Joint venture secures online money transfer

Australian Security specialist, Secure Network Solutions (SNS) yesterday announced it had formed a joint venture with Hongkong Telecom (HKT), to provide security solutions for online transfer of money.

Due to start operations on July 1, the new company will be 40 per cent owned by SNS and 60 per cent owned by HKT, and will initially target the Hong Kong market.

"The joint venture will support the development of high-value e-commerce services first in Hong Kong and then across Asia," said Allen Ma, director of HKT and chairman of the joint venture.

"The joint venture will enable SNS to rapidly reach a much larger market for its products and services," said Geoffrey Ross, managing director of SNS, and chief executive officer of the joint venture.

"Our future lies in working in partnership with other global e-commerce solution providers.

"Our strategy is to develop deep 'enabling' technology for securing e-commerce and to work with appropriate partners to achieve fast take-up of the products in key global markets," Ross said.

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