FoodMarketExchange.com has signed memoranda of understanding (MOUs) with Bank of Asia, Krung Thai Bank and Thai Farmers Bank, under which the parties will jointly develop a payment system for FoodMarketExchange.com’s ever growing network of members.
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The development of FoodMarketExchange’s payment system will enable its members from the canned and frozen seafood, rice and grain, sugar, fruit and vegetable, and poultry sectors to enjoy online banking services from the first quarter of 2001. Members will be able to issue letters of credit (LCs), while the system also offers remittance facilities and allows for account transfers online.
“We are delighted to be able to formalize these valuable relationships today, which will help our members leverage the opportunities provided through our trading platform. Manufacturers can produce quality food to international standards at competitive prices, and we can help them with know-how and resources so that their goods can reach new markets,” said Simon Chan, FoodMarketExchange.com’s Executive Vice President.
“This exchange is helping companies change the way they do business, while providing them with significant cost savings. We are confident that these relationships will blossom, in the same way that B2B e-commerce is blossoming,” Chan added.
Thirapong Chansiri, CEO of Biz Dimension Co., Ltd., the operator of FoodMarketExchange.com, announced that over 100 buyers and 50 suppliers have become members since the exchange hub was launched three months ago. Members hail from the United States, Europe, the Middle East, South America and Asia, and the company expects to attract 1,750 buyers and 350 suppliers by the end of 2001.
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By GlobalDataThirapong said, “FoodMarketExchange aims to expand the range of banking services available to our members later in the year, providing food manufacturers, buyers and sellers with a one-stop service”.
FoodMarketExchange is developing marketing and promotional campaigns, as well as setting up seminars to help the food industry better understand the benefits of participating in its e-marketplace. The company also actively participates in important trade shows and exhibitions around the world.
