South Korea’s flagship carrier HMM and Bolero International, which provides cloud-based trade finance digitisation solutions, have decided to collaborate to improve the visibility, transparency, and efficiency of trade transactions through Bolero’s electronic bill of lading (eBL) solution.
In March 2022, HMM successfully completed its trial use of the eBL between India and China, using Bolero’s Galileo platform and leveraging Bolero’s network of banks, HMM expects continued growth in 2022 by working with Bolero on the use of eBLs in Asia.
“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,” noted HMM Chief Operating Officer, Park, Jinki.
Bolero claims that its electronic Bill of Lading solution can replace traditional paper Bills of Lading, helping importers and exporters to reduce the risk and cost of paper-based documents in trade and finance.
The eBL solution enables the electronic Bill of Lading to be created, transmitted, endorsed, and presented to port authorities or customs electronically, removing many of the inefficiencies associated with paper-based processes, according to a statement.
“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, adding, “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.”