MEDIA RELEASE PR42006
Pure Commerce Wins Best Services Company at AustCham 2010 G20 Australian Business Awards in Korea
SEOUL, Nov. 3/Medianet International-AsiaNet/ --
Pure Commerce Finds Success in Korea Despite the Complex Nature of the Market for Foreign Companies
Pure Commerce, a leading provider of currency and payment outsourcing services, today announced that it won the
coveted award for 'Best Services Company' at the AustCham Korea 2010 G20 Australian Business Awards in Korea,
ahead of Macquarie Securities and Jones Lang LaSalle.
The AustCham 2010 G20 Australian Business Awards were established to recognise significant achievements and
contributions made by Australian and Korean companies involved in Australia-Korea and Korea-Australia business
activities.
"Pure Commerce won the AustCham Korea 'Best Services Company' award against strong competition," said HE Mr Sam
Gerovich, Ambassador of Australia to the Republic of Korea. "Australian exports of services to Korea are substantial at
around AU$2 billion and the more companies we have like Pure Commerce offering unique financial service products to
Korea, the stronger Australia's position will be in this growth sector. It is encouraging to see Pure Commerce recognised
for their achievements in Korea after only three years in the market."
At the end of 2008, Pure Commerce signed a deal with Korean Exchange Bank (KEB) ?Korea's largest foreign
exchange bank, to provide outsourced dynamic currency conversion services to its merchants, including Korea's largest
casino Seven Luck and department store Lotte.
According to the Australian Trade Commission (Austrade), Pure Commerce was the first Australian company to sell
financial technology into a Korean financial institution. Korea is renowned for being extremely complex for foreign
companies to understand the business culture and sell into, with local companies and services the preferred option in most
cases.
"Pure Commerce has a unique service that no local Korean company has an alternative to offer in Korea," said Martin
Walsh, senior trade commissioner for Austrade in Seoul. "Recognising the opportunity for its services, Pure Commerce
was quick to set up a local office and team to support its relationship with KEB and any future expansion in South Korea."
Austrade stated that Korea is the third largest export market for Australia, with Korean financial institutions often looking
to Australia's regulated and flexible financial system as a successful model. With a history of regulation problems, Korea is
currently implementing a new financial services regulation that is largely mirrored on the Australian framework. As a result
Pure Commerce is seen as a market leader.
"Pure Commerce's suite of currency and payment outsourcing services provide our banking customers with innovative
ways to extend, deepen and retain relationships with their customers," said Daniel Lavecky, CEO of Pure Commerce.
"We're proud to be recognised as a leader and look forward to assisting other financial institutions around the world with
our award winning services."
About Pure Commerce
Pure Commerce provides on-demand currency and payment services to banks, acquirers and multinational corporates
around the world. Established in 1997, it has offices in Sydney, Singapore, Seoul, Zurich and London. For more
Contact:
Emma Keen
Infinite Loop
Tel: +61-402-112-189
Email: ekeen@infinite-loop.com.au
SOURCE: Pure Commerce
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