SEATTLE and HONG KONG, April 1 /PRNewswire-FirstCall/ -- Asia Payment
Systems, Inc. (Asia Pay) (OTC Bulletin Board: APYM) is pleased to announce
that it has signed a Memorandum of Understanding (MOU) with Beijing Sunkart
Investment Management Co. Ltd. (Beijing Sunkart) to jointly investigate the
commercial, technical and legal issues relating to the launch of a co-branded
VIP Card service for the government employee and commercial sectors in China.
Both Asia Pay and Beijing Sunkart have committed to address the issues for
the Co-branded card service on an expedited basis with the objective of
developing an agreed implementation plan within three months.
Asia Pay is an Asian-based credit card processing merchant services
company and in the final stages of negotiation with several Asian clients,
including Beijing Sunkart, to provide processing services. The primary focus
of its development efforts is the rapidly growing Chinese credit card market.
Asia Pay's mission is to become a leading China-wide provider of world-class
third-party processing services to bankcard-accepting merchants and issuers of
bank credit cards, petroleum station, merchandise and other retail cards.
Matt Mecke, President and CEO of Asia Pay, commented, "We have been
working with Beijing Sunkart to bring added value to the credit card
processing business in China. This MOU is the first of several we expect to
conclude with Chinese partners as we focus on building out our China client
network. Initially we are focused on key target markets in China, and later
we will broaden our efforts to cover the whole China credit card processing
market."
Robert Clarke, Chairman of Asia Pay, added, "We believe the Beijing
Sunkart MOU marks an important step forward for Asia Pay. Entry into the
Chinese market requires careful planning and the development of good partner
relationships. The Beijing Sunkart signifies the start of this process. We
are committed to developing our program for the Chinese market to complement
our other market development activities in Asia."
About Beijing Sunkart
Beijing Sunkart Investment Management Co. Ltd. is a private investment
company with operations in both Beijing and in the Province of Guangdong.
About Asia Payment Systems, Inc.
Asia Pay is a Nevada incorporated company with offices in Seattle,
Washington, Hong Kong and Shenzhen, China. It is developing a credit card
processing network to provide clearing services to merchants, oil companies,
and financial institutions in China and in selected additional markets in
Asia.
For more information about Asia Pay, please visit:
http://www.asia-pay.com.
Contacts:
Asia Payment Systems, Inc. (OTC Bulletin Board: APYM)
Matt Mecke, President, CEO
Tel.: +1-866-877-APAY
ir@asia-pay.com
This release was issued through eReleases(TM). For more information,
visit http://www.ereleases.com.
SOURCE Asia Payment Systems, Inc.
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Related links:
http://www.asia-pay.com
CONTACT:
Matt Mecke, President and CEO, Asia Payment
Systems, Inc., +1-866-877-APAY, ir@asia-pay.com
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