posted
rom December - Asia Pay Announces Establishment of Shanghai Subsidiary Tuesday December 20, 9:00 am ET
HONG KONG, Dec. 20 /PRNewswire-FirstCall/ -- Asia Payment Systems, Inc. (OTC Bulletin Board: APYM - News) today announced it has received all required approvals from the Shanghai authorities for the establishment of a wholly- owned subsidiary. The new company, incorporated in Shanghai, is set up under legislation which permits wholly foreign owned enterprises (often referred to as "WOFE").
The new Asia Pay WOFE whose name in English is Asia Payment Systems (China) Co., Ltd., gives Asia Pay greater flexibility in implementing its programs and strategies in China with or without local Chinese partners, as circumstances may require. As well, in situations where a Chinese joint venture is required the Asia Pay WOFE will make it easier to establish the joint venture structure.
"The establishment of our Chinese subsidiary takes us a further step into the Chinese market" said Robert Clarke, CEO of Asia Pay. He added "we now have the ability to formally carry on business in our own name rather than only through Chinese partners. We are able to issue invoices to Chinese customers and to receive payment in both foreign and Chinese currency."
Benny Lee, President of Asia Pay, said, "Our new Chinese subsidiary gives us greater efficiency in operations, management and future business development and improves our ability to protect our intellectual know-how and proprietary technology. It also gives Asia Pay the ability to convert profits made in China in Chinese Yuan (Rmb.) into US dollars for remittance to our parent company outside of China under the prevailing foreign exchange regulations."
About Asia Payment Systems
Asia Pay (http://www.asiapayinc.com) is a US public company with offices in Hong Kong and Shenzhen, China, a US representative office in New York and processing hubs in Singapore and Japan. Asia Pay is developing a credit card processing network that provides clearing services to merchants and financial institutions in China, Japan, and other markets in Asia.
Centered upon its mission to become a national provider of world-class, third-party processing services in China and elsewhere in Asia, Asia Pay continues to identify new opportunities to expand. Its key focus is on China, which is continuing to experience high growth in credit card issuance and usage. China also has an estimated 875 million debit cards in use, and an expected growth of an additional 100+ million debit cards annually.
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