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SmartStream dominates Malaysian market with the signing of EON Bank Group

Singapore, 2nd July 2003. SmartStream Technologies, the leading Transaction Management STP solutions provider, is pleased to announce its selection by the EON Bank Group (EON Bank) in Malaysia to automate the bank's reconciliation process.

EON Bank which is listed on the Main Board of the Kuala Lumpur Stock Exchange via its parent company EON Capital Berhad, is one of the 10 banking groups in Malaysia. The Group has 145 branches across East and West Malaysia, employs more than 4,500 personnel and has a customer base in excess of one million.

EON Bank selected Corona, SmartStream's modular solution for transaction processing, following a stringent evaluation of the current reconciliation systems in the market. Corona will be deployed at the bank's head office in Kuala Lumpur. The adoption of Corona forms part of the bank's strategy to increase operational efficiency and reduce costs and risk.

Speaking on behalf of EON Bank, Mr Martin Chu Leong Meng, Deputy Chief Executive Officer, Group Management Services, said: "SmartStream's Corona solution will form a key component in our quest to achieve Straight Through Processing. EON Bank has always prided itself on excellent customer service through continuously reviewing and improving our operations. Our strategy is to propel EON Bank to be a premier banking group in the country and partnerships with recognised market leaders, such as SmartStream, play a role in achieving this goal."

This latest competitive win positions SmartStream's solutions as the de-facto standard for Reconciliations and Exception Management in the Malaysian market. Six of the top ten banks in the region use the SmartStream's technology. SmartStream has experienced phenomenal success in the Asia Pacific region over the last couple of years, particularly in South East Asia, where its solutions have been adopted by large number of leading local financial institutions in Singapore, Thailand, the Philippines and Indonesia.

Andrew Raymond, SmartStream's Regional Director for Asia Pacific, commented: "We are delighted to be able to welcome EON Bank as a customer. EON Bank 's decision to select Corona over and above the competition is a strong endorsement of our leading position in the Asia Pacific region and reflects our ability to provide state-of-the-art, fully integrated, real time Transaction Management solutions that deliver significant improvements in STP. "

"We see great potential in the Malaysian market and we now hope to replicate the success we have had in the region with banking institutions with the wider financial community, including securities houses, broker / dealers and asset managers." He concluded.