During the interview, Mark Yip portrayed the history of GRGBanking’s successful innovation-driven transformation and upgrading by implementing its “High Investment for High Output” strategy.

GRGBanking Managing Director Mark Yip Interviewed by Phoenix TV

In the wake of European Debt Crisis, facing soaring international commodities prices and global economic downturn, many export manufacturing companies in Pearl River Delta are in a severe business environment. However, such negative factors are partially offset by Guangdong government’s continuous efforts in industry transformation and upgrading. GRGBanking has been in the spotlight with its steady growth and rapid expansion.Located in Science City, Guangzhou,

GRGBanking is a leading currency recognition and cash processing solutions provider in the global market. GRGBanking has persisted in its “High Investment for High Output” strategy by focusing on independent core technology and brand. “Basically we invest 6-9 per cent of our annual revenue for research and development, and sometimes this figure reaches 10 per cent. Take 2011 as an example, because of our annual revenue of 2 billion, our investment on research and development was over 100 million, which is a reasonable rate for a high-tech.” Mark Yip said, “We define ourselves as an industry leader, therefore we set industry-leader-standards for our R&D investment, human resource management and equipment test.”

Through years of technology innovation, GRGBanking has become one of the three companies that master the core cash recycling technology in the world. Dating back to 2010, GRGBanking won the largest cash recycler contracts outside Asia by high quality recycling ATMs with independent intellectual property rights. The full range of GRGBanking’s ATM products successfully passed the security evaluation and all 2,200 functional tests, and was thus certified by German Banking Industry Committee in December 2011. All these accomplishments establish a solid foundation for the company’s penetration and expansion in the European as well as the global market.

Facing the global economic turbulence, “we are still very optimistic about the future”, Mark Yip said with full confidence. “New Positioning for competitive advantage, new thinking paradigm charting the future” is the theme of development for GRGBanking in 2012. In the upcoming future, GRGBanking will continue to concentrate on building its competitive advantages by operating model innovation, and strengthening ATM core technology research and development. Its focus on high-tech manufacturing and service industry, innovative Internet of Things technology and cloud computing application in ATM industry will bolster up GRGBanking’s march towards high-end supply chain and value chain sector.

Dr. Eduardas Vaigauskas, General Manager of GRGHK, welcomed the delegation and expressed his thanks to the trust and support of Ministry of Commerce. Dr. Eduardas Vaigauskas briefly shared GRG’s history to the guests and then gave a detailed introduction about GRG’s technology innovation, independent research and development abilities as well as its business achievement in overseas market.

During the visit, Dr. Eduardas Vaigauskas presented GRG’s leading serial number tracking technology and its software solution, Retail ATM, Drive-up ATM and other high-tech machines as requested by the foreign guests. Besides, the delegation also showed their interest in cash recycling machine designed for high-end customers, high speed cash deposit machine as well as self-serviced night safe machine for depositing cash and valuables. Later on, the delegation visited GRG’s high-tech testing center of 20 labs and test sites, getting a close look at GRG’s production line and production capability. GRGBanking now owns the largest high-end ATM manufacturing base in the Asia.

Nigeria Minister, Salihu Umaru Ahmed was impressed by GRG’s product quality after seeing the rigorous testing process. He said that some of the ATMs in Africa didn’t equipped with such high-tech functions and technologies, and that led to security problems, he would like to import ATM equipment from GRG. Sofiane Djenidi, First Secretary of Algeria, thought that GRG is a company with innovation. Krassimire Dimitrov, Second Secretary of Bulgaria, spoke highly of GRG’s concept of “Green Production” and expressed his hope to know more about GRG’s range of non-banking financial products and to have a further cooperation with GRG.

Myanmar Information Technology (MIT), GRGBanking’s Myanmar partner helps ensuring the successful running of the ATM. GRGBanking and MIT are developing Myanmar’s first national financial switching, as well as, first bankcard and payment card systems named Myanmar Payment Union (MPU) as well.

About CB Bank
CB Bank was first set up as a private, non-public bank in 1992 and was reformed as a public company in 2004 to provide more financial services to the public. CB Bank offers a comprehensive range of innovative banking services and financial solutions in consumer banking, business banking, investment banking, global treasury and investment management, among others. In addition the CB Group has diverse subsidiaries that are involved insurance, financial futures, regional stock broking trustee nominee and custodian services property development and hotel management.

About GRGBanking
GRGBanking is a leading provider of currency recognition and cash processing solutions in the global market with great potential and rapid development. The company specialize in the development/ manufacturing of Automatic Teller Machine (ATM) for financial institutions and retailers, Automatic Fare Collection (AFC) devices for railway or underground systems, as well as other currency recognition and cash processing equipment, modules and systems for over 20 years. Besides, the company’s various Multi-Channel Software Solutions and Services cover the needs of the financial industry, retail, transportation, payment, self-service, cash automation, cash management outsourcing and managed services, customized for different customers around the world.

About MIT
MIT was founded in 1997 with the objective of promoting ICT industry in Myanmar. Since then, MIT has become a leading software house in Myanmar by providing reliable strategic ICT solutions through highly innovative state-of-the-art technologies for banking, retail, trading, hospitality, manufacturing, healthcare industries as well as government sectors.

The bank had bought 1505 GRG recycling ATM, all of which are equipped with palm vein readers, the latest biometric security technology used in ATM. In addition, 1,400 desktop palm readers that can connect PCs via USB were ordered and the delivery is completed.

By January 2012, “1.400 desktop palm readers will be disseminated over branches for the purpose of reading the customer’s palm vein data”, said Mr. Ali Araz on ATMIA ATM Security 2011, London. Araz is the General Manager of Fintek, which is the IT company of Ziraat Bank, and CIO of Ziraat Bank. Besides ATM from GRGBanking, the Bank has currently 2,900 ATM from NCR and Wincor Nixdorf ATM.

Ziraat Bank will therefore take the benefits on fraud prevention, and enable its customer feel more secure and comfortable. Specifically the customer might feel satisfied on that they can have faster authentication than ATM card plus pin code and even don’t need to take card and memorize pin code.

Palm vein verification technology uses the vascular patterns of an individual’s palm as personal identification data. After inserting the card and entering a PIN, the user holds his or her hand over a sensor on the ATM for verification purposes. Because palm vein patterns are unique to each individual, others are not able to withdraw money using stolen cards. The palm vein information is stored in the card itself, which also keeps the biometric information hidden from bank employees.

Compare to other biometric technologies, Palm Vein technology is very stable, non-invasive, hygienic, unaffected by age and unique for every individual, even for monozygotic twins, thus promoting a high-level of user acceptance.

Independent research has shown that in ideal conditions, palm vein technology can be 4 times more accurate than fingerprint scanning. Compared with a finger, a palm has a broader and more complicated vascular pattern and thus contains a wealth of differentiating features for personal identification.

The team demonstrated a hack that can duplicate the magnetic security card and break a previous version of contactless ID cards from Mifare in 2008, The Hacker News reported.

“The new hack is carried out using a side channel attack, which bypasses the defensive features intended to prevent attacks on the card. To achieve this, the researchers made repeated measurements of electricity consumption during encryption and decryption. This can be determined by measuring the magnetic field close to the card,” The Hacker News said.

It was this same team that broke a previous version of contactless-ID cards from Mifare in 2008.

At the time, the intrusion prompted Mifare to upgrade its security to create a card able to be programmed only once.

The upgrade also contained a unique identifying number that could be checked against the programmed content on the card for extra security.

A separate article on IT World identified the researchers who worked on both cracks as David Oswald and Christof Paar at Ruhr University in Germany.

In their cracks, the team used a probe and oscilloscope to record the card’s broadcasts while it’s being read by and RFID reader.

The researchers needed about seven hours to crack the security on one card and get its 112-bit encryption key, the IT World article said.

However, they said it only works if one spent months profiling the card’s architecture, behavior and responses.

They also noted the weak point for the MF31CD40 – and many of NXD’s other cards, which were the ones cracked – is that it does little or nothing to resist being recorded, prodded and poked by crackers.

The EV1 upgrade to that card has an on-chip backup management systems, an authentication mechanism that uses three separate authentication methods, encryption based on the 3DES hardware encryption that meets security requirements for most U.S. government agencies, but is compatible with existing systems designed to read the card using Near Field Communications (NFC) radio systems.

“That probably means it does not yet contain any countermeasures able to stave off determined crackers poking it to see how it reacts,” IT WOrld said. — TJD, GMA News

Recently, GRGBanking signed a contract worth over 35 million USD with Ziraat Bank in Turkey to provide recycling ATMs. The contract is the ever biggest cash recycling delivery contract outside Asia.

Ziraat Bank, which means Agricultural Bank of the Republic of Turkey in English, is the fourth largest bank and the biggest state bank in Turkey. It held tender for purchasing ATMs last year in order to expand its ATM networks. GRGbanking won the tender by high performance recycling ATMs-H68N with independent proprietary rights. Because of the outstanding performance and excellent local support during the field test and trial usage for the past few months, the contract value has been increased approximately 20% from the original tender value.

The GRG Recycling ATMs-H68N are able to make deposited banknotes available again for cash dispensing after a successful validation, therefore can reduce the costs and risks associated with cash replenishment and service.

Recycling ATMs are very popular in East Asia. GRG is now helping to push this advanced technology to East Europe market. These machines attracted lots of eyes when first deployed in Turkey. The average ATM transaction volume was very high during the flied test period, while the cash management cost was proven to be significant reduced.

“We strongly believe this success of GRG will make strong influence on the acceptance of cash recycling in Turkish financial industry.” Said Dr. Eduardas Vaigauskas , general manager of GRG Banking Equipment(HK) Co., Limited

About GRGBanking:
Established in 1999, GRGBanking now is a leading currency recognition and cash processing solution provider in China and the global market. We are No. 1 ATM supplier in China and top 10 in the global market, with more than 66,000 ATMs being sold worldwide, and serving customers in over 60 countries and regions.

The GRG R&D Academy which occupies a space of about 4000 square meters is recognized as a state level financial electronics technology center. It consists of the R&D Center Office, Institute of ATM, Institute of ATM security, Institute of General Research, Institute of Basic Research, Institute of AFC Research, Institute of Software Research and the Test Center.

In addition to the state of art facilities, the GRG R&D Academy has built a critical mass of expertise, including about 1800 technicians and over 400 senior researchers. Moreover, GRG banking has engaged a lot of well-knownexperts from the Chinese Academy of Science as advisers. The chief scientist of the ATM R&D Academy is the academician Dai Ruwei who is the most authoritative specialist in China in this field.

As a leading and innovative ATM manufacturer, GRG banking has already applied more than153 domestic and international patents by the end of June this year. Many of them fill the technological vacuum of this field. The new academy is expected to further enhance the core technological competence of GRG Banking and to push forward the technological innovation in currency recognition and processing areas. It is also meant to raise the global competitiveness of the whole Chinese ATM industry.

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According to a company release, GRG Banking’s end-to-end solution, which enables multiple manual processes to be automated, is aimed at optimizing the entire cash supply chain from front to back-office so that bank and retail employees will no longer come frequently into contact with cash.

At the core of the solution is an intelligent cash cassette, which is equipped with on-board smart chips. The memory chips store and carry a variety of information, such as how many notes are contained in the cassette, note currency or denomination and access history and error codes. As a result, these intelligent cassettes enable fast exchange of cash; for example, the cash taken from a retail store can be transferred directly to a nearby ATM, eliminating the need for taking cassettes to a CIT operator’s cash center and counting the cash there.

Software applications are also provided and controlled by a centralized cash cycle management base, which supports multi-institutional reports for dispute processing and account reconciliation.