SOURCE: Asia Payment Systems, Inc.

February 14, 2007 08:00 ET

Asia Payments Launches Commercial Operations of Prepaid Business in Southeast Asia

HONG KONG -- (MARKET WIRE) -- February 14, 2007 -- Asia Payment Systems, Inc. (OTCBB: APYM) today announced that its Singapore-based subsidiary, InterPay International Airtime, has launched commercial operations selling prepaid products and services in Malaysia through its joint venture company, ETOP Services (Malaysia) Sdn. Bhd. ("ETOP Malaysia"). Asia Payments indirectly owns 60% of ETOP Malaysia.

KK Ng, Asia Payments' President & CEO, said: "ETOP Malaysia is Asia Payments' flagship operation in its Prepaid Business segment. The demand for prepaid products of all types continues to grow rapidly in Asia and includes mobile and long distance services, gift cards, entertainment and transportation tickets, as well as cash cards. ETOP Malaysia products are especially attractive for vendors as they are distributed and sold to consumers via the electronic system supplied by our wholly owned subsidiary, Cardtrend Systems Sdn. Bhd. ('Cardtrend')."

ETOP Malaysia has recruited its initial group of 200 Authorized ETOP Dealers whose number is projected to grow to a total of 2,000 within the next 12 months. Most of the ETOP Dealers are supplied with electronic terminals that permit the downloading of prepaid 'stock' on an on-line, real-time basis, as well as facilitating off-line management of dealer inventories. Cardtrend supplies electronic terminals that enable both data transmission and data capture from magnetic strip and/or smart chip (EMV or proprietary) based payments and loyalty-rewards cards. ETOP Malaysia has entered into an agreement with a bank to jointly acquire MasterCard and Visa Card transactions from ETOP Dealers, with the fees generated being shared between the bank and ETOP Malaysia. Certain ETOP Dealers will be offered an alternative to using electronic terminals by performing ETOP transactions via short message services ("SMS") on a mobile (cell) phone. Use of this technology is expected to grow substantially over the next few years

KK Ng added: " Our revenue target for ETOP Malaysia in 2007 is $10 million and our objective is to double its revenues annually over the next several years. ETOP Malaysia is the template for similar ventures planned for China, as well as other major emerging markets throughout Asia."

ABOUT ASIA PAYMENT SYSTEMS, INC.

Asia Payment Systems, Inc. ("Asia Payments") is a fully reporting US public company with its principal office in Hong Kong and business activities focused within the payments and loyalty-rewards industries in China and throughout Asia. Asia Payments' wholly owned foreign enterprise in Shanghai serves as its business development vehicle in China. Following acquisitions completed in 2006, Asia Payments now operates in multiple locations across Asia. In line with its long-term growth strategy, Asia Payments now has three distinct yet synergistic business units: Cards Business, Prepaid Business and Processing Business. For more information please visit Asia Payments' corporate website (www.asiapayinc.com).

Contact Information

  • Contact:
    Asia Payment Systems, Inc.
    KK Ng
    President & CEO
    (206-447-1379)
    Email Contact