Bolero International, a key player in the field of cloud-based trade finance fintech and a subsidiary of the WiseTech Global Group, has announced that the Bank of Bahrain and Kuwait (BBK) is the first major financial institution in the Middle East to opt for its white-labeled digital trade finance banking channel solution, Galileo Trade-Portal-as-a-Service (Galileo TPaaS).
This innovative solution is designed to offer financial institutions distinct functionalities, aimed at revolutionising the digital experience for their corporate clients. Galileo TPaaS empowers corporate clients of banks to execute traditional and open account trade transactions more efficiently, intelligently, and securely, drawing upon global best practices in structured communication and SWIFT-compliant procedures.
The white-label solution, built on Bolero’s secure SaaS platform architecture, will be entirely tailored to meet BBK’s specific business needs and branding. With a user-friendly digital interface supporting comprehensive trade transaction lifecycles and an efficient communication channel, Galileo TPaaS will remove barriers to adoption and expedite digital integration for the Bank’s corporate clients, marking a significant move toward embracing the digital future.
In light of recent commitments from global carriers, the landscape is transitioning towards the adoption of electronic Bills of Lading (eBL). Nine major carriers, including MSC, Maersk, and CMA CGM, aim to achieve 100% eBL adoption by 2030, signifying a major shift in the industry. This commitment, overseen by the DCSA, has the potential to save USD 6.5 billion in direct costs and stimulate USD 30-40 billion in global trade growth, representing significant progress in the digitisation of international trade. Bahrain, with its early adoption of the Model Law of Electronic Transferable Records (MLETR), is at the forefront of this transformative movement.
This solution serves as a robust foundation for BBK’s digital transformation journey, transitioning from paper-based and manual processes to electronic documentation and digital trade transaction applications. Bolero continues to introduce new value-added offerings by leveraging WiseTech’s capabilities in physical supply chain solutions and forming strategic partnerships with fintech companies that share their vision.
Bolero’s digital trade finance platform not only delivers enhanced functionality and cutting-edge features but also solidifies its role as the primary digital trade service provider for banks. With these enhancements, Bolero reinforces its reputation for offering a more straightforward, smarter, and state-of-the-art experience that aligns with the evolving requirements of banks and their corporate clients. This strategic approach ensures that Bolero remains a leader in the industry, positioning itself as the preferred partner for those seeking innovative and efficient trade solutions.
Dr. AbdulRahman Saif, BBK Group Chief Executive, commented that the introduction of these advanced digital financial solutions through the Galileo Trade platform is a significant advancement that strengthens the Bank’s position as a leader in digital financial services and transformation. Dr. Saif stated, “Our valued corporate clients will benefit from a new, flexible, reliable, and unprecedented range of financial and procedural transactions. We take pride in continuing to serve them, surpassing their expectations, and being their preferred corporate banking partner, supporting their business expansion, competitiveness, profitability, and growth.”
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