Velotrade Selected by MUFG Bank
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.
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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.