Asia Pay Files Form 10KSB and 2005 Financial Statements

April 4, 2006 (Hong Kong) – Asia Payment Systems, Inc. (NASD OTCBB: APYM) (“Asia Pay”) today announced that on March 31, 2006 it had filed with the United States Securities and Exchange Commission its Form 10KSB and 2005 Financial Statements. The information filed covers the 2005 fiscal year and subsequent events in the first quarter of 2006.

Robert Clarke, Chairman and CEO of Asia Pay said, “in 2005 Asia Pay fell short of its potential and the results are obviously disappointing. Nonetheless, Asia Pay’s shortcomings were already identified and we restructured management in the fourth quarter of 2005. We have also completed the major part of refocusing Asia Pay’s operations toward solid revenue growth. Our efforts to develop new Chinese partners, such as the recently announced strategic alliance with Uplink of Guangzhou in Southern China, are proving successful. Our current priority is to complete the previously announced plan to acquire the InterPay International Group via an all share transaction and we are targeting to complete the acquisition in the second quarter.”

Asia Pay expects the InterPay acquisition, together with the comprehensive realignment of priorities and strengthening of management, will position the organization for significant growth in 2006. The business opportunity is significant and management intends to achieve results in line with the business potential.

About Asia Payment Systems, Inc.

Asia Pay (www.asiapayinc.com) is a US public company with a regional office in Hong Kong, a wholly-owned subsidiary based in Shanghai, China; a wholly-owned subsidiary in Singapore; US representative office in New York; and, processing hubs in Singapore and Japan. Asia Pay is engaged in an increasing range of card related services, including continuing development of a credit card processing network that provides clearing services to merchants and financial institutions in China, Japan, and other markets in Asia.

Building upon its mission to become a national provider of world-class payment and processing services in China, Asia Pay continues to identify new opportunities throughout the region, expanding both its footprint and scope of activities across the broader spectrum of the card services business. China, alone, has an estimated 875 million debit cards in use, and an expected growth of an additional 100+ million debit cards annually.

Contacts:

Asia Payment Systems, Inc.
Tel: +1-866-877-APAY
ir@asiapayinc.com
http://www.asiapayinc.com

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