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beenz.com Sets Stage for Rollout in China

Online currency creator beenz.com Tuesday launched its China operations through a new office in Hong Kong.

beenz.com's Asia operations will be run by president, beenz.com Asia Pacific, David Yuen. Yuen is expected to lead the company's expansion interests in the Hong Kong, Taiwan and China markets by the middle of this year.

The launch follows on beenz.com's most recent overseas endeavour in Australia, which debuted four months ago. The service now boasts 100,000 subscribers since the Australia debut.

"With established Internet communities in Hong Kong, Taiwan, and China rapidly evolving in terms of numbers, sophistication and access, we see tremendous opportunities forbeenz to act as the single transnational Web currency in the region," said Philip Letts, beenz.com's chairman and chief executive officer.

"Following a successful first year during which we have signed up more than 600,000 Internet users and those consumers have completed 15 million transactions across the United States, Europe and Australia, expanding the beenz concept into Greater China through Hong Kong is a logical progression of our aggressive growth plans."

beenz work as reward currency for online activities at participating sites, and can be spent at beenz trader sites. The company aims to woo merchants by offering a means of attracting and retaining customers.