Velotrade, a digital trade finance marketplace, announced that its trade finance platform has been selected by MUFG Bank to manage its internal invoice processing requirements. The new system automates the processing of thousands of trade invoices every month by MUFG’s team in Hong Kong.

Under the terms of this partnership, Velotrade recently delivered a highly-customised version of its Securities and Futures Commission (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. 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 customise 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.”

said Gianluca Pizzituti, Chief Executive Officer of Velotrade.

Hiromi Kaiki, MUFG’s Managing Director, Transaction Banking Office for Asia said that it intends to leverage on Velotrade’s platform and expertise to “enhance operational effectiveness by better managing high volumes of trade transactions”.

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.

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.

Featured image: MUFG