NW_20031023_en_VASCO Strengthens Presence In Asia Pacific By Signing with KASIKORNBANK (Thailand)

October 23, 2003

OAKBROOK TERRACE, Illinois and BRUSSELS, Belgium – October 23, 2003 – VASCO (Nasdaq: VDSI; www.vasco.com), a global provider of enterprise-wide security products that support e-business and e-commerce, announced today that it has strengthened its presence in Asia Pacific by signing a contract with KASIKORNBANK, one of the leading banks in Thailand.

KASIKORNBANK will use VASCO’s Digipass 580 to offer to thousands of its corporate customers secure access to and digital signature capabilities for the bank’s “Corporate Connect” corporate Internet banking system. KASIKORNBANK will be the first bank in Thailand to offer VASCO’s Digipass 580 to its customers. Digipass 580 is a portable strong authentication token especially designed for the Asian banking market. As an extra service to the Asian banking customers, Digipass 580 supports several Asian character sets.

"In addition to being a proven solution provider to other leading banks, we selected VASCO for its flexible solution,” said Mr. Sorrasak Pheongrattana, KASIKORNBANK’s Division Manager, Corporate Business Marketing and Products Department. “Choices are open for implementation. Apart from flexibility, VASCO shows that it supports technology in the future."

About VASCO: VASCO designs, develops, markets and supports patented strong user authentication products for e-business and e-commerce. VASCO’s strong user authentication software is delivered via its Digipass security products, small “calculator” hardware devices carried by an end user, or in a software format on mobile phones, other portable devices, and PCs. For user access control, VASCO’s VACMAN products guarantee that only designated Digipass users get access to the application. VASCO’s target markets are the applications and their several hundred million users that utilize fixed passwords as security. VASCO’s time-based system generates a “one-time” password that changes with every use, and is virtually impossible to hack, or break. With 10 million Digipass products sold and ordered, VASCO has established itself as a world-leader for strong user authentication with over 250 international financial institutions, approximately 1400 blue-chip corporations, and governments representing more than 60 countries.

About KASIKORNBANK: KASIKORNBANK Public Company Limited was established in 1945 with registered capital of Baht 5 Million and has been listed on the Stock Exchange of Thailand (SET) since 1976. As of December 31, 2001, the Bank is the third largest commercial bank in Thailand as measured by total assets, loans, and deposits. The Bank, with registered capital of Baht 26.9 billion and paid up capital of Baht 23.5 billion, had total assets of Baht 774.4 billion (US$17.4 billion), total deposits of Baht 664.8 billion (US$15.0 billion) and total loans and accrued interest receivables outstanding of Baht 439.5 billion (US$9.9 billion). The Bank provides a broad range of consumer, commercial, and corporate banking services, including lending, deposit-taking, credit card services, international trade financing, custodian services, asset management, and investment banking services. As of December 31, 2001, the Bank operated 529 branches, 15 foreign exchange offices and 15 international trade centers throughout Thailand. The Bank branch network extends throughout Thailand's 76 provinces, as well as internationally with six branches overseas in Hong Kong, Los Angeles, Vientiane, Phnom Penh, Cayman Islands and Shenzhen and five representative offices in London, New York, Beijing, Shanghai and Kunming.

Forward Looking Statements
Statements made in this news release that relate to future plans, events or performances are forward-looking statements. Any statement containing words such as “believes,” “anticipates,” “plans,” “expects,” and similar words, is forward-looking, and these statements involve risks and uncertainties and are based on current expectations. Consequently, actual results could differ materially from the expectations expressed in these forward-looking statements.

Reference is made to the Company's public filings with the US Securities and Exchange Commission for further information regarding the Company and its operations.

More information is available at www.vasco.com.

For more information contact:
Media: Jochem Binst: +32 2 456 9810, [email protected]
Investor Relations: Tony Schor, President, Investor Awareness, Inc.: 847-945-2222, [email protected]