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Visa, Hutchison Telecom and Dao Heng conduct world's first
m-commerce transaction Using 3-D Secure Technology

Strategic partnership to capitalize m-commerce potential with authenticated payment

HONG KONG, 5 September 2001 - Visa International, Hutchison Telecommunications (Hong Kong) Limited and Dao Heng Bank today announced a strategic partnership to develop mobile payment service using Mobile 3-D Secure, a global specification that ensures the security of payments using mobile phones and other wireless devices. Hong Kong, with its high mobile penetration of 80%, is the first city in the world to conduct 'live' mobile commerce payment using Mobile 3-D Secure. Using Mobile 3-D Secure, each mobile transaction is verified and approved by a Visa Card Issuer, thereby enhancing the security standard for wireless payment.

A selected group of Dao Heng - Visa cardholders will experience this new m-commerce payment service to pay securely for goods and services anytime, anywhere using their mobile phones over the Hutchison network service. The initial pilot will last for six months.

According to Ovum Research, the market potential for m-commerce in Asia Pacific is expected to hit US$67 billion by 2005. This partnership is a significant step that supports the growth of m-commerce and will set the stage for further development of payment capabilities with new portable devices such as personal digital assistants (PDA). Mobile 3-D Secure is an easy-to-implement, globally interoperable payment authentication solution that can be tailored to different regional and local wireless networks including GSM, CDMA and in the future 3G. Based on existing payment technologies, it minimizes the impact on merchants and allows them to present content to consumers via WAP or emerging applications with no changes to their backend payment systems. An option exists to use other forms of authentication, including smart cards.

Visa, Hutchison Telecom and Dao Heng Bank will develop a rich variety of applications that allow consumers to make purchases in the mobile world using Mobile 3-D Secure with the same level of security as they have in the physical world. Applications may include payment of phone bills and other telephony products, ticketing, magazine subscriptions, ordering of books, auctions, purchase of daily needs such as food and groceries. Mobile users will know that they can shop safely and conveniently without worrying about unauthorised transactions on their phone, and merchants will know that they are dealing with a legitimate cardholder anywhere in the world.

Mobile 3-D Secure ensures a higher level of security for mobile transactions
Under the initial pilot, a selected a group of Dao Heng-Visa cardholders will first register with Dao Heng Bank to conduct 3-D Secure mobile transactions. They will be asked to provide a unique password to authenticate themselves when they make purchases on their mobile phones over Hutchison Telecom's WAP across GSM and CDMA network. Upon the completion of the shopping and checkout process, the mobile user is asked to confirm the purchase by entering his/her Visa card number and expiry date. With Mobile 3-D Secure, the Card Issuer (Dao Heng Bank) will verify the identity of the buyer through the password. The Issuer provides the merchant with a confirmation of the cardholder identity before the transaction is completed. The mobile user will receive an online receipt as an acknowledgement of the transaction.

"As much as 34% of the world's mobile subscribers today are in Asia Pacific, and we are already seeing tremendous demand for secure mobile payments," said Bruce Mansfield, head of m-commerce and new channels, e-Visa Asia Pacific. "By enabling transactions through mobile phones, Visa brings together the convenience and ubiquity of Visa cards with the flexibility of mobile phones. We are pleased to partner with Hutchison and Dao Heng Bank to bring this innovative payment capability in Hong Kong, and to enable them to extend enhanced products and services to their customers. Ultimately, our goal is to develop and promote the use of standards to ensure maximum convenience and quality of service to Visa's cardholders globally."

Mrs Agnes Nardi, Managing Director of Hutchison Telecom, said, "Hong Kong is well positioned as one of the top Asian economies with a world-class e-business environment. As the largest mobile operator in Hong Kong with over 1.7 million subscribers, Hutchison Telecom prides itself in leading the local m-commerce development with a full range of innovative m-commerce services such as m-banking, m-stock trading, m-betting and m-shopping. We are pleased that Visa, Dao Heng Bank and Hutchison Telecom are setting the stage for a new era of mobile commerce in Hong Kong, bringing all the convenience of mobile commerce to our customers, and facilitating mobile business development."

Vincent Chiang, General Manager, Dao Heng Card Centre, said, "We are pleased to participate in this innovative m-commerce initiative in collaboration with Visa and Hutchison Telecom as strategic partners. The partnership signifies our commitment to providing added protection and peace of mind to our credit card holders in conducting M-commerce activities." Mr Chiang added, "It also represents a new page for us towards direction of offering wider customer choice and strengthening our customer relationships."

Visa is realizing the vision of universal commerce (u-commerce), by continuing to develop chip-based cards and payment tools, enhanced security for Web-based payments, and the acceleration of wireless or mobile commerce. The Mobile 3D-Secure specification extends payment to mobile commerce, and has been designed to ensure interoperability with national or regional solutions, and can be evolved as Internet and mobile advances in technologies. Visa also takes a leading role in key standards bodies such as the Infrared Financial Messaging Standard Body, Bluetooth Financial Study Group and the WAP Forum.

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About Hutchison Telecommunications (Hong Kong) Ltd

Hutchison Telecom is the largest and most innovative mobile operator in Hong Kong with a subscriber base of over 1.7 million. Hutchison Telecom unveiled its world-first CDMA commercial network in 1995 and Asia's first Dual Band GSM network in 1998. Through first-class network quality, the widest international roaming coverage, and a range of innovative product and service initiatives, Hutchison Telecom is providing the best level of mobile services under Orange brand, with a leadership position in corporate and business mobile market. The Company is also pioneering the development of mobile data communications. Hutchison Telecom launched Hong Kong's richest wireless Internet service - Orangeworld in May 2000, and unveiled the first 2.5G packet data mobile service in August 2000 with the fastest 64Kbps data transmission speeds. In August 2001, the Company pioneered the territory's first GPRS handset with Kjava applications, as well as GPRS and IS95B roaming service. Hutchison Telecom is actively expanding its portfolio of service offerings in mobile multimedia, high-speed data communications and m-commerce services, as part of its preparation for 3G. For more information about Hutchison Telecom, please visit the Company's website at www.orangehk.com.

About Dao Heng BankGroup Ltd

Established in 1921, Dao Heng Bank Group Ltd ("DHBG"), a subsidiary of DBS Group Holdings Limited ("DBS"), is one of Hong Kong's leading financial institutions with an extensive network of service outlets in Hong Kong, supported by a modern call center and Internet service channel as well as its overseas network.

DHBG's principal subsidiaries, Dao Heng Bank Ltd, Overseas Trust Bank Ltd, Dao Heng Assurance Ltd and Dao Heng Finance Ltd, offer diversified banking and financial services which include mortgage loans, commercial lending, trade finance, MPF, consumer and investment banking, treasury, trustee services, credit cards, life assurance and taxi and public light bus financing.

Visa International

Visa is the world's leading payments brand and the largest payments system worldwide. Visa-branded cards generate almost US$2 trillion in annual volume and are accepted at over 22 million locations around the world. The Visa organization plays a pivotal role in advancing new payment products and technologies to benefit its 21,000 member financial institutions and their cardholders. Visa is a leader in Internet-based payments and is pioneering the creation of u-commerce, or universal commerce - the ability to conduct commerce anytime, anywhere, over any type of device.

Visa in Asia Pacific

With a dominant market share of more than 56 percent in the Asia Pacific region -- more than all other payment brands combined, Visa reported card sales volume for the 12 months ending December 31, 2000 reached US$332 billion. This figure includes US$246 billion in card sales volume, plus a further US$86 billion of commercial activity using Visa cards in China, as reported by Chinese member banks. In the same period, the total number of Visa, Visa Electron, Interlink and PLUS-branded cards on issue in the Asia Pacific region increased 25 percent to 260 million cards. Visa's Internet address is www.visa-asia.com.

More more information, please contact:

Lulu Tsao
Visa International Asia Pacific, Hong Kong
+852 2842 2314
ltsao@visa.com

Florence Fang
Visa International Asia Pacific
+65 437 5789
yfang@visa.com

Frances Ng
Hutchison Telecommunications (Hong Kong) Limited
+852 21286739
francesng@hthk.com

Dora Kuo
Dao Heng Bank
+852 2218 8492
dora.kuo@daoheng.com