ec-Finance.com
Wants To Tap Local B2B Business ec-Finance.com chief executive officer B.J. Handal told Malaysia.CNET.com many local companies regularly use traditional letters of credit (LC)--something ec-Finance.com knows a lot about. The company is one of the first organizations to introduce the first online LC to meet the growing demand for electronic payment methods in B2B transactions. An online LC is a fundamental link in making international trade possible over the Internet, especially as buyers and sellers interact and make business deals in a domain where business can be conducted in cyberspace. Handal said the LC was the primary instrument acceptable to buyers and sellers because both parties can place conditions and other documentations on it before a transaction is done. "Another advantange is that our site brings in a bank as a trusted third party so that all parties have a good level of protection," he added. There is also a high level of dispute resolution tagged onto an LC unlike other methods or payments, especially when it involves large quantities of commodities or products. "Currently B2B exchanges don't have a good international payment vehicle ... existing methods like credit cards, payment upon delivery of goods don't work well," Handal said adding on many occasions, buyers and sellers in an exchange take this part of the business offline which is not very efficient. "We will work with local banks to ensure Malaysian businesses are given the same sort of protection and assurance when engaging in B2B transactions," he said adding talks with some local lenders will get underway with ec-Finance.com's local representative. The local representative Martin Harnevie said ec-Finance.com could prepare an online LC within 24 to 48 hours compared to the usual nine to 14 days that local financial institutions take for any international trade. "But this does not mean we want to replace local banks... far from it, ec-Finance will bring the local banks into the B2B exchange because buyers, sellers all need to have their banks there to conduct large volumes of business." Harnevie added that local banks stand to benefit greatly as they can learn how to compete with foreign banks on the B2B domain which may be the main domain for international business in the 21st century. |
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