HONG KONG, Dec. 13, 2020
/PRNewswire/ -- Velotrade is pleased to announce that its trade
finance platform has been selected by MUFG Bank, Ltd. (MUFG)
to manage its internal invoice processing requirements.
The new system automates the processing of thousands of trade
invoices every month by MUFG team in Hong
Kong.
Under the terms of this partnership, Velotrade recently
delivered a highly-customized version of its SFC-licensed platform
to MUFG Bank's Transaction Banking Office for Asia (TBOA).
"Velotrade's internet-based platform incorporates modern
technologies that create efficiencies which traditional financial
institutions need to compete effectively today," said Gianluca
Pizzituti, Chief Executive Officer of Velotrade. "Our technology is
already proven in the marketplace in addition to meeting today's
strictest compliance standards and we are extremely pleased that
MUFG Bank's TBOA has chosen to work with Velotrade to enhance their
business systems. We look forward to a long and sustained
partnership."
"One of the key advantages offered by Velotrade is ready access
to our team of experts in order to customize the platform to
meet changing requirements. As the Velotrade technology is
developed in house, there is no restriction on our capacity to
quickly make timely changes in order to closely match the client's
expectations."
Hiromi Kaiki, MUFG's Managing Director, Transaction Banking
Office for Asia, said:
"Digitalization is crucial to MUFG's business strategy, which seeks
to leverage technological innovation to transform its business and
empower clients for greater success. By leveraging on the
technological platforms and expertise of Velotrade, we expect
to enhance operational effectiveness by better managing high
volumes of trade transactions."
As a leading global bank with deep roots in Asia, MUFG's transaction banking business has
grown from strength-to-strength, with trade finance assets growing
by 33% from 2017 to 2020 1H in East
Asia.
In ASEAN, MUFG has also invested in a powerful and unrivalled
network by establishing strategic partnerships with Bank of Ayudhya
in Thailand, Bank Danamon in
Indonesia, VietinBank in
Vietnam and Security Bank in
the Philippines, giving clients
access to their local networks and expertise while creating an
ecosystem that encourages the development of creative client
solutions.
Velotrade's account receivables financing platform commenced
operations in 2017 handling cross-border financing deals in
Hong Kong, Mainland China, Singapore, Taiwan, Malaysia, Thailand and Vietnam with a wide cross section of industry
sectors. With its own technology built in house and the added
assurance of SFC approval, the company has since been able to
target increasingly large scale local and international
transactions. This targeted approach to business expansion with a
premium clientele has helped to establish Velotrade as a leading
market player.
"Recognition by a major global bank like MUFG marks an
important step for Velotrade in growing our share in the financial
services market place and validating our business methodology based
on in-house technology development and SFC licence," said
Vittorio De Angelis, Executive
Chairman of Velotrade.
About Velotrade
Customisable Platform for Financial Institutions
The Velotrade trade finance platform has been developed in-house
by the company's team of technology specialists and can be
customised to meet the needs of financial institutions in order to
streamline their trade finance transaction processes.
Headquartered in Hong Kong and
regulated by the Securities and Futures Commission (SFC), Velotrade
offers the support and confidence required to help traditional
banks to compete with a rising tide of virtual bank and
next-generation fintech companies in the increasingly competitive
financial services marketplace.
Trade financing platform
Velotrade is an Internet-based platform for businesses of all
sizes to finance their cash flow needs using their unpaid invoices.
Recognising that unpaid invoices represent a financial asset,
businesses can use Velotrade to access funds by securing advance
payment from participating investors on their outstanding
invoices. Companies apply for inclusion on the Velotrade
platform and upon approval may upload invoices for investors to
finance on a per-invoice basis.
Using the latest-available technologies to conduct comprehensive
credit analysis and incorporating modern compliance procedures,
Velotrade's platform is an efficient and rapid means for companies
to obtain financing to meet their cash flow imbalances.
Backed by a Type 1 SFC licence, Velotrade provides leading
financial institutions with access to new investment opportunities
in the developing alternative asset class of Account Receivables
Financing.
For more information please visit:
https://www.velotrade.com/
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SOURCE Velotrade Management Limited