KUALA LUMPUR, 24 May 2000 - iTBF is the first global trade web to be based in Asia. It is a collaborative Internet community and trading exchange that provides a secure, real-time application service connecting banks, importers, exporters, manufacturers, shippers, buyers and sellers in an online trade system that is designed to speed up trade facilitation and increase end-to-end visibility of extended market supply chain logistics.
The end-to-end trade facilitation solution covers searching, sourcing, enquiries, quotations and negotiation, trough delivery and transfer of funds for any object of trade worldwide. It enables participants to trade in their own currency and language, which removes the possibility of miscommunication. The languages currently available are English, Chinese, Korean, Malay, Japanese, Tagalog (Philippines) and Thai.
The demand for cost-effective online trading community/exchange solutions for e-market makers like EWETC is increasing, as their activities will be the catalyst for B2B e-commerce. E-market makers are projected to facilitate up to 37% of the overall B2B market.
"The online e-commerce trading system we have developed is the next major step forward in global e-commerce, and we believe it will become the new trading standard in the Asia-Pacific region, giving countries, banks, buyers, sellers and shippers a unique capability to compete more effectively in global markets, based on their own currency and language. We believe it will greatly simplify global trade," said Chris Boughton, EWETC vice president for sales and marketing.
The service offers value-added capabilities including instant translation of trade information, real-time currency conversion, tariff information, permanent audit trail recording, online end-to-end trade documentation facilitation, insurance arrangements, credit verification and approval, automatic payment settlement, and legal compliance to customs regulations.
This service will be particularly attractive to the many SMEs and SMIs who cannot afford their own online supply-chain network. It will offer them the chance to be able to participate in a global trading network for a low fee - as little as US$25 enrollment fee per company and US$10 monthly service fee.
How it works is relatively simple. Participating companies must be sponsored for enrollment by a bank, and once they have been entered into the iTBF database, the online registration process must be completed and trading may begin using a PC and Internet connection. Larger, multinationals with their own online supply-chain systems are expected to plug-in to the iTBF to access extended supply chain opportunities.
The International Trade and Banking Facility is powered by I/Nova, which is a patented business system development methodology developed by the company's founder and CEO, Tom Price. This system ensures that iTBF can quickly adapt to changing trading conditions.
Support will be provided to all users through the Internet and by telephone from EWETC offices. By year-end, services are expected to be offered in 30 languages. There is a vast database of tradable goods based on UN standards, allowing unlimited products to be exchanged in a fast, efficient and easy way.
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