ec-Finance.com

MEETCHINA.COM LAUNCHES CHINA'S FIRST ONLINE LETTER OF CREDIT PROCESSING PLATFORM

BEIJING, Nov. 22 /PRNewswire/ -- Through MeetChina.com, the Chinese government today launched the country's first online international payment processing platform, giving thousands of manufacturers the ability to accept letters of credit from overseas through the Internet.

MeetChina.com, China's official e-commerce gateway, announced here today that the company will offer an online Letter of Credit product developed by ec-Finance.com, on the MeetChina.com e-commerce platform.

"The online Letter of Credit is a fundamental link in making international trade possible over the Internet," said Ken Leonard, Chairman and CEO of MeetChina.com. "This is a natural extension for us. Online international financial services is an important step in making it easier for companies worldwide transact business directly with Chinese suppliers over the Internet."

This Letter of Credit product, designed to simplify global trade through the Internet, is expected to fuel growth in China's exports by providing a convenient tool for international transactions. The Commercial Bank of San Francisco will act as the US payment partner for the service.

"Our goal is to facilitate international trade by providing increased speed, transparency, and information to international trade partners," noted Janet Handal, President of ec-Finance.com. "The Commercial Bank of San Francisco is an excellent payment partner for this project because of their extensive expertise in trade finance. This is a turnkey product that will benefit all the parties to the transaction," Ms. Handal added.

This online Letter of Credit product is the latest in a list of online commerce services offered by MeetChina.com to more than 30,000 Chinese manufacturers. This new service will allow online management of all aspects of Letter of Credit negotiation and payment between Chinese suppliers and buyers worldwide.

The MeetChina.com business-to-business e-commerce portal is co-produced by MeetChina.com and China's Ministry of Information Industry. MeetChina.com is China's only wholly-owned foreign enterprise licensed to conduct e-commerce business on the Internet.

Chinese businesses have begun using this portal for international trade in staggering numbers since its launch in April of this year. The site can be reached by key-word "China Trade" on Yahoo!.

About ec-Finance.com, Inc.
ec-Finance.com develops and markets Internet-based information products to facilitate international trade and improve communications between trade partners. The company is based in New York.

About MeetChina.com
The MeetChina.com business-to-business e-commerce portal, co-produced by MeetChina.com and the Electronic Information Center of China's Ministry of Information Industry, is China's largest cross-border trade site. As China's only wholly-owned foreign enterprise licensed to conduct business on the Internet, MeetChina.com has been designated China's official online gateway to international business.

SOURCE MeetChina.com
Web Site: http://www.meetchina.com

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