Worldwide factoring report We round off 2010 with reports from some IFG friends from around the world
Asia
Bibby Financial Services Asia Bibby Financial Services opened a new office in Hong Kong this May as a further expansion in the Asia Pacific region. It is a key access point for the flow of trade out of Asia-Pacific, so this growth strategy will best position us to help provide cashflow solutions to small and medium-sized firms who are trading both in and out of this area. BFS (Asia) has completed its operational set-up and is now ready to take on new business opportunities with a strong focus on export factoring and trade finance services.
Australia Ian Watson Centrally located in Asia and with a rapidly
growing mainland China as its hinterland, Hong Kong is an international business, trade and financial hub. In the financing business, the city is dominated by local and foreign banks and to a lesser extent, independent commercial finance companies. This gives BFS (Asia) a great opportunity to provide small to medium- sized companies with flexible cashflow solutions to support business growth. However, given the attractive business environment in Hong Kong, this might also mean that more new players would come into the marketplace. Overall, 2011 is expected to be a good year considering the positive economic outlook. Ian Watson
CEO Asia Pacific 80 November/December 2010
Bibby Financial Services Australia Bibby Financial Services Australia launched in 2003, and has been one of the fastest growing providers of factoring and invoice discounting in the Australian market. We specialise in confidential and notified factoring and discounting services, including domestic and export products and operate in Sydney, Melbourne, Brisbane and Perth servicing clients nationally. The market for factoring and discounting in Australia remains positive, with the banks continuing lack of appetite to write business a key driver to this. Despite relatively strong headline figures, the market for business finance is relatively flat, with high interest rates, fewer growth prospects and continued suppressed business confidence undermining investment decisions and reduced demand for funding. We are pleased to have remained very much open for business as we continue lending to SMEs, supporting our clients through difficult times. BFS Australia has further consolidated its position as a leading independent provider in the Australian market steadily building our share of the market in both the factoring and invoice discounting segments. With a robust sales growth, advances increased 32% over the year to September 2010 and having bolstered our sales and operations teams due to increased demand for our facilities, we are well positioned to continue our growth objectives in 2011. Despite the uncertainty in global markets, the Australian economy is in a relatively strong position, with GDP growing 1.2% in the June quarter, and 3.3% over the corresponding period in 2009. Australia has been able to escape technical recession and business conditions and confidence are steadily, if
Business Money
Greg Charlwood
slowly, improving. Inflation is currently at 2.8% and the Australian dollar has risen to historical highs against the US dollar. The recovery in the resources sector, driven by improving commodity prices and demand from China and other developing countries has played a significant part in improving economic conditions. Business failures have decelerated somewhat from 2009 levels, although are still well above pre-GFC levels. Despite this the market for credit insurance is slowly returning, but it still remains difficult to access due to higher levels of risk in the SME market. Looking forward to 2011, Bibby Financial Services Australia is very optimistic in terms of its growth prospects, expecting demand to remain buoyant as a result of the banks continued lack of appetite in the SME segment providing us with a window of opportunity. With our experienced management team, strong intermediary partnerships, expanding product mix and our commitment to excellent client service, and leveraging the strength and stability of the Bibby Financial Services Group, we are expecting further strong growth within our market.
Greg Charlwood Managing Director
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