Skandinaviska Enskilda Banken (SEB) is investing in a joint venture company to provide Asian banks with technical expertise and know-how in the delivery of online financial services.
The new company - which will be based in Singapore and operate under the name, eAsiaFinance - has been established in association with Ankar Capital Management, a US 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 SEK22 million in the venture.
"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 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."
He says several banks have been lined up as potential clients and a letter of intent has already been signed with one of Korea's leading financial institutions.
SEB currently has 850,000 e-banking customers in seven countries.