HONG KONG - Asia Payment Systems Inc. received all required approvals from the Shanghai authorities for the establishment of a wholly owned subsidiary, Asia Pay WOFE, according to a news release.
The new company, 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.
"The establishment of our Chinese subsidiary takes us a further step into the Chinese market" said Robert Clarke, Asia Pay's chief executive. "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."
