Aug 29, 2013
London/ Shanghai, August 27th 2013 - The Chinese trade finance industry has achieved another ignificant milestone recently with Bank of China and The Royal Bank of Scotland (RBS) successfully completing its first ever electronic presentation of documents via the Bolero platform.
Bank of China is the first of the ‘Big Four’ Chinese banks to carry out a fully electronic presentation of documents. It highlights the readiness of the Chinese market to adopt electronic processes. With China driving global trade growth, the success of this deal is expected to pave the way for growth.
The types of documents include those issued under a documentary credit and electronic bills of lading,
which are essential requirements for international shipping. Electronic presentation of documents is made via straight-through processing, thereby speeding up transaction turnaround time for all parties. It also provides improved security controls.
“In China there is interest in exploring the use of electronic documents and an electronic bill of lading. As a major Chinese bank, BOC is keen to be involved in a program which is proven and has been demonstrated to meet the needs of the banking community” said Zhang Xinyuan, General Manager, Global Trade Services Department Bank of China is the latest in a growing number of financial institutions, corporates and supply chain companies in Asia to sign-up to the electronic presentation system from Bolero.
“As the first bank globally to successfully perform fully electronic presentation of documents using the Bolero platform, RBS is committed in ensuring that our deep expertise, experience and capabilities in Trade translate into tangible benefits for our clients. Electronic presentation of documents help our clients streamline their trade finance processes, shorten the days sales outstanding and maximise their overall working capital. We will continue to be a pioneer in the electronic presentation space and championing the straight-through processing agenda for the advancement of the Trade industry,” said Sim Woon Yap, Head of Trade Product Management, Asia Pacific, RBS.
“The partnership with Bank of China demonstrates the commitment of RBS in supporting our clients with leading technology and service capabilities in China. RBS is proud to have been able to help our clients, and the Trade finance industry in China, to achieve new standards. We will continue to evolve and strengthen our product proposition to ensure that our clients obtain the best in class proposition,” said Jonathan Jiang, Head of Transaction Services, China, RBS.
“The decision by Bank of China to use Bolero underlines the necessity for banks and corporates to select an electronic trade network that has a track record of success and proven experience in complex financial eUCP based transactions including electronic bills of lading and all other required shipping documents,” said Arthur Vonchek, CEO of Bolero.
“Bolero’s established network of banks, corporates and logistics providers is ideally suited to support the rapid implementation of electronic presentation of documents both into and out of China. Now, Chinese corporate customers and banks are able to use electronic trade finance and shipping documents to support both their import and export businesses, delivering important competitive and relationship-building opportunities.” said Ross Wilkinson, Regional Director, Asia Pacific, Bolero.
Bolero’s comprehensive trade applications are delivered as web-based SaaS (software-as-a-service) solutions, enabling speedy adoption, minimal infrastructure and flexible use. Its electronic multi-party solution is specifically designed to ensure security, legal certainty, non-repudiation and document originality.
Re-disseminated by The Asian Banker