Korea Exchange Bank has joined neighbouring institution Hanvit Bank and signed up for bolero.net, an electronic trade finance platform backed by international bank network Swift and logistics outfit the Through Transport Club.
The bolero.net platform has been built to enable the secure exchange of import/export documentation and associated payments information over the Internet.
Korea Exchange and Hanvit are house banks to over half of all Korean businesses. A number of other leading Korean businesses, such as Samsung Electronics and Daewoo Information Systems are also members of the bolero.net community.
"Our signing up to bolero.net means that trade between the Korean business community and its overseas partners will now move at 'e-speed' says Chang Hee Lee, manager, Korea Exchange Bank.