By Pacnet

TAIPEI – Pacnet today unveiled its plans to support the burgeoning cross-straits financial services industry by leveraging its license to offer value-added telecommunications services across  major cities in China and connecting businesses across both shores.

“The Taiwan economy is showing strong signs of recovery and coupled with improving cross-straits economic and trade relations, we believe these relaxed regulations will result in more direct and indirect investments in Taiwan,” said Bill Barney, Chief Executive Officer of Pacnet.

According to Taiwan's Financial Supervisory Commission (FSC), memorandums of understanding (MOUs) to open the financial sectors of Taiwan and China to each other will be signed this year. The pact will allow Chinese investors to buy into the island's stock market, while Taiwanese banks will be able to have their representative offices on the mainland upgraded to full service branches.

“Telecommunications is now a key enabler in the financial services industry and our robust cross-straits connectivity solutions will help catalyze growth in this sector,” added Mr Barney.

“The liberalization of this sector provides an excellent opportunity for Taiwan's financial industry to expand onshore while many Chinese financial institutions will also seize this chance to tap into cross-straits commerce, fueling stronger demand for network connectivity,” noted Johnson Tsai, General Manager of Pacnet’s Taiwan operations. “To address this demand, we will leverage our value-added license in China to help the Taiwanese financial sector expand into the Greater China region through our broad range of connectivity solutions and managed services.”

“Demand for cross-straits financial services is growing fast and we continue to expand aggressively in China in order to meet this need. Our license for value-added services, combined with Pacnet’s global footprint and capabilities, dedicated teams and infrastructure, strongly positions us to continue to grow with the sector and drive its globalization with our customers,” said Henry Lam, general manager of Pacnet Business Solutions (China).

Through ownership of EAC-C2C, the Asia Pacific region’s leading subsea cable network, Pacnet is able to offer the high bandwidth and diverse connectivity options into Taiwan and China demanded by the financial services industry. In Taiwan, EAC-C2C lands in Pali, Tanshui and Fangshan and lands in Qingdao and Shanghai in China.

Pacnet Business Solutions (China) is the first foreign-owned telecommunications equity joint venture in China to obtain a license to offer value-added telecommunications services from the Ministry of Industry and Information Technology (MIIT), enabling it to add IP VPN services to its suite of solutions and directly connecting its industry-leading IP network infrastructure into major cities across the country. Pacnet’s reach in China extends across the country’s most progressive cities including Beijing, Shanghai, Hangzhou and Dalian, as well as major cities in Guangdong province including Guangzhou, Dongguan and Shenzhen.

About Pacnet

Named “Best Wholesale Carrier” at the Telecom Asia Awards 2009, Pacnet is Asia’s leading independent telecommunications service provider, formed from the operational merger of Asia Netcom and Pacific Internet. Pacnet owns and operates EAC-C2C, the region’s largest privately-owned submarine cable network at 36,800 km, with a design capacity of 10.24 Tbps. The company offers a comprehensive portfolio of industry leading IP-based solutions for carriers, large enterprises and SMEs. Pacnet is headquartered in Hong Kong and Singapore, with offices in all key markets in Asia and North America.  In China, Pacnet Business Solutions (China) offers advanced telecommunications solutions tailored for small and medium enterprises, while Pacnet China offers leading-edge solutions for large enterprises and carriers.

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