Source: Asia Payment Systems
Asia Payment Systems (OTC BB:APYME.OB) today announced it has formed a joint venture payment card company in Mongolia to issue and process credit cards for Mongolian clients.
A Mongolian company, Interpay Co. Ltd. ("Interpay Mongolia"), has been established which represents the implementation of the joint venture agreement previously announced in December 2006.
KK Ng, Asia Payments' President & CEO, said, "The Mongolian/Northern China region is a key focus for our China market development plans and our Mongolian card company complements our plans for Northern China. Mongolia is rich in natural resources and is experiencing rapid growth as it becomes an increasingly important supplier to the Chinese economy. Interpay Mongolia will enable us to gain significant market share in this expanding market."
Dr. Batkhuyag Naigal, Chairman and a substantial shareholder of Interpay Mongolia, stated, "this joint venture represents an exciting new development for the Mongolian market. Our economy continues to expand and over the next few years Mongolian consumers will dramatically increase their use of credit cards, both domestically and internationally."
A credit card branded "Interpay Card" to be used exclusively in the Mongolian domestic market will be issued initially in conjunction with Anod Bank, a leading Mongolian bank. Anod Bank, a private commercial bank, is well recognized as a progressive, internationally oriented financial institution. With the launch of the Interpay Card, Anod Bank will become the first bank in Mongolia to launch a true, revolving credit card. As the market becomes established Interpay Mongolia plans to issue, in conjunction with Anod Bank, international branded payment cards, such as Visa and MasterCard cards.
The launch of the Anod Bank Interpay Card is targeted for the fourth quarter of 2007. Interpay Mongolia and Anod Bank will establish a network of merchants to accept Interpay Cards. Interpay Mongolia is currently installing the Card Management Systems ("CMS") supplied by Asia Payments' subsidiary, Cardtrend Systems to exclusively process Interpay Cards, as well as processing all card transactions from merchants who accept Interpay Cards.