International Bank of Taipei To Offer Export Financing Facility to TradeCard Customers
First bank to offer financing to Macau customers
New York and Taipei, October 27, 2003. TradeCard, the financial supply chain services provider,
announced today that International Bank of Taipei has signed an agreement to provide pre- and post export financing
to TradeCard customers in Taiwan, Hong Kong and Macau. With this extended service, International Bank of Taipei will
be the first bank to provide financing for companies based in Macau.
TradeCard already works with twelve financing partners in five countries in Asia including Taiwan, Hong Kong,
South Korea, Japan and Singapore. The agreement with International Bank of Taipei will provide an additional
source of financing in a market where TradeCard has a strong customer base with a continuous demand for export
finance. In Taiwan alone, the financing transaction volume for TradeCard customers through partner banks has
increased by over 180% year-on-year.
Lack of working capital financing is one of the biggest barriers Asian companies face when trying to sell
overseas. TradeCard offers easier access to export financing and faster application turn-around. Customers
create and approve the finance request document online and receive approval of their request electronically.
International Bank of Taipei will have real-time access to these applications, increasing the speed with which
the bank can respond to and approve the financing requests.
"The business environment for banks in Taiwan is difficult and we realized that trade finance automation was the
way forward to retain our competitive edge and to meet the tough challenges that Taiwan's WTO entry will pose
for domestic banking", commented Mr. K. C. Yu, President of International Bank of Taipei. "With TradeCard we
feel we have a reliable partner that offers us the scope to evolve into new business areas and an opportunity to
automate trade finance for our customers."
"When the concept of TradeCard was first conceived, we realized that technology alone would not be sufficient to
create truly paperless financial processes in international trade. We needed to provide services that our
customers could use to automate all aspects of their trade operations" said Kurt Cavano, Chairman and CEO,
TradeCard Inc. "Export finance was one of these services. The growth we have seen in this sector over the past
year plus the fact that, with International Bank of Taipei, we are welcoming another prestigious bank to our
steadily growing list of financial partners proves us right."
About TradeCard
TradeCard Inc. is a privately held technology and services firm specializing in the emerging Financial Supply
Chain (FSC) space. TradeCard is the leading end-to-end financial supply chain service provider that enables
transparent commerce among global trade partners over an open, secure and neutral network. For the first time,
buyers and sellers can manage transaction workflow with complete visibility into purchasing and financial
transactions, from order to settlement, resulting in optimized cash flow and credit lines.
With TradeCard, global trading partners can realize unprecedented value from the financial supply chain
including immediate cost savings, improved partner relationships and shortened trade cycles. TradeCard offers
the most expansive network of extended trade services including export and vendor financing, payment assurance,
money movement and inspection. This range of offerings makes TradeCard a proven alternative to traditional
paper-based, expensive and labor-intensive trade settlement methods. Headquartered in New York City, TradeCard,
Inc. has offices in the San Francisco Bay Area, Hong Kong, Brussels, Taipei, Seoul and Tokyo and Shenzhen.
TradeCard is a registered trademark in the United States and elsewhere throughout the world. TradeCard is
located online at www.tradecard.com.
About International Bank of Taipei
International Bank of Taipei was founded in 1948 and operates various business units including the Business,
Trust and International Banking Departments, the Offshore Banking Branch, 84 domestic branches in all the major
population centers in Taiwan, and overseas branches in Macau and in Hong Kong. In Taiwan, the bank is ranked as
one of the twenty largest financial institutions. In Macau, International Bank of Taipei was the first Taiwan
bank to open a branch office in the territory. Further information can be found at
www.ibtpe.com.tw/
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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.
