The People?s Bank of China and China Financial Certificate Authority Expand Enhanced Internet Security Deployment
Initial Success Spurs $2 Million Expansion over Next 15 Months for 150,000 Additional Users
21 May 2002
DALLAS - Entrust (Nasdaq: ENTU) today announced an agreement to expand enhanced Internet security solutions to the China Financial Certification Authority (CFCA) - a joint venture of 13 leading commercial banks under the direct leadership of the People's Bank of China. In the Q1 2002 extension, the CFCA ordered approximately US$2 million worth of additional licenses and support from Entrust Limited a subsidiary of Entrust, Inc. (Nasdaq: ENTU).
"Our Internet security program has been highly successful, and we intend to expand it very quickly," said Mr. Dalong Liu, the general manager of the China Financial Certification Authority. "The Entrust software solution has definitely given us the security and protection that we need for the important financial data as our member banks move online."
"This is a major installation and deployment of enhanced Internet security to drive electronic commerce in the most populous nation on earth," said Bill Conner, chairman, president and CEO of Entrust. "We are pleased that Entrust is part of the CFCA success in enabling its online banking initiative."
Last fall, the CFCA installed Entrust software to secure the online transactions of Chinese stock traders and corporate banking customers. The success of the solution has completed the deployment of the 30,000 licenses initially allotted, and the CFCA will take delivery of 30,000 additional licenses each quarter, for the next five calendar quarters. At that point, the CFCA will serve 180,000 direct users.
The Entrust enhanced Internet security software ensures end-user identification based on digital IDs, entitlements, verification, privacy, and security management capabilities. The additional licenses are for Entrust Entelligence? and Entrust Authority?, the security solution that provides privacy, identification, and verification for confidential data and online transactions. It provides encryption, mutual authentication, and digital signatures.
The CFCA's contributing banks are the 13 largest banks in China. Representatives of 11 of them are currently among the 30,000 licensed users, including Industrial and Commercial Bank of China, China Construction Bank, Bank of Communications, CITIC Industrial Bank, EverBright Bank of China, Guangdong Development Bank, ShenZhen Development Bank, China MingSheng Banking Co., Ltd, HuaXiao Bank, and Fujian Industrial Bank.
About People's Bank of China
The People's Bank of China, established in 1984, is China's central bank and serves as the overseer and regulatory agency for the four major government-owned commercial banks as well as for all other banking organizations operating in China. You can visit the People's Bank of China website at: www.pbc.gov.cn.
About CFCA
The China Financial Certification Authority (CFCA) is a joint venture body of 13 leading commercial banks of China, under the direct leadership of the People's Bank of China. CFCA provides security services for China's entire financial sector. Its current customers include national banks, regional banks, stock brokerages, enterprises and e-commerce sites. You can visit CFCA's website at: www.cfca.com.cn.