tied up with
banks, payment switches and telecommunication service providers,
merchants and users to roll out mobile applications. WizVision will
accelerate this pace and enhance our ability to provide more mobile
applications and services to the growing mobile needs for enterprises
and consumers," added Mr Seah.
About
ST Elect
ST Elect, the electronics arm of ST Engg, is one of the largest
electronics system houses in the region. ST Elect prides itself
in delivering innovative system solutions to defence, commercial
and industrial customers worldwide. It specialises in the design,
development and integration of advanced electronics systems, such
as communications, m-commerce solutions, microwave, traffic and
rail management, real-time command and control system, training
& simulation, and intelligent building management. ST Elect
applies new technologies and design applications to the demands
and stringent requirements of customised electronics systems and
solutions. It undertakes continuing research and development to
help create cost-effective proprietary products at system and component
levels, delivering innovative and quality solutions to customers.
About ST Engg
ST Engg is an integrated engineering group specialising in the fields
of aerospace, electronics, land systems and marine. A leader in
each of its core businesses, ST Engg provides one-stop services
for air, land and sea platforms as well as systems-based solutions.
Headquartered in Singapore, the Group employs about 10,000 employees
worldwide with revenues of about S$2.3 billion in Year 2000. ST
Engg is listed on the Singapore Exchange with a market capitalisation
in excess of S$6 billion.
About WizVision
WizVision is a technology company providing end-to-end solutions
for payments, bill presentment and online banking. With clients
that include leading international banks, payment processors, large
enterprises and government agencies, the company has consistently
delivered significant and quantifiable benefits to its clients through
the innovative use of technology. The company which started in April
2000, is rapidly expanding the regional distribution network for
its products, while maintaining a strong focus on research and development.
The company has been profitable since incorporation, and is expecting
its revenues to more than quadruple this year to more than S$3 million.
SOURCE
: CNET / Zdnet Asia , 16 Oct 2001, Pg 8
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