Toronto, Canada, August 24, 2009 – GlobalTrade Corporation (GTC) has announced today that Emirates Trading Agency LLC & Associated Constructions LLC (ETA ASCON GROUP ) have successfully implemented @GlobalTrade Import LC, Export LC, Guarantee Issuance, Import Collection and Export Collection systems connecting ETA ASCON GROUP Treasury, Business Units and Banks. @GlobalTrade systems will be used to transact the above transactions with major banks in Dubai. ETA ASCON GROUP is the first company in United Arab Emirates to adopt a multi-bank platform using latest web based technology.
“ETA ASCON GROUP is one of the most forward thinking companies in the Middle East, said Jacob Katsman, GTC’s CEO. ETA ASCON GROUP staff is very knowledgeable about trade finance matters and knew exactly what customization was needed to adopt our systems to local requirements especially in the areas of banking facility management, billing, reporting and fee calculations.”
“GTC has customized its software to meet our 6 approval levels and to manage accounting of credit facilities in accordance with banking practices in the Middle East, said M. Kalimullah, ETA ASCON GROUP’s General Manager, Corporate Accounts. We are now in the process of a global roll out to our business units and banks. GTC team did their best to deliver software that fits our needs and we feel that other companies in the region will benefit from GTC’s innovative trade finance technology.”
“In today’s economy having access to real time financial information is essential, said Arif B Rahman, ETA ASCON GROUP’s Member of the Board & Group Director – Finance. We have invested in bringing all Business Units onto SAP. However, trade finance flows based on documentary credit, guarantees and documentary collections are paper intensive and it was a challenge to bring all the information together to have an accurate picture of positions with our banks that change on a daily basis. Now with GTC’s @GlobalTrade platform we are aiming to automate and standardize our trade finance activities, reduce risk, and bring our bankers onto the same electronic page.”
“ETA ASCON GROUP is a well known company in UAE and Asia and has diversified activities, said Zahoor Dattu, GTC’s Managing Director UAE. The mission statement of ETA ASCON GROUP is: ‘Quality is our single-minded pursuit in the application of new technologies. In our wide ranging diversity, we innovate continuously as we strive to provide complete satisfaction to our customers and shareholders’. This project illustrated ETA ASCON GROUP’s commitment to this mission.”
Over its 36-year lifetime, ETA Ascon Group has built a huge, highly diversified and enormously successful enterprise. Nominally an engineering, construction and operations (EC&O) company, ETA Ascon Group is also active in trading, shipping, manufacturing and assembly, automotive distribution, real estate development, healthcare, hospitality, travel, and a multiplicity of other pursuits. ETA ASCON over the years has been involved in several commercial and residential projects in Dubai, where the Company owns premium Real Estates. With revenues of US$ 7.4 billion (year 2008), it currently employs around 72,000 people in several countries around the Persian Gulf and in India. The company is a part of Al Ghurair Group of Companies, who are the most revered and leading business house in the United Arab Emirates.
GlobalTrade Corporation (GTC) is a software developer and applications service provider whose product solutions improve the world of trade finance and trade services. Our @GlobalTrade systems help buyers, sellers, traders, and financial institutions communicate faster and more efficiently while reducing risk and improving monitoring and control. Our customers are business enterprises that need consolidated access to multiple banks and financial institutions that require supply chain finance solutions to meet their clients’ needs. @GlobalTrade™ is the registered trademark of GlobalTrade Corporation.
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