Shanghai CRC Telecom Selects Asia Pay

The agreement provides for services to CRC Telecom for joint development, via a pilot project, of a China Consumer Credit Bureau as well as for payment processing services for CRC Telecom and related groups. The discussions for these projects include enabling acceptance of both debit and credit cards at Railway Station Ticket Counters. At present, railway tickets in China are paid for in cash and Railway Ticket Counters do not accept debit or credit cards. The China Railway Ministry is the only Railway operator in China and also operates all Railway Ticket Counters across the country. During the pilot project co-operation phase with Shanghai CRC Telecom, Asia Pay is exploring the opportunity to provide payment processing services for acceptance of China Debit and Credit cards, initially in a strategic China Railway Station location and, upon successful completion of the pilot project, Asia Pay and SCRC will deploy Credit and Debit processing systems in all 2,000+ Railway Ticket Counter locations across China. Asia Pay and CRC Telecom will cooperate to provide both China Consumer Credit File/Bureau services and payment processing services to CRC Telecoms related businesses with a view to providing services to other China clients upon successful completion of the pilot projects. It is the intention of both parties to complete pilot projects for both a China Consumer Credit Bureau as well as a payment processing platform and CRC Telecoms Sino Call call center operations prior to October 2005. Both Parties have completed preparations for the pilot projects and have begun to deploy resources and systems in a drive to provide these solutions to the rapidly growing Chinese market.