ASIA – Swedish group SEB is launching eAsiaFinance, an electronic financial service company in Singapore, aimed at developing electronic banking and investment savings programs with Asian banks.
The bank will also set up mutual fund and insurance savings business in the region through the new company. SEB says it will assist financial institutions provide electronic banking and pensions products for the Asian market.
“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 at SEB.
“It is natural for us to create a business aimed at institutions who wish to develop their e-banking. We now have the opportunity to capitalise on the investments we have made in e-banking,” adds Thunell.
EAsiaFinance is a joint venture between SEB, Ankar Capital Management, an American company specialising in asset management consulting, Tata Consultancy Services, an Asian internet technology service company, and Compass Ventres.
The Swedish bank is providing the technical platform and investing around SEK22m (e2.4m) in the company.
SEB has SEK910bn in funds under management and total assets of SEK1,123bn. The bank recently started electronic banking in the UK, an online brokerage service in Germany and is starting electronic banking also in Norway.