Bolero International has announced partnership with Taiwan-based CHIMEI Corporation.
Bolero International, part of WiseTech Global, is a provider of cloud-based trade finance digitisation. CHIMEI Corporation designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals.
The cloud transaction concerned a shipment that was under LC terms from CHIMEI in Taiwan to Kin San Chemical in Hong Kong with a short shipment duration of two days.
The Bolero electronic Bill of Lading (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 platform made the exchange of electronic documents more efficient and secure, speeding up a process that previously took weeks as parties exchanged physical documentation across several countries.
The complete end-to-end flow of secure electronic documents took three days, streamlining a process that previously was a week or longer.
With the increased demand in the digitisation of trade finance operations, Bolero has interest peak amongst Taiwanese corporates and banks who are eager to digitalise their manual paper-based processes.
Bolero has the world’s biggest financial institutions directly connected to its 24/7 global network for paperless trade solutions – allowing for immediate settlement between parties.
On Bolero’s global network, banks and corporates can exchange documents in real-time with full accuracy with complete audit trail and proof of delivery.
“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.”
“Through Bolero’s paperless trade solution, we reduce the risk of document sending, and reduce carbon emissions,” said David Wang, Vice President of CHIMEI’s Operation Head Division.
Earlier this year HMM announced it is working to improve visibility, transparency, and efficiency of trade transactions through the use of Bolero International’s electronic Bill of Lading (eBL) solution.