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TradeCard Supply Chain Platform Offered in Middle East, North Africa and Cyprus
World Trade Centers Holdings (Cyprus) inks deal to offer solutions to customers in the region; general counsel of TradeCard to lead new company based in Bahrain
New York — November 12, 2007 — World Trade Centers Holdings (Cyprus) has inked a long-term deal to offer supply chain solutions and services from TradeCard in 23 countries in the Middle East, North Africa and Cyprus.
WTCH is the licensee and owner of 15 World Trade Centers throughout the region. The agreement gives the company the right to sell a customized white-label version of the TradeCard Platform to corporate buyers in the Middle East, North Africa and Cyprus.
A new company formed for the venture, "TradeCard Holdings Cyprus Ltd," will operate under the name "TradeCard MENA." Barry Lites, TradeCard's senior vice president and general counsel, will join TradeCard MENA as CEO, and the new company will be based in Bahrain.
"Globalization demands a certain level of automation," said Lites. "The [TradeCard] platform achieves this in ways that internal ERP systems never could, by connecting both buyers and their suppliers in a single electronic environment, eliminating paper and providing both parties with innovative trade finance services."
TradeCard MENA customers will have access to a hosted document management and financial settlement platform available via the Web or through integration with back office systems. The offering provides visibility into financial processes for information sharing among parties in a transaction. A workflow engine triggers and records tasks of all approved parties.
A range of transaction settlement services is available through the service, including open account services, a letter of credit alternative and electronic invoice presentment. A network of 200 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.
"The Middle East, North Africa and Cyprus are the birthplace of trade," said Ghazi Abu Nahl, chairman of World Trade Centers Holdings (Cyprus). "Now, we intend to bring automation and efficiency to the process, which will enable growth, stability and even greater prosperity to companies engaged in trade."
WTCH is the licensee and owner of 15 World Trade Centers throughout the region. The agreement gives the company the right to sell a customized white-label version of the TradeCard Platform to corporate buyers in the Middle East, North Africa and Cyprus.
A new company formed for the venture, "TradeCard Holdings Cyprus Ltd," will operate under the name "TradeCard MENA." Barry Lites, TradeCard's senior vice president and general counsel, will join TradeCard MENA as CEO, and the new company will be based in Bahrain.
"Globalization demands a certain level of automation," said Lites. "The [TradeCard] platform achieves this in ways that internal ERP systems never could, by connecting both buyers and their suppliers in a single electronic environment, eliminating paper and providing both parties with innovative trade finance services."
TradeCard MENA customers will have access to a hosted document management and financial settlement platform available via the Web or through integration with back office systems. The offering provides visibility into financial processes for information sharing among parties in a transaction. A workflow engine triggers and records tasks of all approved parties.
A range of transaction settlement services is available through the service, including open account services, a letter of credit alternative and electronic invoice presentment. A network of 200 trade services suppliers, including logistics, inspection and cargo insurance companies, currently supports system users.
"The Middle East, North Africa and Cyprus are the birthplace of trade," said Ghazi Abu Nahl, chairman of World Trade Centers Holdings (Cyprus). "Now, we intend to bring automation and efficiency to the process, which will enable growth, stability and even greater prosperity to companies engaged in trade."
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