PR87106

HONG KONG, Dec. 14, 2020 /PRNewswire=KYODO JBN/ --

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/

SOURCE:  Velotrade & MUFG