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

First (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

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 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.

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