Cash Now Franchise Gets Asian Flavour
Posted on: 05/09/2006
The Cash Now franchise announces the entry into the Asian and Chinese sub prime system licensing.
Cash Now Corp (CHNW.PK) today announced the intended launch of its ecommerce sub prime lending system licensing into the Asian markets with it’s focus particularly set on the China, Taiwan and Hong Kong marketplace.
Cash Now Corporation today announced the intended launch of its ecommerce sub prime lending system licensing into the Asian markets with it’s focus particularly set on the China, Taiwan and Hong Kong marketplace. To do so, the company acquired for cash and stock the following domain names, namely; cashnow.hk.cn, cashnow.mo.cn, cashnow.tw.cn, cashnow.org.cn, cashnow.net.cn, and cashnow.com.cn. Initially these domain names will point to the company’s main portal www.cashnow.com until the new sites are developed in the Chinese language.
The Asian expansion will be managed by the company’s office in Adelaide, Australia. Cash Now has been in Australia since 2003 and the company has dabbled into Asian expansion for some time now, this is a natural evolution and process for Cash Now said John Falting Cash Now’s President and Director of Operations in Adelaide Australia.
Cash Now will now seek governmental licensing in South East Asian countries for Cash Now services as well as opening franchises and licensing it’s technology in this region. The potential revenue for 100 licensees in Asia has a potential to generate 10 to 30 million dollars in revenue annually. The company plans to attend and launch Cash Now in Tokyo Japan in March 2007 through a Franchise Show & Business Expo held there.
This is the largest meeting place for franchisors/new business companies and people who are looking for business opportunities said Garr Winter Cash Now’s Director of Marketing. Until the approvals are obtained, the company plans to offer its sub prime secured debit cards through its portal www.cashnowcard.com Mr. Winter added, we are very excited about this opportunity.
In preparation for the 2008 Beijing Olympics, China UnionPay (CUP), the state-run credit payments company, is building a massive credit card infrastructure. There are currently just five million credit cards in the People's Republic and 50 million people who, based upon Western credit scoring analysis, would be eligible for credit cards, Chinese officials say.
The Chinese government has recently laid the legal framework for the creation of a National Credit Bureau, which at the beginning will concentrate on collecting negative information on Chinese consumers, but later, like the major U.S. credit reporting agencies Equifax, Experian, and TransUnion will collect positive information too. The bureau will also have access to information such as tax records, utility payments and criminal records -- a level of data that civil liberties issues would prevent in most countries, Lafferty's Mobin says.
Cash Now Corporation (CHNW.PK), a pioneer in the Internet payday loan and check cashing industry, and is developing the most comprehensive menu of services in the cash advance industry, all centred on the Cash Now brand. The company's proven business model includes licensing to corporately operated joint venture locations across the U.S. Canada Australia and UK. Additionally, Cash Now's website is one of the most advanced payday lending portals in existence, offering key insights to clients and potential clients alike - as well as the ability to complete payday loans on-line, via a phone call or in person.
Cash Now offers a Payday Loan License program, Payday Express; a Payday Loan and Check Cashing License known as Check Express and an Authorized Agent Program for existing retail establishments; and a host of related financial services for small and medium-size businesses. Cash Now with its web based and focused outlook has won the Golden Web award in 2001, 2002, 2003 and 2005. In 2005 Profit Guide magazine ranked the Cash Now Group 10th in its list of the 50 fastest growing and most promising emerging companies. In 2005 Cash Now was ranked (#)44 out of top 1,000 fastest growing franchising companies by Entrepreneur guide.
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