EXHIBIT 21.1

List Of Subsidiaries And Associated Companies Of 
Asia Payment Systems, Inc.



|Name Of Companies
Subsidiaries of Asia Payment Systems, Inc. | Country of
Incorporation                | Effective %
Holding             
|------------------------------------------------------------ | --------------------------------------- | --------------------------------
|Asia Payment Systems (HK) Ltd                                | Hong Kong, SAR, China                   |                                 
|Asia Payment Systems (China) Co. Ltd.                        | Shanghai, China                         |                                 
|Asia Payment Systems Pte. Ltd.                               | Singapore                               |                                 
|Asia Payments, Inc.                                          | Delaware, USA                           |                                 
|Welway Developments Ltd.                                     | Hong Kong, SAR, China                   |                                 
|Cardtrend Systems Sdn. Bhd.                                  | Kuala Lumpur, Malaysia                  |                                 
|Interpay International Group Ltd.                            | British Virgin Islands                  |                                 
|                                                             |                                         |                                 
|                                                             | Subsidiaries & Associated Companies of  |                                 
|                                                             | Interpay International Group Ltd.       |                                 
|                                                             | Interpay International Franchising Ltd. | British Virgin Islands          
|                                                             | Intterpay International Associates Ltd. | British Virgin Islands          
|                                                             | Interpay International Resources Ltd.   | British Virgin Islands          
|                                                             |                                         |                                 
|                                                             |                                         | Associated Companies of Interpay
|                                                             |                                         | International Resources Ltd.    
|                                                             |                                         | Synergy Cards Sdn. Bhd.         
|                                                             |                                         | iSynergy Sdn. Bhd.              
|                                                             |                                         |                                 
|                                                             |                                         |                                 
|                                                             |                                         |                                 
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|                                                             |                                         |                                 
|                                                             |                                         |                                 
|                                                             | Subsidiaries Of Interpay International  |                                 
|                                                             | Airtime Pte. Ltd.                       |                                 
|                                                             | Etop Services (Malaysia) Sdn. Bhd.      | Kuala Lumpur, Malaysia          
|                                                             | Payment Business Solutions Sdn. Bhd.    | Kuala Lumpur, Malaysia