Bangkok--Feb 5--Penner-Madison
Reuters (Thailand) Ltd. (RTL) and AFE Solutions Ltd., Hong Kong (AFE) today announced the formation of a joint venture Bisnews AFE (Thailand) Ltd. (Bisnews) to manage the Thai domestic information business.
Bisnews will provide market information services to meet the needs of domestic equity, fixed income and corporate market participants. This joint venture will focus on offering the next generation of technology to users of its current core product called "Apex". Bisnews will operate independently with its own office and some 40 employees.
Thailand's financial market has substantially recovered from the 1997 economic crisis and has been growing rapidly since 2002. In anticipation of continued growth and market sophistication in Thailand, Reuters has reviewed its domestic information terminal business strategy and decided to form a separate entity to serve the retail and corporate segments.
Venkat Ramani, Managing Director, Reuters Thailand Ltd. said, "This is an exciting development bringing in the focus, flexibility, and expertise of Bisnews to meet the growing demand of our domestic service customers and leveraging the investments Reuters has already made in AFE Solutions Ltd. in Hong Kong,"
AFE is the leading "One-Stop-Shop" solutions provider for financial information services and online stock trading platform for Hong Kong. Established since 1986, AFE has been serving Hong Kong financial industry with fast, accurate and reliable information service over the real-time stock quotation terminals. In year 2000, AFE became a joint venture of Reuters Hong Kong Ltd. and Systex Corporation, a Taiwan listed corporation, in order to provide a full spectrum of financial information services and online stock trading solutions for the region's financial sector.
Francis Lau, Director, Bisnews, said, "This strategic move to form this venture will provide a new technology platform for our customers and with our local and global experience, I am confident that we will cater to the needs of the growing financial market in Thailand".
RTL will continue to sell and support its international products including Premium Desktop 3000Xtra, Risk Management and other data solutions. It will also continue to supply Reuters English and Thai news and international market data to Bisnews. Its customers are leading banks, financial institutions, newspapers and television broadcasters.
About Bisnews AFE (Thailand) Limited
Bisnews AFE is established in 2004 as a joint venture between Reuters Thailand Ltd. and, a Hong Kong based Reuters company, AFE Solutions Ltd. to serve the Thai financial market. Clients of Bisnews AFE range from stock brokerage firms, commercial banks, asset management companies, corporations, to retail investors. Its core product "Apex" provides real-time price movement of stocks and indices from the Stock Exchange of Thailand (SET), international market indices, foreign exchange rates, other local and international market information, and real-time news in English and Thai languages from Reuters. In addition to price reporting capability, Apex's strength lies in its real-time technical analysis and the display of statistic data.
About Reuters
Reuters (www.about.reuters.com), the global information company, provides indispensable information tailored for professionals in the financial services, media and corporate markets. Our information is trusted and drives decision making across the globe based on our reputation for speed, accuracy and independence. We have 16,000 staff in 94 countries, including some 2,400 editorial staff in 197 bureaux serving approximately 130 countries, making Reuters the world's largest international multimedia news agency. In 2002, the Reuters Group had revenues of ?3.6 billion.
About AFE Solutions Ltd.
AFE Solutions Ltd. is the leading "One-Stop-Shop" solutions provider for financial information services and online stock trading platform. Established since 1986, AFE has been serving the local financial industry with fast, accurate and reliable information service over the real-time stock quotation terminals. In year 2000, AFE became a joint venture of Reuters Hong Kong Ltd. and Systex Corporation in order to provide a full spectrum of financial information services and online stock trading solutions for the region's financial sector.
For more information please contact
Prinda Nilthachan
PR Executive
Penner-Madison & Company Limited
Tel: +66 2 711 6891 Ext. 133
email:
[email protected] End.
-NM-