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| Subject: Re: joint venture, Octopus Cards Limited | |
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Author: Creative Star-- Octopus j/v 1994 January 2001 |
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Date Posted: 03:06:35 02/01/03 Sat In reply to: Combination of ID smartcard and OctopusCombination PDF 's message, "Re: Yesterday when Octopus was young" on 01:59:59 02/01/03 Sat http://www.octopuscards.com/octopus_eng/e_company_1.htm Hong Kong is one of the world's most dynamic commercial and financial centres. It also boasts one of the world's best public transport systems. Everyday, an average of 11 million passenger journeys are made throughout the city on a wide variety of public transport modes. While the Hong Kong public transport network is already highly regarded in the international arena, as a further enhancement, the transport operators collaborated to form Octopus Cards Limited in 1994, for the purpose of introducing a common ticketing system. In September 1997, the Octopus smartcard system covering six major public transport modes was launched in Hong Kong. The system is innovative in its application of technology and its organisational structure and possesses the features of : Co-operation It is developed, managed and owned by six transport operators, which despite competing for passengers, have all worked together to ensure a seamless ticketing system. A Global Leader It is the world's pioneering and most extensive contactless smartcard system utilised in the transport industry. Multi-application It is designed to accommodate multiple service providers from both the transport and non-to the transport sectors, allowing multi-application developments to provide even greater convenience public. The MTR Corporation Limited(MTR) has been operating a fully automatic fare collection system since its inception in 1979. The card media of the system were recirculated magnetic plastic cards principally used for single journey and stored value tickets, operating in an entry/exit controlled (or closed) environment. In 1984, the Kowloon-Canton Railway Corporation (KCRC) adopted the same magnetic cards rechristened to allow passengers on both railways to pay for their journeys which was Common Stored Value Tickets (CSVT). In 1989, the CSVT system was further extended to selected Kowloon Motor Bus (KMB) feeder buses and one Citybus route. In addition, the CSVT was adopted for small scale non-transport applications, such as payments in photobooths and for fast food vouchers. These trials indicated very positive public acceptance and aroused much interest from operators, spanning a diverse range of small value payment applications. In 1993, the MTR took the lead in reviewing its fare collection technology and in devising a future development strategy for the next decade. While the CSVT had been well accepted by the public, it had reached the limits of its development capabilities. Contactless smartcard technology was subsequently recognised as the most appropriate platform for future systems. In 1994, five major public transport operators namely, the MTR, KCRC, KMB, Citybus and the Hong Kong and Yaumati Ferry (HYF), established a joint venture, Octopus Cards Limited (Octopus Cards), to oversee the contactless smartcard system's development and implementation. back to top A private company formerly known as "Creative Star Limited", Octopus Cards Limited, is a joint venture of the five major founding transportoperators in Hong Kong. In January 2001, a new shareholders' agreement was signed amongst Octopus Cards' shareholders and the shares of Hong Kong and Yaumati Ferry Company Limited was transfered to New World First Bus Limited and New World First Ferry Services Limited. Under this new agreement, distribution of shares is as follows : Company Shares MTR Corporation Ltd 57.4% Kowloon-Canton Railway Corporation (KCRC) 22.1% KMB Public Bus Services Holdings Limited 12.4% Citybus Limited 5.0% New World First Bus Services Limited (NWFB) 3.05% New World First Ferry Services Limited (NWFF) 0.05%  Under the new shareholder's agreement, Octopus Cards Limited has also been transformed from its previous non-profit making status to a profit making one. The Board of Directors, comprises nine members including six non-executive directors appointed by the shareholders, two executive directors (namely the Chief Executive Officer and the Finance Director), and one independent director appointed by the Board. The Chairman of the Board is nominated by MTR and appointed by the Board. The Board meets monthly and is responsible to the shareholders for the approval of major company policies, and for financial and monetary control. The Board requires the Chief Executive Officer, through a Senior Management Group, to be responsible for all day-to-day operations of the Company. The Senior Management Group comprises the Executive Directors and other senior staff. Presently, the company has a staff complement of 128, and attends to its daily business and operational needs through six major departments: Technical Services, Card Operations, Finance, Marketing, Contracts & Legal, and Human Resources & Administration. [ Next Thread | Previous Thread | Next Message | Previous Message ] |
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