Eastern Networks teams up with Al Mal Group to create Bolero Middle East
Bolero’s local operation will provide secure electronic document exchange services to the region.
Eastern Networks has teamed up with investment house Al Mal Group and Bolero International to launch Bolero Middle East & North Africa (MENA). Bolero’s local operation will provide secure electronic document exchange services to the region.
Speaking at the launch of the Bolero’s office, Hazem Mulhim, group managing director, Eastern Networks commented that “this partnership is guaranteed to accelerate the pace of e-trade in the.”
Bolero MENA is funded by Eastern Networks, Bolero International, Al Mal Group of Kuwait and other strategic regional investors with approximately US$10 million of capital. The company will have a head office at Dubai Internet City and five regional offices in Cairo, Riyadh, Amman, Kuwait and Istanbul.
“There is tremendous potential in the MENA region for developing electronic trade. Trends indicate that inter-region trade is set to boom and the region’s contribution to global trade is poised to increase manifold. More countries in the region are joining or have already joined global trade blocs. The spread of the Internet has been significant and several countries have introduced or are expected to introduce legislation governing the use of e-commerce,” comments Mulhim.
At the core of the Bolero offering is its core messaging platform (CMP) that enables users to exchange electronic trade documents via the Internet. CMP is responsible for all common functions between users on one side, and between users and value-added services on the system such as Title Registry, Connect the Community (CTC), Application Service Provision (ASP) and Document Validation System (SURF).
“The system is underpinned by a unique legal structure and is maintained by a trusted third party. All messages between users are validated and acknowledged, and notifications are provided as requested,” says Hussein Rifai, the newly appointed CEO of Bolero MENA.
“Bolero MENA, which will be the sole agent for 21 countries in the region, has been set up with a clear vision to institutionalise the Bolero system for document exchange in the Middle East, North Africa and Central Asia. Similar to SWIFT for banks, we expect bolero to become the global standard for document exchange. As in all new trends the leaders will gain the most benefits from joining,” he adds.