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SEB starts e-service company in Singapore - eAsiaFinance

SEB now capitalising on investments made in e-banking field
 
SEB is applying its e-banking experience in Sweden and several European countries to assist leading Asia banks in developing e-banking and investment savings programs such as mutual funds and insurance savings. Several banks in Asia are seeking SEB's lead within e-banking and a letter of intent has already been signed with one of the leading banks in Korea.
 
The eAsiaFinance company will assist financial institutions to provide world-leading e-banking and future security and pension products such as funds and insurance savings schemes through supplying SEB's know-how and technology.
 
eAsiaFinance will be based in Singapore and is a joint venture between SEB, Ankar Capital Management, an American company focused on asset management consulting, Tata Consultancy Services, Asia's largest IT service company, and Compass Ventures, a financial investor. SEB is providing the technical platform and investing about SEK 22 M in the company.
 
"In recent years many banks and financial institutions from around the world have contacted us at SEB to compare our e-banking development and asset management with their own. Most have been impressed by our advances," says Lars H Thunell, President and CEO of SEB.
 
"It is natural for us to create a business aimed at institutions who wish to develop their e-banking. We now gain the opportunity to capitalise on the investments we have made in e-banking more actively in external markets," continues Lars H Thunell.