July 2017 The Saudi British Bank (SABB) adopts Bolero solution to become the Kingdom’s first bank offering digitised trade solutions – delivering ground-breaking advantages in speed and security
The Saudi British Bank (SABB), Saudi Arabia’s leading trade bank, is partnering with Bolero International, the premier trade finance digitisation solution provider, to bring Bolero’s electronic trade document solutions to corporate clients, slashing transaction times and delivering major gains in security and efficiency.
Adoption of Bolero solutions by SABB puts the bank at the forefront of innovation, making it the first bank in the Kingdom of Saudi Arabia to enable clients to initiate transactions electronically, eradicating the time-consuming inefficiencies associated with paper documents.
The partnership will initially provide Bolero’s electronic guarantees solution, as a first step towards the provision of a wider range of digitised trade documentation solutions via the Bolero platform, in accordance with the requirements of SABB’s corporate clients.
"We are extremely pleased to enter this partnership with Bolero which puts SABB at the cutting edge of trade innovation, giving our clients all the far-reaching advantages of transaction-speed and security that flow from the Bolero digital trade solutions,” said David Dew, Managing Director, SABB. “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.”
Ian Kerr, CEO of Bolero International added: “It is very exciting to forge a partnership with such a genuinely forward-looking and highly respected institution as SABB. Bolero is dedicated to improving corporate efficiency by opening up world trade to the advantages of digitisation. We have a strong history of working with banks and we very much look forward to developing our partnership with SABB.”
SABB is a leading trade bank in the Kingdom and has been named by Global Finance magazine as the “Best Trade Finance Bank” in Saudi Arabia for 2017 i.e. 9th consecutive year. SABB has also been named by Euromoney as the “Best Trade Finance Bank” in Saudi Arabia for 2017 widely acknowledging SABB as the pre-eminent trade finance bank in the Kingdom.
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