Country for PR: Hong Kong
Contributor: PR Newswire Asia (Hong Kong)
Monday, December 14 2020 - 17:27
Velotrade selected by MUFG Bank as partner for enhancement of digital trade services
HONG KONG, Dec. 14, 2020 /PRNewswire-AsiaNet/ --

Velotrade is pleased to announce that its trade finance platform has been 
selected by MUFG Bank, Ltd. (MUFG) to manage its internal invoice processing 

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 

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 

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 

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:

SOURCE:  Velotrade & MUFG