Taiwan's Bank SinoPac, which last year forged a multi-country relationship with TradeCard to provide financing, sales and service support to members of the online financial services company, has arranged financing for a US-based TradeCard member via SinoPac offices in Taipei and Los Angeles. This marks the first time a TradeCard member bank has arranged financing for a company outside the bank's home country, and the first time financing has been provided for a domestic TradeCard transaction.
TradeCard's main proposition is to facilitate international paperless transactions based on the co-operation and trust of multiple parties in the trading process, thus making the paper burden of supporting letters of credit redundant.
The financing was obtained by TradeCard seller member GIC of Petaluma, California, for a transaction with TradeCard buyer member Jumbo Shoes of New York, NY. SinoPac's Taipei and Los Angeles offices worked in tandem on the application.
"This is a perfect example of how the TradeCard network works. Buyers and sellers save money, and innovative banks like Bank SinoPac extend their reach," says Kurt Cavano, TradeCard chairman and CEO.
