Sino Fibre Communications, a broadband and value added Internet services provider in China, announced that it has entered into a memorandum of understanding with P2P Cash Inc. to explore the business opportunity for integrating the P2P Cash mobile commerce features into an advanced international barter trading platform.
The platform would be used by Sino Fibre's joint venture with the China Association of Medium and Small Enterprises "CAMSE", to handle barter exchange transactions between CAMSE members and other domestic and international barter clients.
Sino Fibre and CAMSE have agreed to work together to take advantage of advanced international management practices to provide barter trade services for Chinese small and medium sized enterprises. Sino Fibre and CAMSE have jointly established China Business Online Company Limited in China, which will be wholly funded by Sino Fibre. CAMSE will provide the CAMSE brand, government and member resources to develop the business of the joint venture.
Daniel McKinney, CEO of Sino Fibre, commented on this new business development saying that P2P targets customers from the world's fastest growing countries where the majority of mobile phones are sold: India, China, the Philippines and Mexico, which lack widespread electronic banking and retail payment infrastructures and have extremely low credit card penetration and usage levels. He added that this strategic alliance will position the partners to gain a considerable share of this segment in China with offerings that will enable processing of virtual transactions on the Internet through licensing of P2P's patent pending software.