London, Hong Kong, Singapore & Tokyo, 22 October 2020 – Bolero International, the leading cloud-based trade finance digitisation experts, announced today significant new partnerships with CommChain and Envoy to embed electronic bills of lading into their blockchain-based digital trade platforms built on R3’s Corda.
CommChain, based in Australia, and Envoy, based in Latin America, will use Bolero’s electronic bill of lading as-a-service in their highly advanced digital trade platforms built on distributed ledger technology. These partnerships confirm Bolero as the number one provider of electronic bills of lading (eBLs) to blockchain-based trade and supply chain finance platforms.
As part of Bolero’s ambitious broader strategy to establish itself as the platform-agnostic, interoperable eBL service specialist, Bolero continues to invest in global partnerships with trade platforms across all leading blockchain platforms such as Hyperledger, Corda and Ethereum. Bolero provides eBL as a service to Contour, a leading trade finance network, and earlier this year, became part of the Marco Polo Network, the world’s largest and fastest-growing trade finance and working capital network.
Bolero CEO, Andrew Raymond said: “Bolero is continuously investing in new technologies and innovating to keep pace with evolving business models in digital trade. These partnerships reinforce Bolero’s strategy of easing the adoption of eBL services globally and will help grow the Bolero network of banks, corporate and carriers. Collaborations with CommChain and Envoy are exciting because they share our vision of fully digital global trade finance flows with streamlined processes benefiting all parties.”
CommChain is transforming the processing of bulk commodity trades through the elimination of paper. It offers a secure digital solution with a suite of features that radically improve efficiency in the execution of logistics services and trade settlement.
Gary Zamel, Co-founder and Executive Chairman of CommChain added. “It is an exciting move for CommChain to partner with Bolero – a company that has a tried-and-tested eBL solution that fits in perfectly with our aim of transforming the commodity trading industry through digitisation and the power of blockchain.”
Envoy Group employs blockchain technologies to bring significant efficiencies to global supply chain and trade finance, injecting vital and once-unobtainable liquidity into the system using decentralised finance (DeFi).
Lee Tarone, CEO of Envoy said: “Like Bolero, we want to revolutionise global trade and its processes, opening up the system to provide thousands of companies with the finance they are currently denied. Our partnership with a proven expert such as Bolero is a big step forward in fulfilling our ambitions.”
CommChain is an Australian company changing the way bulk commodity trades are processed. CommChain offers its customers, a secure digital solution for the execution of logistics services and trade settlement. It enables a private permission-based distributed ledger platform that networks across all participants using advanced blockchain technology.
Eliminating the need for archaic paper-based documentation, CommChain’s technology solution offers a suite of features that are designed to improve the efficiency in bulk commodity trading. The company is developing a highly interoperable and collaborative platform driven by a team of commodity industry specialists with deep domain experience and mining history to deliver an effective but customised solution.
Envoy uses blockchain technologies to bring massive efficiencies to global supply chain and trade finance. Built on enterprise software firm R3’s Corda blockchain platform, Envoy accelerates the $17 trillion annual global trade flows into the digital age by reducing inefficiencies and injecting vital once unattainable liquidity by means of decentralised finance (DeFi). It is designed to integrate seamlessly with legacy data systems and all third party blockchains, enabling buyers and sellers, to manage global trade logistics, and to find new funding sources supported as a result of trust. Envoy recently accelerated its expansion following a $13 million institutional investment committed from Alcedo Digital Ventures.
For more information, please contact:
The Whiteoaks Consultancy
Tel: + 44 (0) 1252 727313