Asia Payments owns 60 percent of ETOP Malaysia with the other partners being Seacare Holdings of Singapore, an investment holding company with interests in various countries in Asia, and KC Yap, a Malaysian entrepreneur, who has existing interests in telecommunications in Malaysia and Indonesia.

KK Ng, Asia Payments' President and CEO, commented, "ETOP Malaysia will be Asia Payments' flagship operation in its prepaid business segment. Prepaid products, such as telecom services for cellular and long distance calls, gift cards, entertainment and transportation tickets, as well as cash cards, are in high demand in Asia, and are especially attractive for vendors when distributed and sold to consumers via electronic systems such as ours."

ETOP Malaysia will recruit 2,000 retailers as Authorized ETOP Dealers who will be supplied with electronic terminals that permit the downloading of prepaid "stock" on an on-line, real-time basis. Asia Payments' on-line system will also permit real-time management of dealer inventories and credit limits.

KK Ng added, "Initial revenues are expected in the third quarter of this year. We estimate that ETOP Malaysia will generate significant sales volumes in the first full year of operations and continue to double its annual volume each year over the first few years. ETOP Malaysia will serve as the template for similar ventures in China, as well as other major emerging markets throughout Asia, where the substantially larger market potential of these products can be exploited."

An Asia Payments director, Choo Jee Sam, has been appointed Chairman of ETOP Malaysia, while Mark WS Tan, recently recruited as SVP-Business Development, will also be a director. KY Loke, who is responsible for developing and operating Asia Payments' Prepaid Business Asia-wide, will be ETOP Malaysia's Managing Director.

KK Ng concluded, "We believe that ETOP Malaysia will contribute greatly to Asia Payments' growth in revenues and profits."