Pure Commerce Wins Best Services Company at AustCham 2010 G20 Australian Business Awards in Korea
Sydney, 3 November 2010– 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 hasaunique 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 provideson-demand currency and payment services to banks, acquirers and multinational corporates around the world. Established in 1997, it has a proven track record of successfully developing and deploying many innovative payment solutions across the globe. The company’s payment solutions, which include dynamic currency conversion and multi-currency pricing, provide clients with innovative ways to extend, deepen and retain relationships with their customers. It holds an Australian Financial Service Licence (AFSL no: 262082) and has offices in Sydney, Singapore, Seoul, Zurich and London.For more information visitwww.pure-commerce.com