CHIMEI Corporation, a Taiwan-based performance materials company that designs and manufactures advanced polymer materials, synthetic rubbers, and specialty chemicals, has adopted the benefits of digital through its partnership with Bolero International, a provider of cloud-based trade finance digitization solutions.
Cementing the purpose of its newfound relationship, CHIMEI recently selected the company’s Galileo platform to facilitate the exchange of electronic documents during a transaction for a recent shipment to Kin Sang Chemical in Hong Kong.
Leveraging the Bolero eBL (electronic bill of lading), CHIMEI reports that it was able to “speed up the process” that had historically taken weeks to complete as parties exchanged physical documentation across several countries.
The complete end-to-end flow of secure electronic documents allegedly took three days, streamlining a process that previously was a week or longer.
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 in Hong Kong.
Galileo’s functionalities integrate with banks and other third-party systems and provide visibility to corporate clients and banks; offering CHIMEI the ability to manage its e-presentations in one central platform.
With the increased demand for trade finance operations to go digital, Bolero reports that interest in its solution is peaking amongst Taiwanese corporates and banks, all of which, like the rest of the industry, are eager to digitalize manual paper-based processes.
“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,” comments Bolero CEO, Andrew Raymond.
Bolero’s network connects financial institutions with paperless trade settlement solutions, where banks and corporates can exchange documents in real time with a complete audit trail and proof of delivery.
“CHIMEI has always been committed to realizing digital transformation,” added David Wang, vice president of CHIMEI’s operation head division.
“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.”