Carlos M. Bhola is a co-founder and Managing Director of 2b, an investment and advisory services firm. Prior to 2b, Carlos was the Global Head of Internet/Electronic Commerce Investment Banking at Credit Suisse First Boston where he was responsible for several ground-breaking transactions, including initial public offerings for TD Waterhouse and Freeserve PLC, the merger of Terra Networks SA and Lycos Inc. and private equity and debt offerings for Datek Online and The Island ECN. Prior to joining CSFB, Carlos led internet/electronic commerce and high technology initiatives at The Boston Consulting Group. In China, Carlos served as a member of the Board of Directors and an advisor to EachNet, China's largest on-line marketplace, which was later acquired by eBay.

SmartPay's CFO, Derek Sulger, commented: "SmartPay believes that a strong governance team is critical for us to execute our business plan and grow SmartPay's leading position as a provider of electronic payment services in China. Carlos has a stellar track record in directing high growth start-up companies; we are pleased that he is joining the ranks of our very strong group of directors that are helping guide our growth and build value for our shareholders."

Mr Bhola joins Goran Malm, the former head of GE Asia-Pacific, James Ding, the Chairman and a founder of AsiaInfo, Hsiao Wen Lee, the CEO and founder of HiTrust and Patrick Benzie, a founder of Linktone Ltd as non-executive directors of the Company.