Asia Pay Announces Launching of Beijing Credit Bureau Pilot Program

NEW YORK and BEIJING, China – Asia Payment Systems, Inc. (OTC Bulletin Board: APYM) today announced the launch of its six-month pilot program with Beijing Purple Stars Appraisal Co., Ltd. (BPS) to establish a credit bureau in Beijing. The BPS/Asia Payment Systems Credit Bureau is a joint venture that will collect and provide credit file information in support of businesses and consumers in the greater Beijing area.

According to the terms of the definitive agreement, the joint venture is exploring the most feasible, effective, and efficient business models for card processing and credit bureau services in Beijing. In support of the pilot program, BPS is providing staff, facilities, offices and local support, and up to 300,000 credit files. Asia Pay is providing operational management, supervision, business plans, training, technology, and start-up services.

Matt Mecke, President and CEO of Asia Pay, stated, “Our joint venture with Beijing Purple Stars Appraisal is building a card processing and credit bureau that is an important part of China’s expanding credit industry. Working with Beijing Purple Stars Appraisal Co., Ltd., we are building a world-class commercial and consumer credit services bureau that includes international and domestic credit verification and payment processing. Working together, our joint venture will provide consumers, businesses, and banks in the Beijing area with card processing and credit bureau services before the 2008 Olympics in Beijing.”

The BPS/Asia Payment Systems, Inc. agreement for the creation of a credit bureau with Beijing Purple Stars Appraisal is in addition to the existing agreement between Asia Payment Systems and Shanghai CRC Telecom.

About Asia Payment Systems, Inc.
Asia Pay is a USA public company with offices in: New York City and Seattle, Washington; Beijing and Shenzhen in China; and in Hong Kong. Asia Pay is developing a credit card processing network that provides clearing services to merchants, oil companies, and financial institutions in China, Japan, and in related markets elsewhere in Asia.