mou

ONCARD SIGNS MOU WITH CHINA COMPANY TO FURTHER EXPAND
REGIONAL PAYMENT, SWITCHING AND PROCESSING NETWORK
Melbourne, 19 July 2007: OnCard International Limited (ASX: ONC), one of the fastestgrowing
card marketing, issuing and management companies across Asia Pacific, has today
announced its intention to establish a joint venture company with CHIBO Information
Engineering Co Ltd, a China based company which specialises in technology that facilitates
payment processing and clearing.
The joint venture, to be known as Beijing All Payments Co Ltd, will allow OnCard to leverage
CHIBO’s unique expertise and experience in the financial services and banking sectors.
CHIBO is majority owned by the National Clearing Centre of the People’s Bank of China (the
China central bank) plus four of the five biggest China banks. CHIBO has been involved in
leading projects in China involving financial payments and clearing.
CHIBO’s projects include the implementation of phase one of the Chinese National
Automated Payment System and provision of technical support for the municipal processing
centre Electronic Inter-Bank System the first electronic interbank payment system in China.
“The decision to form a joint venture with CHIBO is the next step in line with the strategic
direction OnCard announced to the market in April when we formed a wholly-owned
subsidiary called Consolidated Payment Services Ltd to operate regional transaction
switching hubs across the region,” said OnCard Chairman Peter Abotomey.
“This joint venture represents the next step in the process for us to facilitate ATM, EFTPOS
and e-payment transactions for customers in China operating in the banking, airline,
insurance, telecommunication and retail fields.
“This is an important step in OnCard’s ongoing plan to develop a comprehensive end-to-end
loyalty, rewards, payment, switching and processing capability across Asia Pacific.”