Dah Sing Bank aims to provide export financing on the Web through TradeCard, a global transaction-settlement company, in a plan that would make it the first Asian bank to allow importers and exporters to complete financial transactions online. Using New York-based TradeCard's e-commerce platform, Dah Sing will be able to offer 24-hour service to Hong Kong-based traders. 'This new financing mechanism not only redefines traditional paper-based trade-financing practice but also makes it easier, faster and more cost-effective for local exporters to do business globally,' said Derek Wong Hon-hing, Dah Sing's managing director. The lower costs associated with tracking and servicing Web-based transactions would be taken into account in determining the price of trade finance provided through TradeCard's secure network, he said. An entire transaction, from purchase order to proof of delivery, can be completed electronically for a flat fee to TradeCard of US$150. For now, the fee is collected from sellers, but in future, parties to a transaction could negotiate a different split. TradeCard's patented compliance engine verifies that all agreed-upon terms of a transaction have been met by comparing the data on the purchase order with the commercial invoice, packing list and proof-of-delivery documents. Any discrepancies can be resolved by the buyer and seller online. Third-party inspection, insurance, and pre- and post-export financing can also be arranged through TradeCard.