Pay88 has finalized a purchase agreement with the shareholders of Chongqing Qianbao Technology Ltd, an online payment services firm based in Chongqing.

"We believe that the acquisition of QianBao Technology will add value to Pay88 by adding complimentary product lines, improved technology and strengthening of our online marketing ability that will allow us to quickly broaden our online market penetration" said Guo Fan, Pay88's CEO. "This acquisition allows us to gain swift and respectable access to the huge and ever growing Chinese market. We are extremely excited by the positive implications this acquisition has to our future."

According to the agreement, Pay88 acquired Qianbao by purchasing 100% of Qianbao's registered capital stock in exchange for 5,000,000 shares of Pay88's Series A Convertible Preferred Stock.