Taiwan's Chinatrust Commercial Bank has signed on to become a member bank of TradeCard, a global online international trade transaction network. As a member bank, Chinatrust will be considering members of TradeCard for trade financing without the security of a letter of credit.
Securing the co-operation of Chinatrust is a step forward for TradeCard buyers and sellers. The company'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. However, not all banks in Asia are ready to finance exporters without the security of...
