360tf, Bolero International sign deal to boost UAE, India trade

Bolero International, the leading provider of cloud-based trade finance digitisation solutions announce their partnership with 360tf; a leading digital trade finance platform that connects banks and corporates from across the globe and enables them to seamlessly manage their trade financing requirements.

The combination of 360tf and Bolero’s offerings will allow corporates to gain greater efficiencies in digitising the end-to-end process from applying for transactions to arranging trade financing. Bolero’s innovative Galileo Multi-Bank for Corporates platform will allow 360tf’s corporate users to digitise their LC flows and improve the visibility of their LC transactions while lowering the cost and risk of transacting with multiple banks.

With this combined offering, 360tf will expand the number of services to their existing corporate users and add significant value to their overall proposition through the Galileo Multi-Bank functionality. This will enable UAE and Indian corporates secures trade finance at efficient rates in faster turnaround time.

“We have been impressed by the team at 360tf and we believe that our product offering will complement 360tf’s existing clientele. By providing the 360tf corporate users with access to Bolero’s Galileo LC functionality and Bank network we believe that digitization of trade flows for LC’s is now in reach of the mass market,” Raymond, CEO at Bolero International said.

Raymond said there is a big corporate demand to utilise proven solutions from leading providers such as 360tf and Bolero.

“Our partnership is important to our long-term strategy as well as the expansion of our Galileo solutions in Asia and the Middle East,” he said.

Vincent Acors, Bolero’s director of Trade Finance, APAC, said 360tf’s clients are part of an ever-growing number of corporates who need and want to digitise their communication with their banks.

“In turn, 360tf banks that are not already on the Galileo platform will be looking to join the ecosystem to assist corporates. I look forward to working with the 360tf team to achieve a stronger offering to our respective clients,” he said.

Pankaj Mundra, co-founder, 360tf, said: “At 360tf, we have poured decades of experience & expertise in dealing with clients across the globe on their Trade Finance requirements. In the short period since its inception, 360tf has amassed a Gross Transaction Value (GTV) of $375 million+ and a user base of 140+ corporates from ten countries majorly from India and the UAE with an annual turnover of $10 billion.”

“We are excited to be at the cusp of a new future for Trade Finance and are ecstatic to join hands with Bolero on this journey ahead. We endeavour to onboard 1,000 clients before end of year 2022 and are confident that through this collaboration, Bolero shall gain significant clientele through the combined solution offerings,” he said.

Vikram Lodha CEO and co-founder, 360tf, said: “At 360tf, we strongly believe that challenges are just stepping-stones for innovation and overcoming them lays the platform for a successful revolution! We are delighted to be part of this revolution and have vowed to deliver solutions to address challenges faced by clients across the globe in accessing trade finance – as a start, we have brought down the turn-around time for arranging Trade Finance by 50 per cent.”

“At 360tf, we are also excited about this strategic engagement with Bolero that helps address more challenges for our clients & are confident that our joint client base across the globe will truly appreciate the complete digital journey that this partnership unfolds - from Issuance to Maturity. We look forward to walking together on this exciting journey ahead!”

— business@khaleejtimes.com