United Overseas Bank Malaysia Signs Agreement with First Ecom Data Services Asia Limited

Business Wire, August 27, 2001

Business Editors

HONG KONG--(BUSINESS WIRE)--Aug. 27, 2001

United Overseas Bank to use First Ecom Data Services Asia for

Internet Credit Card Payment Processing in Malaysia

First Ecom.com, Inc. (NASDAQ: FECC, BSX: FECC, FECC BH), a company with interests in gas and oil exploitation and electronic payment solutions today announced that United Overseas Bank (Malaysia) Bhd (UOBM) has signed a payment processing agreement with its wholly owned subsidiary and payment processing division for Asia, First Ecom Data Services Asia Limited (FEDS Asia).

UOBM contracted FEDS Asia to provide an Integrated On-line Payment Solution. The FEDS Asia payment system has been integrated with the UOBM Visa/MasterCard credit card payments system to provide UOBM's merchants with a seamless Internet credit card payment solution that will be available immediately.

Under the terms of the agreement FEDS Asia will provide UOBM with payment gateway and processing services, as well as First Ecom's Merchant Accounting and Reporting System (MARS) for an initial period of three years with automatic renewal thereafter.

"We are delighted to have United Overseas Bank Malaysia as our first partner bank in Malaysia," said Steve Corbin, President of FEDS Asia. "UOB Malaysia is an excellent partner for FEDS Asia. UOB Malaysia is part of the UOB Group, which is one of the leading banks in South-East Asia. In Malaysia the Bank counts both government departments and private companies among its merchants that will be using the online payment services that FEDS Asia will provide. Signing this agreement is a significant step in achieving our goal of becoming the leading Internet payment processor in the Asian market."

"UOB always searches for the best solution for its customers," said Manohar K., Vice President, Head - Card Payment Services, Credit Card Center, UOB Malaysia. "In terms of Internet payment processing capabilities FEDS Asia offered the best solution available. By using the FEDS Asia solution and combining it with MEPS and our own credit card systems we are now able to offer our customers a secure, efficient and easy to use Internet credit card payment solution that will establish UOB Malaysia as the leading Internet merchant bank in the country."

As part of the integration process with UOBM, FEDS Asia has integrated its payment gateway technology with the Malaysian Electronic Payment System (1997) Sdn Bhd (MEPS) system, the national electronic payment-processing platform for banks in Malaysia.

About First Ecom.com

First Ecom.com Inc. has interests in both oil and gas exploitation as well as being a global provider of electronic payment solutions through its wholly owed subsidiaries First Ecommerce Data Services Limited and First Ecom Data Services Asia Limited.

For more information, visit www.firstecom.com or contact First Ecom.com at (852) 2801-5181 or by e-mail at info@firstecom.com.

About First Ecom Data Services Asia

A wholly owned subsidiary of First Ecom.com Inc. (NASDAQ: FECC, BSX: FECC, FECC BH), FEDS Asia provides banks and financial institutions with universal, secure, cost efficient electronic payment solutions.

Established in March 2001, FEDS Asia is dedicated to delivering the First Ecom payment processing solution to banks and financial institutions within the Asia Pacific region. It is a provider of out-sourcing solutions as well as licensing its technology to financial institutions wishing to deploy in-house Internet payment processing solutions.

For more information, visit www.firstecom.com or contact First Ecom.com at 852-2801-5181 or by e-mail at info@firstecom.com.

About United Overseas Bank Malaysia

United Overseas Bank (Malaysia) Bhd (UOB Malaysia) is a member of the United Overseas Bank Group, Singapore.

Incorporated in Malaysia in 1993, UOB Malaysia now operates 25 strategically located branches throughout Malaysia and offers a full range of commercial banking and financial services.

As part of the United Overseas Bank Group in Singapore, UOB Malaysia is backed by the vast resources of the United Overseas Bank Group, including RM129.2 billion in Total Assets (excluding contra) and RM14.1 billion in Capital and Reserves, advanced technological support and international network of offices.

About United Overseas Bank Group

United Overseas Bank is a leading bank in Singapore with an international network that comprises 277 offices (65 branches in Singapore and 212 offices overseas) in 17 countries in the Asia-Pacific region, Europe and North America.

UOB provides a wide range of financial services through its global network of branches, offices and subsidiaries: commercial and corporate banking, personal financial services, private banking, trust services, treasury services, asset management, corporate finance, capital market activities, venture capital management, proprietary investments, general insurance and life assurance. It also offers stock broking services through its associates.

UOB's vision is to be a premier bank in the Asia-Pacific region, committed to providing quality products and excellent customer service.