Wing Hang Bank launches e-commerce initiative

HONG KONG - First Ecom.com Inc., a global provider of electronic payment processing solutions, and Wing Hang Bank today announced the launch of Wing Hang Bank's e-commerce initiative following the completion of a live pilot run of their systems with selected merchants.

Wing Hang Bank's live merchants include E-finet.com, E-Plaza, Universal Electronics, Wing Hang Insurance Agency Ltd, China Electronics Information Technology, and KingUp Ltd.

In addition, Wing Hang plans to take another 10 or so merchants live over the next two weeks and will be accepting applications for new online merchant accounts.

Following outsourcing arrangements announced between First Ecom and Wing Hang during May, Wing Hang has signed a five-year Ecommerce Transaction Processing Agreement with First Ecommerce Data Services Ltd. (FEDS), whereby Wing Hang will outsource its electronic payment processing to FEDS.

Wing Hang is currently utilizing the FEDS processing solution for all credit card transactions conducted on their e-merchants' Web sites.

"First Ecom's e-payment solutions provide Wing Hang and their merchants with high-level security utilizing 128-bit SSL and OpenPGP encryption allowing them to perform secure, reliable, real-time authorization for Internet credit card purchases," said Harold Hutton, president and CEO of First Ecom.

Patrick Fung, chairman and chief executive of Wing Hang Bank, said that they expect their e-commerce business to grow to 10% of their overall transaction volume.