Payment Services Industry Pro Charles T. Fote Named Senior Consultant at ChinaPNR

SHANGHAI, Oct. 29, 2012 /PRNewswire/ -- China Payment and Remittance  (ChinaPNR) Co., Ltd., a leading payment service provider based in China, today announced that global payment services legend Charles T. Fote, former chairman and chief executive officer of First Data Corp. (FDC), will take on the role of senior consultant at ChinaPNR.

(Photo: http://photos.prnewswire.com/prnh/20121029/CN01698)

FDC, a global leader in payment processing technology services, was ranked 236 amongst Fortune 500 companies in 2011. Serving 6.2 million merchant locations and handling over 60 billion transactions annually, FDC reported revenue of more than US$10 billion in 2011 and has established a presence in 35 countries and regions worldwide. Prior to joining FDC in 1975, Charles T. Fote worked at American Express. During his 30-year tenure at FDC, he served as COO, president, CEO and chairman, playing a major role in the pioneering development and improvement of several operations including collection, card issuance and remittance as well as in the development of industry regulations. With Fote at the helm, other than payment gateway and exchange, FDC has become an industry magnate across all segments of the payment services industry. Fote is also well-known and recognized as the leading executive across the entire payment services sector in the US.

At the invitation of ChinaPNR president Zhou Ye, Fote will join ChinaPNR, further helping the company take advantage of the world's leading payment technologies and well-established financial service models, while guiding the company as it broadens its global strategy and improves management.

About ChinaPNR

ChinaPNR is positioned as a financial payment expert, providing a comprehensive suite of payment services, including online payment, fund financial planning, POS receipt and mobile payment, as well as offering comprehensive customized payment solutions for industry customers.

ChinaPNR, founded in July 2006, is headquartered in Shanghai and has opened subsidiaries in over 30 cities across China, including Beijing, Guangzhou, Shenzhen and Chengdu. The company's core team is comprised of experienced managers drawn from across the country's financial sector. The company is among the first firms to be awarded the license to operate a payment services entity in China and received the license from the Peoples' Bank of China in May 2011. It is also the first firm to receive approval from China Securities Regulatory Commission to conduct online fund sales, payment and clearing business and is the vice chairman unit of the online payment working committee of Payment & Clearing Association of China.

ChinaPNR has maintained super-rapid growth since its inception. The firm handled payment and clearing amounting to 300 billion yuan (approx US$48 billion) in 2011 and expects to see this number double in 2012. The company has currently reached strategic partnerships with 48 fund companies, all of the country's airlines, 360buy.com, suning.com, among many other respected companies across the country.

To learn more information about ChinaPNR, please visit: www.chinapnr.com .

SOURCE China Payment and Remittance Service Co., Ltd.