RealTime IT News

HK Firm Introduces 1st Asian-based Net Credit Card Gateway

First Ecom.com (FEC), a Hong Kong-based NASD-OTC traded company, has introduced the first global solution to Internet credit card processing in Asia.

The First Ecom gateway utilizes the leading Internet commerce software, Transact, from Open Market, Inc., the market share leader in this software type.

The launch of the gateway, according to company reps, overcomes the need for merchants to process transactions through the US banking system and prevents them from being exposed to US tax and regulatory requirements.

"This is probably the most significant development to date in the opening of the multibillion dollar e-commerce phenomena to Asian merchants," said Gregory Peck, FEC chairman and CEO.

"Up until now, these businessmen have had to rely on US banks or ISPs to provide Internet credit card transactions which are exposed to the US tax and regulatory system and are often charged at huge commissions," added Peck. "This will also be the first time Asian merchants can provide e-commerce sales in their own currencies."

Through an agreement with the Bank of Bermuda, the actual jurisdiction for the credit card transactions will be in Bermuda which is tax free.

Transactions will be initiated through FEC's Web sites and processed in real time by the bank's main data center located on the Atlantic island.

"Our goal is to be a leading player in the Internet commerce service provider market place," said Peck. "Open Market's Transact software is the best option to support our aggressive initiative."

"Open Market is pleased to be working with First Ecom.com to address the Internet commerce needs of merchants that have not has access to these powerful applications to date," said Alan Cromwell, vice president, international at Open Market.

International Data Corp. (IDC) projects Internet commerce revenue in Asia to be over US$35 billion by 2003.