The Export Credit Insurance Corporation has approved two applications for the Travel Agent Services Policy since the scheme's inception last October, with credit limits amounting to $6.3 million.
Secretary for Commerce, Industry & Technology John Tsang told legislators today the corporation consulted the Travel Industry Council last year to develop a tailor-made scheme, adding it organised two seminars for the council on export credit insurance services.
An applicant has to submit only a proposal for the policy, credit limit application for its clients and basic information on its operation.
The corporation will assess the credit risks, decide the credit limit and issue a quotation for the applicant's consideration. It pledged to approve applications within five days and issue a quotation within two.
Mr Tsang said apart from insuring bad-debt risks, the corporation also provides professional credit-management services to travel agents.
"With its international credit information network, the corporation assesses the credit risks of the clients of the travel agents and monitors their buyer and country risks," he said, adding this service provides an additional option for travel agents to enhance their credit-risk management.
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