Asia Payment Systems and InterPay target Chinese markets

The two companies will cooperate in markets across Asia with a special emphasis on developing business in China. The Strategic Alliance enables Asia Pay to better serve clients in China by supplementing its resources with the proven management, marketing and systems expertise of InterPay, as well as opening up new opportunities for both companies.

Asia Pay and InterPay have formed a joint project team to develop and implement an action plan in the coming weeks. One opportunity already identified is the provision of processing systems and technical support to second tier Chinese banks which in turn is expected to facilitate future partnership opportunities with Chinese financial institutions.

"We believe the opportunity to work with Asia Pay is an important new opportunity for InterPay," said KK Ng, President and CEO of InterPay. "We are well established in our home market, but have limited exposure in China. We expect the Asia Pay alliance will open up new avenues in China and elsewhere in Asia for both companies."

"This agreement gives Asia Pay access to significantly more resources and enables us to service a broader client base. It adds new service offerings for Chinese clients and international merchants wanting to expand into the Chinese market and will enable us to provide better pricing to our clients as more merchants come online," said Robert Clarke, CEO of Asia Pay. Benny Lee, President of Asia Pay added, "I have known InterPay and its key managers for a number of years and I am confident they will be a major addition to our capabilities in the Chinese and international markets." Mr. Lee was a founding shareholder of InterPay and maintained an association with that firm until he joined Asia Pay.