Bank of Bahrain and Kuwait (BBK) has launched a new trade finance banking channel solution, Galileo Trade-Portal-as-a-Service (Galileo TPaaS) in partnership with Bolero International, a leading cloud-based trade finance fintech company based in the UK.
The solution is designed to empower BBK’s small, medium and large corporate customers to conduct traditional trade transactions more efficiently, intelligently and securely, leveraging global best practices in structured communication and SWIFT-compliant processes.
“We are thrilled to be partnering with Bolero to offer our corporate clients a seamless digital experience for their trade finance operations. With this new digital solution, we can achieve an accelerated time-to-market and significantly optimise our deployment costs compared to other traditional trade finance solutions,” said BBK Group chief executive Dr AbdulRahman Saif.
“Galileo TPaaS offers a simple and powerful front-end solution to serve our trade customers, hence we are confident that this collaboration will be very positive in fulfilling the trade digitalisation vision of the bank,” he added.
Bolero managing director Andrew Raymond said, “Securing BBK as a prominent client in the Gulf region is a truly exceptional achievement, underscoring a momentous milestone on our remarkable journey of continuous growth and success.
“Our aim is to simplify what was once considered a complex endeavour, particularly when compared to straightforward cash transactions. With this partnership, we will work closely with BBK to deliver the most intuitive and superior digital experience to its customers.”
Customers can access this solution through BBK’s BanKey online platform – an advanced digital banking system tailored to corporate customers. With a user-friendly digital experience supporting comprehensive trade transaction lifecycles and a streamlined communication channel, Galileo TPaaS will eliminate potential barriers and accelerate digital adoption among the bank’s corporate customers, marking a significant step towards embracing the digital future.
The solution comes in line with the bank’s journey towards embracing and unlocking the immense advantages of digitalisation. The bank recently launched BBK Business, a digital onboarding platform that enables corporate customers to set up accounts digitally and request for an array of services.
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