Bolero, the provider of secure financial supply chain solutions, has signed a strategic initiative with E-MA Logistics Systems, a Chinese import and export logistics company, to extend access in the Chinese market to Bolero’s trade finance solutions.
Shanghai-based E-MA provides logistics and supply chain management systems to government departments and large logistics organisations in China. With the support of the Shanghai municipal government, the company is also responsible for providing an e-payment platform for taxation payments involved in the customs and excise application process.
John Bai, chairman of E-MA says: “We have witnessed a steadily growing demand from our customers for LC automation systems which offer a consolidated view of working capital. The explosion of trade with China over the past few years has led to a huge demand for secure, dependable trade financing tools. Our partnership with Bolero will complement our existing e-payment platform, and boost our ability to demonstrate how a neutral, multi-bank platform can lower the risk associated in dealing with an emerging economy by removing the complexities of managing the end to end LC process.”
Through the agreement with Bolero, E-MA will be able to offer its customers Bolero’s Letter of Credit Application Suite, a trusted and neutral third-party solution for secure electronic corporate-to-bank-to-corporate financial supply chain automation, which replaces paper-based communications with a standard easy-to-use web-based interface.
Arthur Vonchek, CEO, Bolero says: “The key to success in the Chinese market place lies in building strong relationships with established, local providers. E-MA has fostered excellent links both with the public and private sectors in China. By working in close partnership with them, we hope to build awareness of the operational efficiencies and improved service levels our standardised trade platform can bring large Chinese corporates, which in turn extends the global trade opportunities available to them.”
The partnership between Bolero and E-MA has achieved a successful first step, with a joint Bolero-E-MA Seminar held in Shanghai in January 2006, participated in by more than 50 representatives from government authorities, national and international banks, as well as local and multinational corporates.
Established in July 2002, Shanghai E-MA Logistics Systems is fully owned by Shanghai E&P International. E&P was founded in 2001 as a government capitalised company, specialises in development, construction and operation of information technology in aspects of international trade and port logistics in Shanghai and surrounding provinces. E&P has a rich and successful experience in IT platform planning, construction, network and operation management.