TradeCard-MAS deal to speed financial transactions

Sabre Technologies, a subsidiary of garment giant MAS Holdings, and TradeCard Inc of the US, have established a new company called TradeCard Services to offer "financial supply chain automation" tools for apparel and footwear firms in the South Asian region.


The TradeCard system allows apparel manufacturers, suppliers of fabrics and accessories, buyers and other vendors, to conduct financial transactions online.


"TradeCard provides a secure system for the apparel and footwear sector to manage worldwide procurement payments," said Sharika Senanayake, the chief operating officer of TradeCard Services.


The new company will sell TradeCard facilities in Sri Lanka, India, Bangladesh and Pakistan in the South Asian region, and also Turkey, Israel and Egypt.


It says some major international clothing brands like Nike, Columbia Sportswear, Levis, and Polo already make it mandatory for their suppliers to join the TradeCard system, to establish a strategic "procure-to-payment process."


The company says the TradeCard system makes it easier for suppliers to work with international brands.


"Being on the system will make it easier to transact with many international brands already in the system. TradeCard can reduce transaction costs and speed up the process significantly," said Ms Senanayake.