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Bolero helps organisations to improve cash-flow and working capital whilst increasing visibility, control and efficiency through the digitisation of trade finance transactions

RBS and Bank of China achieved groundbreaking Bolero deal

First of big four Chinese banks to pioneer electronic trade finance platform in move facilitated by RBS 

London, Shanghai, 23 August 2013

The Chinese trade finance industry has achieved another significant 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, in a move that was prompted by international trade deals in the mining industry. 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 SimWoon 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.


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About Bolero:

Bolero is a cloud-based platform which provides a different way to implement multi-party trade solutions.

Unlike traditional point to point approaches which are costly, complex and uncertain, Bolero’s cloud architecture ensures fast deployment, ease of use and global access together with no infrastructure costs. Users benefit from accelerated time to cash, reduced costs, greater control and visibility and operational efficiencies.

Because trade finance involves collaboration between multiple parties, all Bolero Applications are built on the Bolero Exchange, a collaborative platform which supports all trade flows between all parties and across all locations. Each Bolero member only needs to connect once and then has common access to all other community members whilst remaining completely insulated from a trade partner’s specific technology and business process.

Bolero is more than a technology solution – it is a community of corporates, banks, insurers and logistics service providers operating in more than 40 countries and managing more than 500,000 trade transactions per month.

 About Bank of China

As China's most international and diversified bank, Bank of China provides a comprehensive range of financial services to customers across the Chinese mainland, Hong Kong, Macau, Taiwan and 36 overseas countries. The Bank's core business is commercial banking, including corporate banking, personal banking and financial markets services.

 About The Royal Bank of Scotland plc

The RBS Group is a large international banking and financial services company. Headquartered in Edinburgh, the Group operates in the United Kingdom, Europe, the Middle East, the Americas and Asia, serving over 30 million customers worldwide. The Group provides a wide range of products and services to personal, commercial and large corporate and institutional customers through its two principal subsidiaries, The Royal Bank of Scotland and NatWest, as well as through a number of other well-known brands including Citizens, Charter One, Ulster Bank and Coutts.


For more information, please contact:

Simon Moss

The Whiteoaks Consultancy

Tel: + 44 (0) 1252 727313

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