Cloud-based trade finance digitisation solutions provider, Bolero International, and Taiwan-based performance materials producer, CHIMEI, have completed a shipment under letter of credit (L/C) terms with a short shipment duration of just a few days.

The L/C transaction concerned a shipment from CHIMEI in Taiwan to Kin San Chemical in Hong Kong.

The Bolero electronic bill of lading (eBL) was provided by Wan Hai Lines as part of the electronic presentation of documents by participants including CTBC Bank in Taiwan and Bank of China in Hong Kong.

L/C functionality

While its main offering is its electronic bill of lading (eBL), Bolero has developed a range of digital documentation capabilities to facilitate global trade, including its highly advanced Galileo platform which features an L/C management function.

With Galileo, which connects to bank and other third-party systems via APIs, corporates can manage all L/Cs, guarantees, ePresentations under L/Cs and open account, documentary collections, and electronic bills of lading on one central platform.

Transaction benefits

In this transaction, Bolero says its Galileo platform made the exchange of electronic documents more efficient and secure, speeding up a process that previously took weeks as parties exchanged physical documentation across several countries. As a result, the complete end-to-end flow of secure electronic documents in the CHIMEI transaction took 3 days.

Bolero International, probably the most established of global trade finance digitisation providers, was acquired earlier this year by WiseTech Global, developer of the widely used cloud-based logistics management platform, CargoWise (DC World News, 4 July 2022).

This article represents the views of the author and not necessarily those of the ICC or Coastline Solutions.