TradeCard, Inc., a global online trade transaction settlement company for importers and exporters, today signed an agreement with Dah Sing Bank to provide TradeCard members access to export financing. The first of its kind in Asia, the partnership will give Hong Kong traders a total solution to conduct international trade online.

The new financing element will enhance TradeCard's innovative e-commerce solution, enabling the Hong Kong trading community to increase efficiencies, receive payment guarantees from overseas buyers, and expand the global reach of their business.

Dah Sing Bank will offer TradeCard services to its customers as an alternative to current international trade payment mechanisms. Using TradeCard services, Dah Sing Bank customers will have easy access to online trade financing solutions with full visibility of transaction status and data accessibility anytime, anywhere.

"TradeCard's alliance with Dah Sing Bank marks a significant development in the TradeCard service. The addition of export financing to TradeCard's e-commerce platform greatly enhances other value-added services in the area of trade financing," said Guy Rey-Herme, President and Chief Operating Officer of TradeCard. "Dah Sing Bank is clearly at the forefront of e-business in Hong Kong with the implementation of this cutting-edge international trade solution."

An alternative to traditional paper-based and labor-intensive trade settlement methods that require buyers and sellers to operate offline, the TradeCard system enables importers and exporters to complete their entire transaction online through a secure network. TradeCard's patented compliance engine checks that actual shipment data matches the original purchase contract data agreed upon by the buyer and seller. Once compliance is met, funds are electronically transferred from the buyer's account to the seller's account. The seller also receives an assurance of payment.

"This is the dawn of a new era in trade financing in Asia," said Derek Wong, Managing Director of Dah Sing Bank. "Dah Sing Bank's alliance with TradeCard redefines traditional trading practices, making it easier, faster and more cost-effective for local exporters to do business globally. This partnership is an essential element of our e-business strategy and will expand and benefit our customer base."

How TradeCard Works

In order to use TradeCard's patented transaction system, buyers and sellers must first become approved TradeCard members by completing an online application.

To begin a transaction, the buyer creates a purchase order containing the transaction's terms and conditions. This purchase order can be created directly on the TradeCard system, or sent via electronic file from a company's ERP system or an online marketplace.

TradeCard stores the purchase order on its secure, proprietary database, and notifies the seller that an order is pending. The seller can either approve the purchase order electronically, or can negotiate the order with the buyer online. Once both parties have agreed on the terms of the purchase order, it becomes a purchase contract.

At the time of shipment, the seller populates an invoice and packing list on the TradeCard system using either TradeCard's pre-populating tools, or by means of an electronic file. At this point the seller may obtain assurance of payment from a third party credit insurer. If the order requires inspection, the inspecting party submits an inspection certificate. At the time of delivery a third party logistics provider submits the incoterm-appropriate proof-of-delivery documents.

At any time during this fulfillment phase, either party can submit a request for amendment to the purchase order that will only be effective upon the electronic approval of both parties.

Once all the required documents have been submitted, TradeCard's patented compliance engine automatically verifies that all required terms of the transaction are met by comparing the data of the purchase order with the commercial invoice, packing list and proof of delivery documents. If discrepancies are noted, the buyer and seller can resolve them online.

Once discrepancies, if any, are resolved and compliance is met, a global payment provider electronically transfers funds from the buyer's financial institution to the seller's financial institution, settling the transaction. If necessary, foreign currency exchange services can also be obtained from the global payment provider. TradeCard is an open network, buyers and sellers are not required to open a new account with another financial institution.

In addition to these core features, TradeCard members can contract for inspection services, and will be able to contract for pre-and post export financing, cargo insurance and other value-added services.

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TradeCard is a business-to-business e-commerce infrastructure that enables buyers and sellers to conduct and settle international trade transactions securely over the Internet. By aggregating buyers, sellers and disparate trade service providers, our solution automates and streamlines existing international trade transaction processes, which are complex, paper-based, time-consuming and expensive. Our objective is to provide a secure, reliable, cost-effective and easy-to-use solution for conducting and settling international trade transactions.

TradeCard, Inc. is headquartered in New York City with offices in Hong Kong, and can be found on the World Wide Web at http://www.tradecard.com.

Dah Sing Bank, established in 1947, is one of the subsidiaries of the listed Dah Sing Financial Group. With nearly 40 branches, the Bank has been actively developing its retail banking, life insurance and commercial banking business. It provides comprehensive products and services, including retail banking products such as Credit Cards, Virtual Cash, Mortgage Loans; life insurance products and commercial banking services such as Trade Financing, Working Capital Loans, Treasury Services. In addition, the Bank is now aggressively moving on its e-banking business strategy to cope with the rapid development of information technology, and is offering a variety of e-banking services to customers on the bank's website of www.dahsing.com.