Following the signing of their MOU in March 2006, Network International LLC and Oberthur Card Systems are pleased to announce today a Joint Venture agreement.

The newly formed company named Obernet will become a more innovative, nimble and efficient card solution provider in the Region payment market offering a comprehensive range of advanced solutions.

The new company will benefit from Network International's deep knowledge of the regional market, skilled personnel and strong commercial presence in the area - relying on production facilities in Dubai, coupled with Oberthur Card Systems expertise in EMV card development - over 180 million EMV cards shipped and a proven track record in 150 projects worldwide - and chip card personalization complete solution.

A smooth migration towards Oberthur Card Systems personalization software (CPS) and processes will be organized in a very short time scale.

Abdulla Qassem, Chairman, Network International said 'Technology changes and convergence are shaping a new, competitive and dynamic environment thereby creating tremendous opportunity. The partnership is a natural coming together of two leading card solutions providers that assures substantial value for customers and stockholders of both Network International and Oberthur Card Systems. Our focus is on providing great service and innovative, competitively priced products for consumers and businesses throughout the Middle East. Together, we will lead the way into a new era of converged and bundled card solutions ranging from card plastic manufacture, card processing, EMV certified personalization and impeccable after-sales service."

Olivier Leroux, M.A.R.S. Managing Director at Oberthur Card Systems added: 'Oberthur Card Systems is a leader in payment card technology; the evolution from magnetic stripe to EMV cards all over the world has provided a starting point for the Company personalization centre deployment. With more than 10 million payment cards in circulation, Middle East is one of the largest markets migrating to EMV and volumes are expected in the next months as it gains momentum. Thanks to this agreement, Oberthur Card Systems continues to pursue and reinforce its geographical expansion with the aim of broadening its technological expertise'.

Reported by: www.ameinfo.com
Reported on: 03.12.2006