HONG KONG - Asia Payment Systems Inc. and InterPay International Group, a Singapore company, have signed an alliance to establish credit card operations in Southeast Asia.
According to a news release, the two companies will cooperate in markets across Asia, with a special emphasis on developing business in China.
"I have known InterPay and its key managers for a number of years and I am confident they will be a major addition to our capabilities in the Chinese and international markets," said Benny Lee, president of Asia Pay. Lee was a founding shareholder of InterPay and maintained an association with the firm until he joined Asia Pay.
Asia Pay and InterPay's joint project-team, which is expected to develop and implement an action plan, has identified the need for the provision of processing systems and technical support to second-tier Chinese financial institutions. Working with second-tier FIs is expected to facilitate future partnership opportunities in China.
"We are well established in our home market, but have limited exposure in China," said InterPay's president and chief executive K.K. Ng. "We expect the Asia Pay alliance will open up new avenues in China and elsewhere in Asia for both companies."
