China Minsheng Bank to adopt Bolero platform for importers
A partnership will enable the bank to offer Bolero’s electronic trade document platform to its import-focused clients.
China Minsheng Bank is partnering with Bolero, the specialist in digitising trade finance transactions, to offer importers the benefits and reduced transaction times of the Bolero electronic trade document platform. The agreement between the two “marks the beginning of a longer-term relationship that will begin with a significant iron and steel import transaction,” the partners stated.
By adopting the Bolero platform, Beijing-headquartered China Minsheng Bank will be able to offer its import-focused clients the platform’s straight-through processing (STP) technology which radically reduces turnaround times for all parties while hugely improving security and operational efficiency. Importers will achieve efficiencies through the digitisation of documents such as bills of lading and letters of credit (LCs).
Welcoming the agreement, Shi Jie, the bank’s vice president, said: “We are committed to facilitating the work of importers through innovation and see this agreement with Bolero as the first step in a long-term relationship that is likely to expand and deliver the same excellent set of benefits to our export clients.”