OnCard International Limited is engaged in the provision of loyalty card, reward card and payment solutions in Australia, New Zealand, China, Hong Kong, Singapore and Malaysia. The Company’s main business segments are the provision of loyalty card and reward card services, and financial asset trading portfolio. The Company’s China-based joint venture, Shanghai Smart Service Co Ltd, has launched the SmartPass concept, a pre-paid card, which offers benefits to both corporations and employees. On May 21, 2009, it acquired the remaining 25% interest in OnCard Limited. In conjunction with this acquisition, OnCard divested its 27% equity interest in Coverdrive Limited. During the fiscal year ended June 30, 2009 (fiscal 2009), the Company acquired 49% interest in Beijing All Payments Company Ltd (BAPCO), a joint venture with CHIBO. During fiscal 2009, BAPCO completed substantial transactional testing with more than 20 commercial banks in China and processed its first live transactions.