Insight & Analysis

Press release: CHIMEI adopts Bolero trade finance platform

Published: Aug 2022

15th August 2022 – Bolero International, the leading provider of cloud-based trade finance digitisation solutions and part of WiseTech Global announces its partnership with CHIMEI Corporation, the Taiwan-based performance materials company that designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals.

Newspaper press release

The transaction concerned a shipment that was under LC terms from CHIMEI in Taiwan to Kin San Chemical in Hong Kong with a short shipment duration of 2 days. The Bolero eBL was provided by Wan Hai Lines as part of the electronic presentation of documents which also included CTBC Bank in Taiwan and Bank of China (Hong Kong) in Hong Kong.

Bolero’s 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.

The complete end-to-end flow of secure electronic documents took 3 days, streamlining a process that previously was a week or longer.

Bolero’s Galileo Galileo Multi-Bank for Corporates platform delivers enhanced functionalities and seamless integration with banks and other third-party systems and providing end-to-end visibility to corporate clients and banks. With the solution, CHIMEI is able to manage their ePresentations in one central platform.

With the increased demand in the digitisation of trade finance operations, Bolero has interest peak amongst Taiwanese corporates and banks who are eager to digitalise their manual paper-based processes.

Bolero has the world’s biggest financial institutions directly connected to its 24/7 global network for paperless trade solutions – allowing for immediate settlement between parties. On Bolero’s global network, banks and corporates can exchange documents in real-time with 100% accuracy with complete audit trail and proof of delivery.

“We are delighted with our partnership with CHIMEI who recognise our expertise in this area and is working with us as we look to accelerate their digitisation efforts,” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade in the region, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”

“CHIMEI has always been committed to realize digital transformation. Through Bolero’s paperless trade solution, we reduce the risk of document sending, and reduce carbon emissions. We do our best to contribute to ESG practices, and continue to provide customers with faster, safer value-added services, build a trustworthy partnership with customers, and coexist and prosper together,” said David Wang, vice president of CHIMEI’s Operation Head Division.

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