ARTICLES AND AWARDS
PrivaSys to Open $17m R&D Centre Here - Global Entrepolis @ Singapore
Friday, September 30, 2005
By Roland Lim
CALIFORNIA-BASED card payment solutions provider PrivaSys will open an Asia
Pacific R&D centre in Singapore.
The $17 million-plus PrivaSys Card Technology Centre of Excellence at Serangoon Industrial Park - announced yesterday at Global Entrepolis @ Singapore - will employ about 30 engineers within two years. PrivaSys chief executive officer Joan Ziegler said the facility will also host a sales and marketing team and a technical services team.
PrivaSys also announced yesterday the appointment of local contract manufacturer Cinch Electronics as its primary card producer. Cinch's chief executive Ng Kok Heng said: 'We currently have the capacity to produce three million cards a year, and can easily scale up to produce 20 million cards a year next year.' Cinch will work with locally-located chip tester UTAC on parts of the manufacturing process.
PrivaSys produces secure card payment solutions compatible with existing magnetic strip card hardware used by banks and credit card companies. Its SecureSys cards contain electronics capable of producing a unique code for each transaction, which when used with its proprietary Vault software can help reduce fraud.
PrivaSys also offers a card that incorporates a keypad for the user to key in a personal identification number to activate it, and a card that allows the user to consolidate several credit cards into a single card.
Ms Ziegler also said PrivaSys will announce its first customers in the region in December, and expects to launch its products in the first quarter next year, with the initial focus on China, Hong Kong and Taiwan.
She declined to say how much more its cards will cost over conventional cards, but said card issuers can provide them initially to high-value customers who will generate enough revenue to offset the cost.
Previous Posts
Tags
Archive
ARTICLES AND AWARDS
PrivaSys to Open $17m R&D Centre Here - Global Entrepolis @ Singapore
By Roland Lim
CALIFORNIA-BASED card payment solutions provider PrivaSys will open an Asia
Pacific R&D centre in Singapore.
The $17 million-plus PrivaSys Card Technology Centre of Excellence at Serangoon Industrial Park - announced yesterday at Global Entrepolis @ Singapore - will employ about 30 engineers within two years. PrivaSys chief executive officer Joan Ziegler said the facility will also host a sales and marketing team and a technical services team.
PrivaSys also announced yesterday the appointment of local contract manufacturer Cinch Electronics as its primary card producer. Cinch's chief executive Ng Kok Heng said: 'We currently have the capacity to produce three million cards a year, and can easily scale up to produce 20 million cards a year next year.' Cinch will work with locally-located chip tester UTAC on parts of the manufacturing process.
PrivaSys produces secure card payment solutions compatible with existing magnetic strip card hardware used by banks and credit card companies. Its SecureSys cards contain electronics capable of producing a unique code for each transaction, which when used with its proprietary Vault software can help reduce fraud.
PrivaSys also offers a card that incorporates a keypad for the user to key in a personal identification number to activate it, and a card that allows the user to consolidate several credit cards into a single card.
Ms Ziegler also said PrivaSys will announce its first customers in the region in December, and expects to launch its products in the first quarter next year, with the initial focus on China, Hong Kong and Taiwan.
She declined to say how much more its cards will cost over conventional cards, but said card issuers can provide them initially to high-value customers who will generate enough revenue to offset the cost.
Previous Posts
Tags
Archive