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FedEx Archives: 1999 Press Releases

( BW)(CA-FIRST-ECOM.COM)(FECCE)(FDX) Federal Express, First Ecom.com Sign E-Commerce Partner Agreement and Memorandum of Understanding to Integrate Payment Processing Systems for Asia

    Business Editors/High-Tech Writers

    HONG KONG--(BUSINESS WIRE)--Dec. 20, 1999--

Jointly Developed Merchant Settlement System to Strengthen
E-Commerce Across Asia

    Federal Express Corp. (FedEx), the world's largest express transportation company, and First Ecom.com (OTC BB:FECCE), a global provider of Internet-based credit card payment solutions, today signed an agreement giving FedEx access to the First Ecom.com e-payment processing solution for its Asian customers.
    To further strengthen the relationship, FedEx and First Ecom.com also have also signed a memorandum of understanding to jointly enable automated settlement of E-commerce transactions in Asia upon shipment of goods by Web retailers.
    The memorandum of understanding represents an important step for FedEx and First Ecom.com to jointly develop and build a payment settlement solution to ensure that a customer's credit card is only debited when purchased goods are shipped. It is hoped that such automatic settlement will encourage online shopping in the burgeoning Asian E-commerce market as it will make it more secure and efficient for both merchants and buyers.
    The automated system, which will combine First Ecom.com's global payment processing gateway and FedEx's state-of-the-art bar code tracking system, is intended to give merchants a single multi-currency solution to track and record delivery and payment of goods sold.
    "Our joint merchant settlement solution with Federal Express should have a far reaching impact on E-commerce in the Asia Pacific region," said Gregory Pek, president and CEO of First Ecom.com. "Together, FedEx and First Ecom.com will deliver world-class technology and expertise to create bundled E-commerce services. These will marry the convenience of secure online payments from First Ecom.com with FedEx's unparalleled shipping services. The solution that FedEx and First Ecom.com are planning to deliver in Asia will be unique to the region. We're very enthusiastic about partnering with a company that is as innovative and committed to the growth of E-commerce in Asia as FedEx."
    When developed and deployed the merchant settlement system will enable merchants to automatically apply for transaction settlement upon shipment of goods by FedEx. With this solution, First Ecom.com eliminates the need for the complex tracking that is presently required and offers a real time solution that is convenient and reliable.
    "FedEx is a total electronic commerce solutions provider helping small and large companies alike improve efficiency through the power of its worldwide transportation network, extensive warehousing system and cutting edge information technology network," said Rajesh Subramaniam, FedEx vice president electronic commerce and customer service Asia Pacific Division. "This new solution will further enhance FedEx's existing portfolio of E-Commerce services in Asia and we are very pleased to be working with First Ecom.com."

    About Federal Express

    Federal Express, a subsidiary of FDX Corp. (NYSE:FDX), connects areas that generate 90 percent of the world's gross domestic product in 24 to 48 hours with door-to-door, customs cleared service and a money-back guarantee. The company's unmatched air route authorities and infrastructure make it the world's largest express transportation company, providing fast, reliable and time-definite transportation of more than 3.1 million items to 210 countries, each working day.
    FedEx employs more than 148,000 employees and has more than 44,400 drop-off locations, 643 aircraft and 43,500 vehicles in its integrated global network. The company maintains electronic connections with more than 1.9 million customers via Fedex Powership(R), Fedex Ship(R), and FedEx interNetShip(R). FedEx reported revenues of US$14 billion for its fiscal year ended May 31, 1999.

    About First Ecom.com

    As a global provider of electronic payment processing, First Ecom.com (OTC BB:FECCE) provides secure, easy to implement and low-cost online payment processing services to merchants and banks worldwide. Through strategic partnerships with banks, ISPs, e-commerce system integrators and storefront solution providers, First Ecom will process credit card transactions made over the Internet in multiple currencies, either domestically or offshore in a tax-neutral jurisdiction.
    For more information, visit http://www.firstecom.com or contact First Ecom.com at 852-2801-5181 or by e-mail at merchant@firstecom.com.

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     CONTACT: Davis.Comm, Inc. for First Ecom.com
              Jeff Davis or Kevin Manniko, 415/837-3939
              jdavis@daviscomm.com
              kmanniko@daviscomm.com
                      or
              Federal Express Asia Pacific
              Cassandra Orange, (852) 2514 0824
              corange@fedex.com
              FEC Investor Relations, 888/305-8233

     KEYWORD: CALIFORNIA INTERNATIONAL ASIA PACIFIC
     INDUSTRY KEYWORD: INTERNET E-COMMERCE TRANSPORTATION
MARKETING AGREEMENTS PRODUCT