Bolero International has announced a partnership with Taiwan-based CHIMEI Corporation.
Bolero International, part of WiseTech Global, is a cloud-based trade finance digitization provider. CHIMEI Corporation designs and manufactures advanced polymer materials, synthetic rubbers and specialty chemicals.
The cloud transaction was for shipment under LC conditions 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 Document Submission which also included CTBC Bank in Taiwan and Bank of China (Hong Kong) in Hong Kong.
Bolero’s Galileo platform has made the exchange of electronic documents more efficient and secure, speeding up a process that previously took weeks as parties exchanged physical documents in multiple countries.
The complete end-to-end flow of secure electronic documents took three days, simplifying a process that previously took a week or more.
With the growing demand for digitizing trade finance operations, Bolero is attracting interest from Taiwanese companies and banks willing to digitize their manual, paper-based processes.
Bolero has the world’s largest financial institutions directly connected to its global network 24/7 for paperless trading solutions, enabling immediate settlement between parties.
On Bolero’s global network, banks and businesses can exchange documents in real time with complete accuracy with a full audit trail and proof of delivery.
“We are excited about our partnership with CHIMEI who recognize our expertise in this area and work with us as we seek to accelerate their digitization efforts,” said Andrew Raymond, CEO of Bolero.
“The past year has seen an acceleration of the transition to digital trade in the region, driven by a desire to ensure supply chains remain open in times of crisis and uncertainty.”
“With Bolero’s paperless business solution, we are reducing the risk of sending documents and reducing carbon emissions,” said David Wang, divisional vice president responsible for operations at CHIMEI.
Earlier this year, HMM announced that it was working to improve the visibility, transparency and efficiency of trade transactions through the use of Bolero International’s Electronic Bill of Lading (eBL) solution.