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HONG KONG, Nov. 18, 1999 - The Hong Kong import/export community will soon be able to complete their trade transactions entirely on the Internet. Business-to-business services pioneered by US-based TradeCard, Inc. provide a secure on-line network that processes international business transactions. This revolutionary new solution will enable the Hong Kong trading community to increase efficiencies, receive payment guarantees from overseas buyers, and expand the global reach of their business.
TradeCard services will be offered in Hong Kong through a partnership agreement signed today with Tradelink, the joint venture between the Hong Kong Government and 11 private sector shareholders that serves as the local electronic gateway'' for the trading community.
TradeCard is creating a dynamic e-commerce trade finance network worldwide, and the agreement announced today is the first of several planned alliances in Asia. Working closely with Tradelink and its 41,000 customers in Hong Kong and mainland China, TradeCard will provide a trusted electronic documentary compliance and financial settlement tool that expedites the trade process and enables Hong Kong's trading community to do more business globally. Thus, TradeCard will link Hong Kong to businesses around the world through its rapidly growing global network.
"While the Internet is enabling millions of businesses worldwide to buy and sell in ways never before imagined, the tools and methods used to conduct trade have gone unchanged for several hundred years and do not fit into the new world of e-commerce,'' said Mr. Kurt Cavano, chief executive officer of TradeCard, Inc. "TradeCard represents a new payment alternative for international trade, providing a solution that is easier to use than a letter of credit, more secure than open accounts, and available for one flat fee per transaction."
"The convenience and simplicity of TradeCard's service will be a huge benefit to Hong Kong's import/export community," noted Tradelink's Chief Executive Officer, Justin Yue Kwok-hung. "In this respect, it fits in perfectly with Tradelink's objectives to simplify trading procedures and help Hong Kong's traders enhance their efficiency and competitiveness in the global market place."
"What Tradelink has been doing over the last three years is "jump starting" the adoption of e-commerce in Hong Kong by providing electronic services or government trade transactions. More than 75 percent of all import and export declarations are now processed electronically, and all of them will be by next April," Mr. Yue continued.
"Now that these companies have climbed the first rung of the e-commerce ladder, our next target is to help them do e-business with their overseas trading partners more easily and cost-effectively," Mr. Yue explained. "We are already building a wide range of Internet services and an information platform to help them do that. By working with TradeCard, we can offer local businesses a complete and secure cycle of electronic services from purchasing to licensing and trade payments."
Beginning within the first quarter of 2000, Hong Kong businesses will be able to sign up through Tradelink to become TradeCard members and then begin transactions with other TradeCard members around the globe. Tradelink will facilitate this process by providing local e-commerce facilities and support.
Before beginning any transaction, all potential participants in the TradeCard network must become approved members by completing a detailed application. Since trust between all parties is a critical factor in any business deal, TradeCard recognizes the need to provide a secure and responsible environment so its members have the proper assurances to conduct their affairs. Applicants' data is checked against pre-determined criteria and, if approved, they receive security identifiers that give them access to the network.
When a buyer and seller agree to transact, TradeCard enables them to negotiate terms for settlement on-line. Once a specific transaction workflow is electronically created and the agreement is met, the seller officially approves the purchase contract terms and conditions.
Each purchase order carries a payment guarantee meaning that the seller will automatically be paid if electronic compliance is met. The purchase order is then stored in TradeCard's secure database.
"Tradelink and TradeCard are perfect partners because we share the goal of helping trading companies to be more efficient and competitive," Mr. Cavano explained. "The Internet is driving profound and fundamental changes in the way businesses interact. To ensure that Hong Kong and Asia take part in this revolution, TradeCard is aggressively introducing our innovative services here through strategic alliances with well-respected local partners such as Tradelink."
"The demand for an on-line settlement and payment solution is apparent as companies of all sizes in Hong Kong, mainland China and Asia begin to move to on-line trading environments via Internet Business-to-Business trading communities," added Mr. Yue.
TradeCard is enabling one-stop electronic commerce services for the world's leading importers and exporters. Founded in 1994, TradeCard is headquartered in New York City. The company was named one of the top 10 e-commerce technologies of 1998 by Future Banker magazine. TradeCard can be found on the worldwide web at http://www.tradecard.com.
Tradelink is a joint venture of the Hong Kong SAR Government and the private sector, whose shareholders are all key players in the local trading community. Its mission is to promote the use and development of electronic commerce services in Hong Kong as an important means of helping the trading community to stay competitive internationally. More information about Tradelink can be located on the worldwide web at www.tradelink.com.hk.
