BIOGRAFIE Eric Tai, Chief Executive Officer, Octopus Cards Ltd. Eric Tai started his working career in insurance with Commercial Union Assurance Group in Australia and the UK. With his desire to work in the banking field, Eric joined Citibank in 1979 and then Chase Manhattan Bank undertaking assignments in both Australia and USA. In 1989 he became Chief Manager for the Australian and New Zealand Bank and contributed to the Bank winning the Bank of The Year in 1991. After being away from Hong Kong for 25 years, he returned and joined HSBC as Senior Executive Marketing and Planning. During the 9 years with HSBC, he also headed up the Personal Banking Business and Strategic Alliances e-Business for Asia Pacific. Currently Eric is the Chief Executive Officer of Octopus Cards Limited, a joint venture company with the 5 major public transport companies in Hong Kong as shareholders. Octopus operates a multi-application micro-payment system by utilizing a contact less smart card. It is now the market leader in Hong Kong, undertaking payment and clearing service for around 300 merchants with more than 12 million cards and over 9 million transactions per day. In 2002 the company started to seek business opportunities overseas and has secured a contract in Holland and a joint venture in China.