Asia Payments Announces Appointment of New CEO

May 31, 2006 (Hong Kong) - Asia Payment Systems, Inc. ("Asia Payments") (NASD OTCBB: APYM) announced today that Mr. KK Ng has been appointed as its President and Chief Executive Officer. Mr. Ng was the CEO of InterPay International Group whose acquisition by Asia Payments was announced last week. Mr. Ng takes up his new position immediately and has also joined Asia Payments' Board. Robert Clarke, former CEO, will continue as Chairman of the Board.

Mr. Ng will lead an expanded management team that will integrate the existing Asia Payments and InterPay operations as well as developing a new vision, strategy and plan to spearhead the Company's growth. Additional information on the growth plans for Asia Payments will be released in the coming weeks.

Mr. Ng is well-known in the payments' industry in Asia, with over 28 years of experience in building, operating and turning around payment businesses. He joined American Express in 1978 as Country Manager,- Malaysia & Brunei. He later became Vice President - General Manager for Malaysia and Brunei before being promoted to Division Vice President,  Business Development of American Express' Asia Pacific Australia Division, based in Hong Kong. He was instrumental in building American Express into the leading card company in Malaysia. He left in 1986 to join MBf Group of Malaysia and turned around MBf's card business to become the largest MasterCard issuer in Southeast Asia by 1993, and the first issuer of Maestro debit cards in Asia. Between 1990 and 1995, he expanded MBf's card business into China and several other Asian countries and was appointed as the President, Card and Payment Services. He left to form InterPay International Group, where he introduced the first MasterCard charge card with a chip-based, prepaid/loyalty card in Asia, through its joint venture card company in Malaysia, iSynergy.

Mr. Ng was a Director of Maestro International Inc., a subsidiary of MasterCard International Inc. between 1992 - 1995, and served as an Alternate Director on the MasterCard Asia Pacific Board, 1991 - 1995. He was an independent consultant in MasterCard Advisors, a division of MasterCard International Inc., during 2003 - 2005. He holds a B.Sc. (Engineering) degree from University of London and M.Sc. (Administrative Sciences) from The City University Graduate Business School, London.

Mr. Ng is a seasoned international businessman who is fluent in Mandarin and several Chinese dialects. He will be based at Asia Payments' Hong Kong office, which offers ready access to the Chinese market and convenient management of operations in other key Asian markets.

KK Ng said: "I am excited to work with the existing executives of both organizations to build one team focused on achieving exponential growth in revenues and profits for Asia Payments and building value for its shareholders." He added: "This will be a new era for Asia Payments."

Robert Clarke, Chairman said: "The appointment of KK Ng brings experienced, proven leadership to our Company and the Board is looking forward to working with KK as Asia Payments develops into a leading payments company in Asia."

About Asia Payment Systems, Inc. ("Asia Payments")

Asia Payments (www.asiapayinc.com) is a US public company with its principal office in Hong Kong and business activities focused within the payments industry Asia-wide, with special emphasis on China. To facilitate expanding operations in China, Asia Payments recently established a wholly-owned foreign enterprise company in Shanghai.

Asia Payments has developed a state-of-the-art card transaction processing system, which has been tailored to the needs of retail establishments with multi-store, multi-lane operations.

Asia Payments' current goal is to provide third party processing services to issuers and acquirers of MasterCard, Visa and other international payment brands; and, prepaid cards in China and other Asian emerging markets. These services will also be extended to issuers and acquirers of proprietary/private label and loyalty cards. The major focus is on the China market which continues to experience exponential growth in credit and debit cards.

Asia Payments is currently identifying suitable acquisition targets in Asia to gain market share, additional expertise and expand its services beyond third party processing. The acquisition of InterPay is the first successful outcome of these endeavors.

Contacts:

Robert Clarke, Chairman
Tel: +1-866-877-APAY
ir@asiapayinc.com
http://www.asiapayinc.com