Cloud-based trade finance solutions provider Bolero International has reported an uptake among Taiwanese corporates and banks looking to digitalise their manual paper-based trade processes as it forges partnership with Taiwan-based CHIMEI Corporation.
CHIMEI plumped for the Bolero Galileo platform to make the exchange of electronic documents during a transaction for a recent shipment to Kin San Chemical in Hong Kong. Using the Bolero eBL (electronic bill of lading), CHIMEI glided through a process in three days that previously took weeks as parties exchanged physical documentation across several countries.
The Bolero eBL was provided by Wan Hai Lines as part of the electronic presentation of documents which also included CTBC Bank in Taiwan and Bank of China (Hong Kong) in Hong Kong.
Bolero‘s Galileo Multi-Bank for Corporates platform delivers functionalities and integration with banks and other third-party systems and providing end-to-end visibility to corporate clients and banks.
With the increased demand in the digitisation of trade finance operations, Bolero – established in 1998 by SWIFT – says Taiwanese corporates and banks are eager to digitalise their manual paper-based processes.
“We are delighted with our partnership with CHIMEI who recognise our expertise in this area and is working with us as we look to accelerate their digitisation efforts” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade in the region, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”
David Wang, vice president of CHIMEI’s operation head division, said the company has “always been committed to realise digital transformation”.
“Through Bolero’s paperless trade solution, we reduce the risk of document sending, and reduce carbon emissions. We do our best to contribute to ESG practices, and continue to provide customers with faster, safer value-added services, build a trustworthy partnership with customers, and coexist and prosper together.”