New partnership with Bolero International enables Wan Hai to eliminate costly delays and boost security for polyester filament shipment
Wan Hai Lines, the Taiwan-based carrier with the most comprehensive service network in Asia, has partnered with Bolero International, the trade finance digitisation expert, to execute its first electronic bill of lading (eBL) for a large shipment of polyester filament from Taiwan to China.
Executed using the Bolero ePresentation solution on behalf of Wan Hai’s customer, a Singapore-based subsidiary of a global chemicals and fibres producer, the eBL speeded up release of the cargo, removed requirements for a letter of indemnity and enabled all parties to transact with greater confidence.
The transaction involved two banks and transmission of documentation between Taiwan, Singapore and Hong Kong, facilitating rapid surrender of the cargo for processing in China while avoiding the delays caused by traditional paper bills of lading on shorter routes. The speed and security of Bolero’s solution meant that the time to complete the transaction was significantly reduced from days to hours.
“Executing this multi-national transaction was an important milestone for us,” said Randy Chen, Vice -Chairman, Wan Hai Lines. “It not only decreased the end to end shipment time but also increased the security and confidence level for our customer and their buyer. Bolero is enabling us to achieve our ambition of streamlining multi-national workflows, reducing costs for our customers and providing much-enhanced security. This partnership gives us stronger operational capabilities and reinforces our strategy of continuous growth.”
“We are delighted to be partnering with Wan Hai Lines,” said Ian Kerr, CEO, Bolero International. “Despite the potential complications of this transaction involving Singapore, Hong Kong, Taiwan and China and two banks, the eBL still arrived in time to enable rapid release of the cargo. The Bolero solution out-performs traditional paper processes even for first-time users. For short shipments it is all too easy for delays in the documentation to cause unnecessary costs as goods cannot be released as quickly as possible.
“With an unrivalled set of carriers, banks and corporates using our platform we are taking the lead in digitisation in international trade.”