Velotrade selected by MUFG Bank as partner for enhancement of digital trade services

Velotrade, the web-based invoice finance solution provider, 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."

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.