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		100
Asia Payment Systems (China) Co. Ltd.				Shanghai, China		100
Asia Payment Systems Pte. Ltd.				Singapore		100
Asia Payments, Inc.				Delaware, USA		100
Welway Developments Ltd.				Hong Kong, SAR, China		100
Cardtrend Systems Sdn. Bhd.				Kuala Lumpur, Malaysia		100
Interpay International Group Ltd.				British Virgin Islands		100
	Subsidiaries & Associated Companies of
	Interpay International Group Ltd.
	Interpay International Franchising Ltd.			British Virgin Islands		100
	Intterpay International Associates Ltd.			British Virgin Islands		100
	Interpay International Resources Ltd.			British Virgin Islands		100
		Associated Companies of Interpay
		International Resources Ltd.
		Synergy Cards Sdn. Bhd.		Kuala Lumpur, Malaysia		20
		iSynergy Sdn. Bhd.		Kuala Lumpur, Malaysia		20
			Subsidiaries Of iSynergy Sdn. Bhd.
			RewardStreet.Com Sdn. Bhd.	Kuala Lumpur, Malaysia		20
			Cosmocourt.com sdn. Bhd.	Kuala Lumpur, Malaysia		20
			Datakey Sdn. Bhd.	Kuala Lumpur, Malaysia		20
			Interpay Asia Sdn. Bhd.	Kuala Lumpur, Malaysia		100
			Interpay International M-Commerce Pte. Ltd.	Singapore		100
			Interpay International Airtime Pte. Ltd.	Singapore		100
	Subsidiaries Of Interpay International
	Airtime Pte. Ltd.
	Etop Services (Malaysia) Sdn. Bhd.			Kuala Lumpur, Malaysia		60
	Payment Business Solutions Sdn. Bhd.			Kuala Lumpur, Malaysia		100