PAX and China Commercial Bank Agreement

· Press releases

(Hong Kong, PRC, 12 May 2016) PAX Global Technology Limited (“PAX,” HKSE stock code: 327.HK), one of the world’s leading Electronic Funds Transfer Point-of-Sale Terminal (“E-payment Terminal”) Solutions Services Providers, is pleased to renew its cooperation agreement for 2016/2017 with China Construction Bank (“CCB”) for E-payment Terminal Solutions and will continue to deliver superior E-payment Terminals to the bank and its branches.

CCB will deploy PAX's E-payment Terminals as part of the bank's nationwide upgrade program. The selected models include Countertop Payment Terminal S80 with Secure PINpad S200/S200+2D (QR Code integrated PINPad), Countertop Payment Terminal S78 with Secure PINpad S200/S200+2D, and Hand-over Payment Terminal S60 and Mobile Payment Terminal S90. These selected models have passed rigorous testing procedures and successfully obtained special cryptographic certification from China’s State Encryption Administration Commission.

In order to cater to the O2O development trend in China, CCB selected PAX's newly added feature of PINpad S200, which used together with the Countertop Payment Terminal S80/S78, with its 2D bar code scan, enabling a quick code payment transaction while also improving user experience.

Established in 1954, CCB is among the “Big Five” state-owned commercial banks in China. PAX has forged a long term and stable relationship with CCB since 2006. This year PAX will once again collaborate with CCB to expand the growing demand for electronic payments in China.

Mr. Yongqiang Qi, Vice President for Sales at PAX, stated, “PAX demonstrates its excellent product quality and good corporate reputation in allowing CCB to firmly trust in this new round of cooperation. This partnership will further consolidate PAX’s presence in the China market and drive further revenue opportunities in the market in 2016.”