New Alliance Solidifies Taiwan's Presence in Global Trade Arena With Launch of Innovative On-Line Business Transaction Network.
Information Technology Pioneer International and U.S.-based TradeCard
Sign Agreement to Boost Taiwan's Competitive Advantage in Global
Import/Export Community with Secure On-line Network that Allows
Businesses to Conduct their Trade Transactions
Entirely on the Internet.
A partnership between TradeCard, a leading on-line transaction settlement network, and Information Technology Pioneer International Inc. (ITPII), a financial information integration service leader, puts Taiwan on the map as a viable contender in the global import/export community. This agreement, facilitated by the Institute for Information Industry, will enable Taiwan's trading community with revolutionary e-commerce services that provide documentary compliance and settlement, a payment guarantee and will expand the global reach of their business.
With a series of imminent partnership agreements, TradeCard is moving aggressively toward its goal of establishing a global e-commerce financial network. The TradeCard network provides global traders with a secure, reliable and inexpensive on-line transaction settlement mechanism and documentary compliance system.
"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," says TradeCard's Chief Executive Officer, Kurt Cavano. TradeCard's announcement in Taiwan today is another milestone in Asia, following its alliance with TradeLink in Hong Kong last week.
"This innovative service provided jointly by TradeCard and ITPII is a boon to Taiwan's trading community," says President of ITPII, Chou Ching-Hsing. "In a new era of emerging e-commerce, we wish to assist Taiwan's traders in their electronic commerce activities with a simpler and more efficient tool. The collaboration with TradeCard will enable us to provide a complete and secure electronic service to the businesses in Taiwan. Procedures from purchasing to payment settlements can all be done on the Internet."
TradeCard's innovative services enable businesses to significantly simplify the transaction procedure, paving the way for increased productivity and competitiveness in the international market. Beginning next year, Taiwan's businesses can register with ITPII to become TradeCard members. This allows them to carry out transactions with other TradeCard members around the world. ITPII will also provide application service and support, accelerating the development of e-commerce in Taiwan's trading community."
The push for this alliance came from the Ministry of Economic Affairs (MOEA), as well as the Institute for Information Industry. The Deputy Director General of the Board of Foreign Trade, and the MOEA, Mr. Wei Cheng-Ming, attended today's contract-signing ceremony. "The Internet has brought about a revolutionary transformation in the global commerce and business conducts and the operation of global trade is moving toward the electronic mode," said Cheng-Ming. "To ensure the continuous growth of Taiwan's global trade, the introduction of a well-designed Internet transaction and payment method, protecting the security of cash flow, information flow and supplies flow, is a critical issue to be addressed in the global trade environment.
"As we prepare to join WTO, the earlier Taiwan businesses start to establish a complete online transaction system, the more assured they would be of maintaining existing advantage and enhancing competitiveness. The collaboration between TradeCard and ITPII to introduce the Global E-Commerce Trade Finance Network is key to help increase the efficiency and competitiveness of Taiwan's foreign trade."
"ITPII and TradeCard are perfect partners because we share the goal of helping trading companies to be more efficient and competitive," said Cavano. "The Internet is driving profound and fundamental changes in the way businesses interact. To ensure that Taiwan and Asia take part in this revolution, TradeCard is aggressively introducing our innovative services here through strategic alliance with well-respected local partners such as ITPII."
TradeCard's Global E-Commerce Trade Finance Network
The first step for becoming an approved member of the TradeCard Network is completing an on-line application. TradeCard reviews all applicants' data according to an established set of criteria, and once approved, members may access TradeCard's highly secured network.
When a buyer and seller agree to transact, the TradeCard system allows them to negotiate contract terms and conditions on-line. Once establishing a particular transaction in electronic form with both parties in agreement, the seller will formally approve the terms of the purchasing contract. Each purchase order is then attached with a payment guarantee ensuring that the buyer will make the payment automatically after receiving the goods. The purchase order is then stored electronically in TradeCard's patented and proprietary database.
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 www.tradecard.com.
Information Technology Pioneer International Inc. (ITPII)
ITPII was founded in Taipei by the Institute for Information Industry (III) in 1979 to design the inter-bank online operating system for banks. In 1994, it began to make inroads into the financial market in China, undertaking projects to link up banks. Currently, over 45% Taiwan's bankers are ITPII's customers. Its scope of business include providing finance-related products, professional consultation service, project-based manpower support service and integration of information systems outside the finance sector. To find out more about ITPII, go to ITPII's Web site at www.itpii.com.tw
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|Date:||Nov 24, 1999|
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