Clear2Pay acquires Beijing based ETH Tech Limited

Beijing - 24 June 2009

Clear2Pay, the international technology provider of next generation payment solutions for financial institutions announces the opening of Clear2Pay Beijing through the acquisition of ETH Tech Limited. Clear2Pay Beijing will work in conjunction with the Shenzhen office on developing, integrating and implementing payments solutions within Chinese banks and other financial institutions.

ETH Tech Limited was founded in 2004 with a focus on Business Intelligence (BI) for banks, financial institutions, government agencies and large corporates. Major clients include: China Construction Bank, China National Clearing Centre, Bank of China and the central bank, People’s Bank of China. Clear2Pay China will acquire 100% of the ETH shares, thus making it a full member of the group.

“When working with Chinese banks on a number of projects, the name of ETH Tech came up on several occasions. We soon found out that there is a wonderful synergy between the two Chinese operations on the one hand and between Clear2Pay Beijing and our core Clear2Pay payments technology on the other. More and more we see business intelligence becoming part of the vital functionality in payments environments to aid financial institutions with compliance reporting and business analysis. The solutions expertise and the experience in implementation projects of our new colleagues at ETH is very valuable to us and will support our business around the globe”, states Warren Gardiner, General Manager Asia Pacific for Clear2Pay.

Aaron Gu at ETH Tech Ltd. adds: “For us as industry veterans it is a very exciting prospect to continue to grow in a large international and well reputed firm such as Clear2Pay, where we bring our specialist BI expertise, which will support the core product set. Moreover, with our regional contacts in the Beijing area as well as our colleagues in Shenzhen, we increase Clear2Pay’s footprint in China, with understanding and respect of local operational and cultural differences. We are very pleased to fill in the second part of Clear2Pay’s so-called Golden Triangle strategy”.

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