SABB to become the Kingdom’s first bank offering digitised trade solutions through partnership with Bolero
London, 10th July 2017: Bolero International, the premier trade finance digitisation solution provider has been selected by The Saudi British Bank (SABB), Saudi Arabia’s leading trade bank to bring ground-breaking advantages in speed and security with its electronic trade document solutions, slashing transaction times for corporate clients.
The adoption of Bolero solutions by SABB puts the bank at the forefront of innovation and makes it the first bank in the Kingdom of Saudi Arabia to enable clients to initiate transactions electronically. The partnership will enable SABB to eradicate time-consuming inefficiencies associated with paper documents.
In accordance with the requirements of SABB’s corporate clients, the partnership will initially provide Bolero’s electronic guarantees solution, as a first step towards the provision of a wider range of digitised trade documentation solutions via the Bolero platform.
“We are extremely pleased to enter this partnership with Bolero which puts SABB at the cutting edge of trade innovation, giving our clients all the far-reaching advantages of transaction-speed and security that flow from the Bolero digital trade solutions,” said David Dew, Managing Director, SABB.
“As the pre-eminent trade bank in the Kingdom of Saudi Arabia we see this partnership with Bolero as an essential part of our commitment to excellence and innovation in the service of our highly-valued corporate clients.”
Ian Kerr, CEO of Bolero International added: “This partnership is a very exciting development for all at Bolero. We are proud to have forged this partnership with a such a progressive and highly respected institution as SABB. This is also a testament to Bolero’s dedication to revolutionising world trade through digitisation and improving corporate efficiency. Bolero has cultivated strong working relationships with many banks and we very much look forward to developing our partnership with SABB.”
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About SABB
SABB is a leading trade bank in the Kingdom and has been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for 2017 i.e. 9th consecutive year. SABB has also been named by Euromoney as the “Best Trade Finance Bank” in Saudi Arabia for 2017 widely acknowledging SABB as the pre-eminent trade finance bank in the Kingdom.
About Bolero (www.bolero.net)
Bolero is a leader in the digitisation of global trade, providing cloud-based solutions that help organisations optimise working capital, secure trade finance and reduce the risks and costs of global trade.Since launching the first electronic bill of Lading, Bolero has securely exchanged trade data and documentation between trading counterparties across the entire supply-chain including buyers, sellers, financial institutions and other involved parties.
For more information, please contact:
Scott Lunn
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313