August 09, 2019 | The Asian Banker
- Welspun faced efficiency challenges around range of business issues
- Migration from physical documentation to electronic presentation through Bolero
- Secured business link between Welspun and Yes Bank
Bangkok, May 30th 2019 — Yes Bank and Welspun Global Brands Limited received the award for Best Corporate Trade Finance Deal at The Asian Banker–Bankers Choice Awards 2019. The awards ceremony was held in conjunction with the prestigious The Future of Finance Summit 2019, the foremost annual meeting for decision makers in the financial services industry in the Asia Pacific region, held at Shangri-La Hotel, Bangkok, Thailand on May 30th 2019.
In the picture: David Gyori and Richard Hartung; International Resource Directors, Foo Boon Ping, Managing Editor; The Asian Banker with Sandeep Kumar Garg; CFO; Welspun Global Brands Limited, Sanjiv Misra; Group President and Munindra Verma; Head Trade & Cash Product Management, Transaction Banking Group; Yes Bank
Welspun faced efficiency challenges around range of business issues
Welspun Global Brands Private Limited, one of the globally recognized leaders in home textiles and line pipes segment, was looking to tide over the hassle of handling physical documents and paper records in order to reduce the time required to receive original documents for clearing the goods. It was additionally seeking a secure trade finance platform to achieve complete transaction visibility.
Migration from physical documentation to electronic presentation through Bolero
The bank in a first-of-its-kind digital transaction, implemented an e-Presentation solution encompassing an end to end electronic presentation of export documents for Welspun Group on the Bolero platform. The bank partnered with Bolero to reduce TAT and dependency on paper to improve transaction handling capabilities and foster convenient mechanism for transmitting information online, respectively. The solution additionally ensures that data is stored and shared digitally for Welspun. The bank leveraged its key strength in establishing collaborative ecosystems to not only transform work-flows at the bank’s level but also effect significant manpower and turn-around-time reductions for all partners involved
Secured business link between Welspun and Yes Bank, resulting in significant efficiencies
The solution resulted in a secured link between Welspun’s trade finance department and the bank, driven by an encrypted-digital signature overseeing transfer of electronic funds. Real time sharing of electronic documents was hence made possible as goods were cleared as soon as they were received. Welspun was able to record significant efficiencies as TAT for documentation presentation was reduced from 10 days to real time, paper handling costs to NIL from USD 250 a document in addition to post Bolero implementation which resulted in greater human resource efficiency
The Bankers’ Choice Awards 2019, refereed by prominent global bankers, IT consultants and academics, is the most prestigious of its kind in Asia Pacific, which recognise corporations that have strong financials and demonstrate the ability to use the financial supply chain to add value to their partners in the upstream and downstream activities of their businesses. Recipients of these awards are honoured in a gala event that recognises their efforts in bringing superior products and services to their customers. A stringent and comprehensive evaluation process determines the awardees. For specific details relating to description of the awards, evaluation criteria and process, kindly visit http://www.asianbankerawards.com/bankers-choice/index.php.
About The Asian Banker
The Asian Banker is the region’s most authoritative provider of strategic business intelligence to the financial services community. The company is headquartered in Singapore, with offices in Manila, Malaysia, Hong Kong, Beijing, and Dubai, as well as representatives in London, New York, and San Francisco. It has a business model that revolves around three core business lines: publications, research services, and forums.
To view the Business Achievement Awards 2019 gallery, please visit https://bit.ly/2WcifTO.
For further information on the collaterals for winning banks, please contact:
Mr. Alfred Labicassi
The Asian Banker