News

Asia Pay president, CEO steps down

October 16, 2005

NEW YORK - Asia Payment Systems Inc. has restructured its management team after the announcement that company president and chief executive officer Matt Mecke is stepping down to make way for key senior appointments within the company.

According to a news release, Mecke will continue as a director of the company and vice chairman of the board.

The board of directors has appointed Robert Clarke as CEO and Benny Lee as president. Both are existing members of the board, and Clarke was recently elected chairman of the board, a position he had previously held for a number of years.

The new appointments reflect Asia Pay's renewed commitment to capitalizing on opportunities in China as well as to fully integrate the company's service offerings across the broader East Asian region. The business opportunity and the company's proven business model remain fundamentally unchanged, but Asia Pay will focus added effort on accelerating revenue growth to become net cash positive.

Clarke will be responsible for Asia Pay's public company and regulatory functions, as well as corporate finance and development. He has been a director of the company since its inception and also has served as director of a number of public companies over the past 15 years.

Clarke will remain in Hong Kong but will work closely with Lee in realizing Asia Pay's exciting business potential.

Lee, who is based in Shanghai, will be responsible for directing all aspects of Asia Pay's operations and business development. Lee previously worked in the Asian credit card market for both American Express and MasterCard. Lee also assisted various financial institutions in initiating credit card operations, including the introduction of the Bank of China's Greatwall MasterCard, the first credit card in China.

More recently, as president of MBf Card International, Lee was responsible for setting up card centers and joint ventures in Hong Kong, Taiwan, Vietnam and other Asia Pacific countries.