TradeCard has announced that ICICI Bank, India’s second largest bank, has signed a partnership agreement to offer pre and post-export financing to TradeCard customers in Hong Kong and India. ICICI is TradeCard’s first financial services partner in India and its fifth partner bank in Hong Kong.
The partnership will better position TradeCard to expand its services on the Indian subcontinent where a large and growing volume of goods that are sourced by TradeCard customers, such as apparel and footwear, are manufactured. For ICICI the strategic partnership will offer an opportunity to further expand its international reach into new markets.
As part of the agreement, ICICI will provide pre- and post export finance for suppliers in India and in Hong Kong.
TradeCard members in both territories will have online access to ICICI export financing directly through the TradeCard network. Customers create and approve the finance request document online and receive approval of their request electronically.
ICICI has real-time access to these applications, increasing the speed with which the bank can respond to and approve the financing requests.