Bolero International, the leading provider of cloud-based trade finance digitisation solutions, and HMM Co., LTD (HMM), South Korea’s national flagship carrier and one of the world’s leading container shipping companies, announce their collaboration in the adoption of the electronic bill of lading.
The two industry leaders will work together to improve the visibility, transparency, and efficiency of trade transactions by using Bolero’s electronic bill of lading solution.
In March 2022, HMM successfully completed its trial use of the electronic bill of lading between India and China, using Bolero’s Galileo platform. HMM’s customers are expected to receive reliable paperless services without any changes or disruptions to business operations.
Leveraging Bolero’s global network of banks, HMM expects continued growth in 2022 working with Bolero on the use of eBLs in Asia.
Bolero’s electronic Bill of Lading (eBL) solution is the trusted replacement for paper Bills of Lading, helping major importers and exporters to reduce the risk and cost of paper-based documents in trade and finance. One of the industry’s most widely used eBL solutions, Bolero has a proven track record with major banks, traders, shippers, shipping lines and port terminals.
The eBL solution enables eBL to be created, transmitted, endorsed, and presented to port authorities or customs electronically, removing many of the inefficiencies associated with paper-based processes. Capturing data electronically at every stage of a transaction, also allows parties to monitor progress as well as access accurate information about ownership and payment throughout the supply chain.
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 upon receipt of an eBL. On Bolero’s global network, banks and corporates can exchange eBLs in real-time with 100% accuracy, i.e., a complete audit trail and proof of delivery. Bolero provides a secure, paper-free means for banks to exchange eBL with other banks, corporates, and shipping lines.
“We are delighted that HMM recognises Bolero’s expertise in this area and is working with us as we look to accelerate the growth of eBLs across Asia,” said Bolero CEO Andrew Raymond. “The last year has seen an acceleration of the move towards digital trade, driven by the desire to ensure supply chains stay open during times of crisis and uncertainty.”
“We are pleased with the successful collaboration with Bolero in digital solutions. Eliminating paper-based documents will make the shipping transaction easier, faster, and more secure.” said HMM Chief Operating Officer, Park, Jinki.
“We believe introducing the eBL solution is a significant step in the right direction, and HMM will be committed to providing customers with a digital trade platform that can increase the efficiency and velocity of trade.”