"In a recent press report there were incorrect statements made about KPMG and its plans to establish an e-payment processing business," said John Harrison, partner of KPMG Hong Kong. "Let me state clearly that KPMG Hong Kong has no intention whatsoever to compete directly or indirectly with the local banking industry in this area."
Harrison added that KPMG Consulting LLC is involved in the provision of electronic gateways in the U.S. This is a payment gateway rather than "online transaction billing" as referred to in the article's headline. KPMG Consulting developed this payment gateway as part of the "NetAid" project in 1999 and is offered to customers only in the U.S. at this stage. There is no current plan for KPMG Consulting to offer this service in Hong Kong.
"As recently highlighted in a survey published by KPMG Hong Kong on Electronic Payment Processing in the Banking Sector," continued Harrison, "there are convincing arguments that companies that offer outsourcing solutions for non-core competencies such as electronic payment processing provide a valuable service to the banking industry."
"First Ecom provides banks and financial institutions with universal, secure, cost-efficient electronic payment solutions," said Harold Hutton, president and CEO of First Ecom. "We are committed to working with our banking partners in helping them to meet the challenges of the new economy. We already have a number of banks that are piloting our solution in the region and we are actively engaged in discussions to add more. First Ecom's business is to serve the e-payment needs of banks and help them deliver these solutions to their merchants."
About KPMG Hong Kong
Founded in 1945, KPMG Hong Kong is one of the largest and longest established accounting and consulting firms in Hong Kong. For more information visit www.kpmg.com.hk
About First Ecom.com
As a global provider of electronic payment processing, First Ecom.com provides secure, easy-to-implement and low-cost online payment processing services to banks and their merchants worldwide. Through strategic partnerships with banks, ISPs, e-commerce product suppliers, system integrators and storefront solution providers, First Ecom.com will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.
For more information, visit www.firstecom.com or contact First Ecom.com at +(852) 2801-5181 or by e-mail at info@firstecom.com.