Asia Pay says it has received all required approvals from the Shanghai authorities for the establishment of a wholly-

owned subsidiary.

The new Asia Pay wholly foreign owned enterprise (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."