Asia Payments’ Processing Business Unit Begins Mobilizing Resources In Indonesia

October 23, 2006 (Hong Kong) – Asia Payment Systems, Inc. (NASD OTCBB: APYM) (“Asia Payments”) announced today that its wholly-owned operating subsidiary Cardtrend Systems Sdn. Bhd has commenced deployment of resources to Indonesia to provide card processing technologies to PT Jaring Synergi Mandiri (“JSM”) of Indonesia. The underlying contract was announced by Asia Payments on October 17, 2006.

An initial payment of $100,000 under the contract is due immediately and will be included in Asia Payment’s revenues for the final quarter of fiscal year 2006.

JSM, headquartered in Jakarta, the capital of Indonesia, specializes in the management and implementation of consumer payments and loyalty/rewards processing systems, and currently has cooperative agreements in place with various large banks, as well as with PT Pertamina (PERSERO)—the national oil company of Indonesia.

The card processing technologies to be provided by Cardtrend to JSM will embody a common engine designed to control multiple functionality:

1)       Consumers can electronically add to or “top-off” their prepaid airtime;

2)       Issuance of JSM’s prepaid debit or “cash” cards that have a built-in loyalty/rewards feature, being accepted at designated merchants/retailers as well as by over 25,000 taxis nationwide; and,

3)       Electronic processing of a payment card known as the Gaz Kad, which is used for purchasing fuel and other fuel related products at about 3,500 Pertamina Gas Stations in Indonesia.

All of the above card processing functions will be executed live, online and in real-time. They will become operational as soon as the first component of the Cardtrend system goes live. This is projected for sometime during December 2006.

“With Cardtrend supplying its talented team of support personnel, all with extensive industry experience, in addition to their robust and feature-rich card processing system solutions, our JSM Cash & Loyalty/Rewards Cards will be at the forefront of a rapidly growing niche market in Indonesia. Something that our competitors will certainly take notice of,” commented Franky Suhenda, President and CEO of JSM Indonesia.

ABOUT ASIA PAYMENT SYSTEMS, INC.

Asia Payment Systems, Inc. ("Asia Payments") is a fully reporting US public company with its principal office in Hong Kong and business activities keenly focused within the payments and loyalty-rewards industries in China and throughout Asia. Asia Payments' recently formed wholly-owned foreign enterprise in Shanghai serves as its business development vehicle in China. Following recent acquisitions, Asia Payments now owns assets and operates in multiple locations across Asia. In line with its long-term growth strategy, Asia Payments now has three distinct yet synergistic business units: Processing Business, Cards Business and Prepaid Business. For more information please visit Asia Payments' corporate website (www.asiapayinc.com).

Contact:

Asia Payment Systems, Inc.
KK Ng, President & CEO
Tel: +1-866-877-APAY
ir@asiapayinc.com

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