BANK OF COMMUNICATIONS' HONG KONG BRANCH TO PROVIDE TRADE FINANCE PROCESSING ONLINE THROUGH
TRADECARD
Hong Kong traders will benefit from time, cost savings
Hong Kong, May 23, 2002 - TradeCard, Inc., a leading financial supply chain company that enables
buyers and sellers to initiate, conduct and settle their trade transactions securely over the Internet, today
announced an agreement with the Hong Kong Branch of PRC-based Bank of Communications to provide TradeCard members
in Hong Kong online access to Bank of Communications' export financing directly through the TradeCard network
"TradeCard and Bank of Communications are improving the way Hong Kong's traders do business," said Kurt
Cavano, Chairman and CEO of TradeCard. "Our platform, which processed nearly US$100 million in trade
shipments last year alone, provides Hong Kong's traders a proven and efficient way to conduct their cross-border
trade operations. Bank of Communications enhances this value proposition by providing traders the critical ]
export financing component."
Financing is critical to traders who require additional working capital to manage manufacturing and receivables.
Through TradeCard, traders will be able to easily apply for and access Bank of Communications' trade financing
services online. Bank of Communications will have real-time access to these applications, increasing the speed
with which the bank can respond to and approve the financing requests.
"Our trading customers in Hong Kong, many of whom are branch offices of PRC-based companies, have been asking
for Internet-based solutions enabling them to apply for trade financing in a faster and more efficient manner,"
said Li Siu Kei, Assistant General Manager of Bank of Communications Hong Kong Branch. "Now, we will be able to
fulfill this demand and can help our customers to conduct their business more cost-effectively, which is critical
for their development in the current economic climate."
About TradeCard
TradeCard is a financial supply chain service provider. TradeCard's secure transaction infrastructure greatly
reduces the inefficiencies and uncertainties found in traditional domestic and cross-border trade transaction
processes. By streamlining and enhancing the steps necessary for purchase order approvals, payment decisions and
settlement, TradeCard provides a cost-effective, practical and patented service for financial supply chain
management.
TradeCard, Inc. is headquartered in New York City with offices in the San Francisco Bay Area, Chicago, Hong Kong,
Taipei, Seoul, Tokyo and London.
TradeCard can support transactions among the following countries: Australia, Austria, Belgium, Brazil, Canada,
Denmark, Finland, France, Germany, Hong Kong, Ireland, Italy, Japan, the Netherlands, Norway, Portugal,
Singapore, South Korea, Spain, Sweden, Switzerland, Taiwan, the United Kingdom, and the United States.
TradeCard is a registered trademark in the United States. TradeCard can be found on the World Wide Web at
http://www.tradecard.com.
About Bank of Communications
Bank of Communications was founded in 1908 (the 34th Guangxu Year of the Ching Dynasty) and established its Hong
Kong Branch on November 27, 1934. Presently, the Bank is one of the five leading commercial banks with more than
2,700 domestic branches and sub-branches over 86 big and medium cities in China. In the "Banker's ]
Almanac" January 2002 edition, the Bank was ranked 102 in the world according to its asset size.
With the globalisation of the world economy and the rapid development of information technology, SMEs face new
challenges and need to capitalise on new business opportunities. Bank of Communications, providing a wide range
of banking services, aims to support SMEs and help enhance their competitiveness.
Aiming at "developing integrated and comprehensive business", Bank of Communications, Hong Kong Branch
presents a new image by being market-orientated with customers as the prime concern.
Please visit Bank of Communications, Hong Kong Branch, on the World Wide Web at www.bankcomm.com.hk
*****
This press release contains a number of matters that constitute forward-looking
statements. The presentation reflects the current views of TradeCard's
management with respect to future events and is subject to risks and
uncertainties that could cause actual results to differ materially
from those contemplated in such forward-looking statements.
