Bank of China joins Bolero for export
The global trade digitisation specialist said BOC is the first of China’s ‘Big Four’ banks to use its electronic trade document platform.
The global trade digitisation specialist said BOC is the first of China’s ‘Big Four’ banks to use its electronic trade document platform.
Electronic settlement specialist Bolero said that Bank of China (BOC) has become the first of the “Big Four” banks in China to offer exporters the group’s electronic trade document platform as a service. The move reflects increased requests from BOC’s large customer-base for the use of Bolero’s ePresentation solutions and electronic documents, such as bills of lading and documentary credits.
BOC will also begin offering its customers Bolero’s multi-bank trade finance (MBTF) solution, enabling corporates increased visibility and control in relation to applications for letters of credit (L/Cs) or bank guarantees. The MBTF solution reduces working capital requirements and minimises risk, while allowing for far greater price arbitrage than conventional methods. These latest moves follow the BOC’s adoption in 2013 of Bolero’s platform for import-related electronic presentation of documents.