First Ecom.com Appoints Raymond Chan, Former GM of Visa International China, to Director, Bank Processing Systems

Business Wire, May 28, 1999

HONG KONG--(BUSINESS WIRE)--May 28, 1999--

17-year Visa veteran to build new Chinese and Asian markets for

First Ecom.com's international transaction processing services

First Ecom.com, Inc. (NASD-OTC-BB: FECC), today announced it has appointed Raymond Chan, former executive vice president and general manager of Visa International's Greater China region, to Director, Bank Processing Systems.

Chan's new position at First Ecom.com, the leading Internet credit card transaction processing service provider for companies based outside North America, represents a significant move toward strengthening the company's leadership position in the China and Asian Pacific e-commerce markets.

Chan, whose career at Visa International spans 17 years, was instrumental in creating and establishing Visa's entire Greater China region business from ground zero to a dominant market share position exceeding 70 percent in China, Hong Kong, Macau and Taiwan. In his new position at First Ecom.com, Chan will be responsible for enabling all banks to process electronic commerce transactions by outsourcing to First Ecom.com.

Integral to Chan's work at First Ecom.com will be the industry relationships he developed while at Visa, including more than 100 member banks and financial institutions, in addition to managing the day-to-day operations of four regional offices. Chan, whose successful track record has helped establish him as a leading authority on China's credit card industry, also is credited with making significant contributions to designing and architecting the VisaNet system worldwide.

"The addition of Raymond Chan to our management team is very strategic for First Ecom.com," said Gregory Pek, First Ecom.com president and CEO. "We know that strategic relationships with banks, especially internationally, are important to our future growth. We can enable banks to process electronic transactions with little or no capital investment, and normally within 30 days. We can further eliminate much of the banks' operating costs associated with systems operations, merchant application processing and other transaction processing activities. Raymond is ideally suited to presenting our message to the major banks throughout the region."

Chan earned his M.S. degree in computer science from California State University, San Jose, and holds a B.S. in mathematics from California State University, San Francisco.

About First Ecom.com

First Ecom.com (FEC) is a Hong Kong-based company providing online credit card transaction processing services for merchants outside of North America. Through a series of strategic alliances, FEC approves merchants and processes transactions in a tax-neutral jurisdiction without the need for using U.S. banking institutions or U.S.-based ISPs. Using First Data Corp.'s processing platform, FEC offers online credit card processing solutions for merchants in their preferred currency. For more information, contact First Ecom.com at (888) 305-8233, by e-mail at ir@firstecom.com or at www.firstecom.com.

Note to Editors: Certain statements contained herein are "forward-looking" statements (as such term is defined in the Private Securities Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements.