Pay88 Inc. operates through its wholly owned subsidiary Chongqing Qianbao Technology Ltd as a growing digital technology company. Pay88 is a leading reseller of Internet game time in China and is primarily engaged in selling prepaid online multi-player game cards in more than 20 cities in China. The company today announced an agreement with Chongqing Kai Yuan investment Co., which will allow new clients to use Pay88’s platform for financial services, including to apply for loans online.
Chongqing Kai Yuan Investment Co. provides micro-loans to small enterprises throughout Chongqing, the third fastest-growing regional economy in China. Today’s agreement represents Pay88’s first step toward achieving its goal of becoming China’s “online supermarket of financial products and services,” by adding financial services and products to its offerings.
“Kai Yuan has a solid management structure with excellent local know-how about Chinese enterprises, the capital markets and the finance systems, and they provide valuable financial products and services to their clients. This agreement leverages Pay88’s large customer base, diverse distribution channels and strong presence in Chongqing and southwest China offering both our companies excellent opportunities for growth,” Guo Fan, chairman and president of Pay88, stated in the press release.
Fan said executing the expansion of its services is just the first step of a series of strategic actions the company will take to fulfill its goals.
“Our long-term goal is to digitize and streamline the whole processes of customer acquisition, client management, loan application and loan issuing. Once the expansion of our platform is complete, we plan to co- design and digitize an entire series of financial products, not only with Chongqing Kai Yuan Investment Co., but with many reputable financial services firms,” Fan stated.
The agreement will also allow Pay88’s current clients to register, maintain and update their business profiles and reports online. The company said that by the first quarter of 2010 the financial services should be available as it completes platform expansion.