Bolero moves first Certificate of Origin

Bolero moves first Certificate of Origin

Bolero, the global initiative to move trade onto the Internet, and Tradelink, Hong Kong's largest e-commerce service provider, announced Wednesday it had transmitted its first electronic certificate of origin.

The British subsidiary of Otto Versand, a large mail order group, received the certificate from its Hong Kong supplier, Ocean Garments, and passed it on to Customs in the United Kingdom.

Certificates of origin provide proof of the domicile of production and are used principally for quota management purposes on an international basis.

Bolero, co-owned and operated by SWIFT, an international banking cooperative, said the development is significant because of the involvement of British Customs as well as Tradelink Electronic Commerce, which operates the electronic certificate of origin service in Hong Kong.

Otto Versand has now conducted more than 10,000 live transactions via Bolero, with over 80 percent of all Otto's shipments out of Hong Kong handled by the system.

Separately, two of the largest banks in Japan and Korea, UFJ Bank and Korea Exchange Bank, have agreed to promote the use of the Bolero system in trade between Japan and Korea.

UFJ and KEB will conduct pilot tests of Bolero's 'SURF' product - an online service that ensures that both parties to a trade have fulfilled their contractual obligations, allowing payment to take place and the goods to be delivered.

With the introduction of SURF, customers of the two banks will be able to cut the time taken to process a typical trade from several weeks to less than a day.

The deal includes agreements on e-trade services as part of a wider agreement to develop joint business opportunities in the areas of foreign exchange, trade and project finance.