MEPS AND NETS TO TARGET VISITOR MARKET OF 9.5 MILLION FOR NEW CROSS-BORDER FUNDS ACCESS SERVICE

Kuala Lumpur, 28 March 2006 – Malaysian Electronic Payment System (1997) Sdn Bhd (MEPS) and Network for Electronic Transfers (Singapore) Pte Ltd (NETS) today announced the launch of a funds access service between the two countries.

Targeting a combined visitor market of about 9.5 million, this new service promises greater convenience and savings to cardholders travelling across the Causeway. Visitor arrival statistics recorded for 2004, shows that Singapore received more than 500,000 visitors from Malaysia, while Malaysia received more than 9 million visitors from Singapore.

“Collaborations of this nature are very much in line with our vision of a future where people will be able to make ATM related transactions effortlessly regardless of where they are. We have implemented similar services in Indonesia and now, with our neighbours Singapore – a right step towards ASEAN solidarity at the business front,” said MEPS’ Managing Director Dato’ Mohd Hata Robani.

Bankcard cardholders will be able to use a growing network of more than 360 Automated Teller Machines (ATM) in Singapore, where they can access their funds for withdrawals.

“This initiative underscores NETS’ commitment to provide greater value to customers through cross-border partnerships with our Asia-Pacific counterparts,” said NETS Chief Executive Officer Ms Poh Mui Hoon.

This cross-border ATM network is set to grow as more banks participate in this service. Currently, they include RHB Bank in Malaysia and OCBC Bank in Singapore. By end 2006, all local Malaysian banks are expected to offer this service to their customers.