Bolero performed for Bank of China (Hong Kong)

Bank of China (Hong Kong) (BOCHK) has used Bolero’s ePresentation solution for its first-ever electronic back-to-back documentary credit, significantly reducing the time required to facilitate a large iron ore shipment from Australia to China. Bolero specialises in the digitisation of trade finance transactions that help organisations to improve their cash flow and working capital.

The transaction, arranged jointly with NAB (National Australia Bank) and China Guangfa Bank, was also the first time that the latter has used an electronic back-to-back documentary credit. The presentation of the trade instrument is in line with the Hong Kong government’s drive to increase digitisation of trade documents for increasing efficiency and boosting trade flows. The transaction concerned a shipment of iron ore from BHP Billiton in Australia to Shougang, one of the largest steel companies in mainland China and resulted in the electronic presentation of documents and electronic bill of lading.