Every year it becomes more apparent that Asian businesses are playing a leading role on the international stage. Hong Kong and Taiwan have been exporting for over 20 years, and are very sophisticated about developing U.S. markets. But the vast potential of the largest Pacific Rim nation has not yet been tapped. The future is undoubtedly China, home of rich natural resources and a virtually limitless supply of inexpensive labor.

Vivian Lee, Asian Business Director in CIT Commercial Services' Western Division, based in Los Angeles, predicts, "We have seen companies from China emerge to create a major impact in U.S. markets, and we expect this trend to accelerate once China successfully joins the WTO (World Trade Organization). Taking advantage of lower costs for labor and materials, companies from other Asian and Western countries have invested in Mainland China, effectively transferring manufacturing and technology expertise. This has dramatically improved the region's production infrastructure, and now we're not only seeing exports of consumer products but also high-tech merchandise as well."

While this Vivian Lee is not be confused with the actress from Gone With The Wind fame, she has played a strong supporting role in the trade drama unfolding worldwide. Mitch Cohen, Senior Vice President and Western Regional Manager of CIT Commercial Services, notes that Lee came to CIT with an impressive resume: "Vivian has over 25 years of financial services experience. She is well-versed in commercial lending, trade financing and asset-based financing and has been working to develop international business in the Pacific Rim nations since 1987."

Speaking the Language of Business

Born in Shanghai, Lee was educated in Taiwan and worked for a Taiwanese bank before moving to the United States in 1978. She is fluent in Mandarin, Cantonese, Taiwanese and Shanghaiese. Well-entrenched in the Californian Asian community, Lee sits on the boards of the Asian Business League (ABL), the Hong Kong Association (HKA), and the Organization of Chinese America Entrepreneur Advisor Network (OCEAN).

Her multilingual abilities and her facility with Asian written languages give Lee the tools to explain the many valuable options available through Commercial Services to companies previously unfamiliar with the benefits of asset-based financing or traditional credit protection services.

Merging Language, Culture and Business

"CIT can offer a wider range of value-added services and more flexibility than a regular bank. Through the factoring product, CIT can provide the emerging Asian business with unlimited potential," says Lee. "The challenge is to convince business people accustomed to relaxed traditions of Asian lenders to accept the more exacting requirements of the Western financial world." Lee does this through an understanding of both cultures and their financial systems. By using the native language of her clients, she can clarify the reasoning behind regulations that might otherwise be confusing.

"As the Asian business development director, I sometimes need to educate Asian business people about the advantages CIT Commercial Services offers for the future potential of their business. Prospects appreciate having the opportunity to discuss CIT's services in their native tongue."

"Also, Asian people are often not familiar with the importance of providing comprehensive financial records as part of the lending process. They are very modest about their profits and assets and are reluctant to divulge particulars of their financial situation, no matter how positive. I work with them to get a full picture of their business." Many Asian companies are closely held by family members and don't make use of outside professional resources to help them expand for the future.

Lee is working closely with Pacific Rim companies, not only in the traditional factoring markets, but also in industries that do not currently avail themselves of this service, such as housewares, luggage, furniture, high-tech products, gift items and general merchandise. Lee's clients start at $3 million in sales, and have no topside limit.

In addition to foreign markets, Lee has bee successful in bringing CIT's broad range of services to Asian companies based on the West Coast. Lee has spread the word about the benefits of factoring through personal contacts, referrals, advertisements, and other communications in Chinese. Her work has opened the door to Far East markets a little wider for CIT. But Lee gives Asian clients something much more: a person who can translate the language of finance into the language of their choice.

Your Partner In Finance

CIT Commercial Services is a leading provider of customized credit protection, accounts receivable management and lending services. We tailor financial solutions that help companies of all sizes increase sales, improve cash flow, reduce operating expenses and eliminate customer credit losses.

Founded in 1908 and with over $50 billion in total managed assets, CIT is one of the nation's largest commercial and consumer finance organizations.

Want To Learn More?

To learn how you can put the resources of CIT to work for your company, call Vivian Lee at (213) 613-2404 or e-mail her at Vivian.Lee@cit.com.