The Saudi British Bank (SBB) is to be one the first banks in the Kingdom to offer digitised trade solutions, through a new partnership with Bolero International. The agreement is intended to enable SABB to eradicate time-consuming inefficiencies associated with paper documents.
The partnership will initially provide Bolero’s electronic guarantee solution, as a first step towards the provision of a wider range of digitised trade documentation solutions via the Bolero platform.
David Dew, managing director, SABB, says, “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.”
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.