Bolero International, the leading trade finance digitisation platform, continues its growth in Asia with the opening of a new office in Shanghai as well as the appointment of Neil Johnson as its Head of Business Development in Singapore.
The launch of the new Shanghai location is complemented by Bolero’s growing relationship with the Bank of China, who are Bolero-enabling over 400 domestic and international branches, as well as developing partnerships with Huaxia Bank and other members of the Chinese financial community. A recent transaction between BHP Billiton and Angang Steel was settled through a Letter of Credit issued by a local Bank of China branch, serving as an example of how transactions can be facilitated through Bolero’s growing digitised trade ecosystem.
The Shanghai office will run complementary to Bolero’s established location in Hong Kong, where staff will facilitate business development, support services, customer implementation and pre-sales consultancy. Prior to establishing its Shanghai office, Bolero had operated in the city via a local partner beginning in 2012. Ross Wilkinson has managed the Hong Kong office since its inception and will extend his responsibilities to the China operation as well as focusing on the development of major Global Accounts and our relationships with the Australian and Indian financial sector.
Neil Johnson will act as Head of Business Development from Bolero’s Singapore office, where he will direct the company’s operations within Southeast Asia. Johnson brings to Bolero decades of experience working with companies in the region, strong contacts within the banking community as well as a background in logistics, supply chain and transportation.
Ian Kerr, CEO of Bolero, commented: “Neil Johnson’s appointment, the key role that Ross is playing and our growth in Asia in general, is about getting the right resources on board and focussing on the right places. Neil’s appointment will complement our team in Singapore and enable us to focus resources in Hong Kong on key initiatives. These two locations will be working together very closely and with our new office in Shanghai on a complementary basis.”
Johnson’s appointment follows an announcement from the Singapore government of its new Industry Transformation Programme (ITP), for which they will set aside $4.5 billion in order to drive long-term economic transformation within the city-state. Kerr noted that the vision and strategy guiding the ITP is parallel to its own, particularly the focus on digitising trade and achieving greater efficiency in customs areas.
DBS Bank recently signed a partnership with Bolero, which will see the bank support Bolero’s electronic presentation solution through a series of phases.
Kerr commented: “We are delighted to welcome DBS to the Bolero platform and are looking forward to a long and fruitful partnership. Bolero has brought about tremendous innovation in a complex industry, which we have accomplished through our many mutually beneficial partnerships with parties in the international trade process. Bolero’s technology delivers real benefits in terms of risk mitigation, reduction in cost and improvements in transparency.”