Cognotec announces new joint venture 'Cognotec Korea' and additional funding from Softbank Finance Corp.

London, March 29, 2001. Cognotec, the Dublin based enabler of foreign
exchange and money market e-commerce solutions for the financial services
industry, has announced a new joint venture with Softbank Finance
Corporation and Posdata Co Ltd to develop, market and deploy internet-based
foreign exchange dealing solutions to financial institutions in the Republic
of Korea.

At the same time, Cognotec also announced today that Softbank Finance Corp
has made an additional $10 million investment in Cognotec bringing their
total investment in the Dublin based company to $60 million. This makes
Softbank the largest external investor with a stake of approximately 31%.
This additional investment follows a $10 million investment made in December
2000. Commenting on the latest funding from Softbank, Brian Maccaba,
Cognotec chairman said: "We are continuing to experience rapid growth at
Cognotec. We are now working with some 90 financial institutions in over 23
countries. Collectively our clients are increasing the amount of foreign
exchange business executed across the Internet with their monthly compound
growth in transactions approaching 30%. Despite the difficult funding market
for all technology companies we are particularly pleased with the ongoing
financial support of Softbank Finance as we approach the late stages of our
approximate $100 million investment programme".

The new venture, Cognotec Korea, aims to exploit Cognotec's award winning
e-commerce enabling services to provide Korean financial institutions with
real-time, executable foreign exchange and money market trading solutions.
The suite of services can automate transactions at every level, from within
each financial institution's internal departments, to their branches and on
to their corporate clients' offices with an own branded web delivery. In
addition, with the recently announced collaboration between Cognotec and
both FXall and Atriax, the two global foreign exchange multi-contributor
foreign exchange portals, Korean banks can now consider the prospect of a
new cost effective way of connecting electronically into either or both of
these services.

Cognotec's partners in the Korean joint venture are Softbank Finance
Corporation and Posdata Co Ltd. Present at the signing ceremony in Tokyo
were: Yoshitaka Kitao, President & CEO, Softbank Finance Corporation;
Kwang - Ho Kim, President / CEO, Postdata Co Ltd and Brian Maccaba,
Chairman, Cognotec.

Softbank Finance Corporation, is a subsidiary of the Internet/technology
giant Softbank Corp which, among its many investments is the largest
shareholder in Yahoo and E*Trade. Worth in excess of US$13 billion, Softbank
Finance Corp is already a partner with Cognotec in its highly successful
venture Cognotec Japan KK. Cognotec Japan KK provides e-commerce dealing
solutions to the Japanese marketplace with customers including Bank of Tokyo
Mitsubishi, banks within the Mizuho group as well as a number of foreign
banks active in the Japanese foreign exchange markets.

Posdata Co Ltd is a subsidiary of Korean company Posco, a world-leading
steel producer. Posdata was established in 1989 and has become a global
leader in the provision of IT and systems integration services to the public
sector. Kwang-Ho Kim President & CEO of Posdata Co Ltd who signed the
agreement is also Chairman of the Korean Software and Information Technology

E-commerce has expanded rapidly in Korea. According to the Korean
government nearly 20 million South Korean - roughly 45% of the population
use the internet regularly. While stock trading on the internet is also
experiencing explosive growth with some 54% of local trading taking place
online, and with the nations five leading brokerage firms seeing their
combined online trading exceeding 100 trillion Won (approx. $83 billion) a
24 fold increase from the previous year. This together with the
liberalisation of both the Won and the Korean financial marketplace suggest
there will be a significant increase in local demand for online trading of
foreign currencies. The powerful combination of the Cognotec e-commerce
platform and Softbank's and Posdata's technical and local market expertise
will accelerate the expansion of Korea's financial institutions into the
e-commerce environment.

Brian Maccaba, Cognotec chairman, commented: "Online securities dealing in
Korea is growing at an phenomenal rate - after the US, it may be the biggest
market in the world. Korean financial institutions will benefit hugely from
Cognotec's ability to offer a scalable, secure e-commerce platform to deal
with the foreign exchange and money market transactions arising from this
huge increase in online dealing. In Softbank and Posdata, Cognotec has been
fortunate enough to find partners with the vision to enable us to progress
toward true global distribution of our e-commerce solutions."

Please note that photographs of the principals signing the agreement are
available via email, on request.

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