Bank of China pioneers electronic trade finance platform via Bolero

It's a move facilitated by RBS.

The Chinese trade finance industry has achieved another significant milestone recently with Bank of China and The Royal Bank of Scotland (RBS) successfully completing its first ever electronic presentation of documents via the Bolero platform.

Bank of China is the first of the ‘Big Four’ Chinese banks to carry out a fully electronic presentation of documents. It highlights the readiness of the Chinese market to adopt electronic processes. With China driving global trade growth, the success of this deal is expected to pave the way for growth.

The types of documents include those issued under a documentary credit and electronic bills of lading, which are essential requirements for international shipping. Electronic presentation of documents is made via straight-through processing, thereby speeding up transaction turnaround time for all parties. It also provides improved security controls.

“In China there is interest in exploring the use of electronic documents and an electronic bill of lading. As a major Chinese bank, BOC is keen to be involved in a program which is proven and has been demonstrated to meet the needs of the banking community” said Zhang Xinyuan, General Manager, Global Trade Services Department

Bank of China is the latest in a growing number of financial institutions, corporates and supply chain companies in Asia to sign-up to the electronic presentation system from Bolero.