First day of the inaugural congress of the guangdong business factoring association
On 31 january, the general assembly of the first member of the guangdong commercial factoring association was held in guangzhou on the same day, when the first representative of the association was elected as president of the executive branch of physicology company limited (hereinafter referred to as “physical factoring”) and chairman of the board, chen bao guo, attended the meeting and delivered his inaugural speech. It indicated that the establishment of the guangdong business factoring association would contribute to the development of commercial factoring companies in guangdong province in a number of areas, including the development of industry regulations and the creation of bridges for the exchange of information between business enterprises。
It is worth noting that, thanks to the innovative integration of internet finance and a strict system of wind controls, the performance of inclusive factoring has grown rapidly this year, and its growth pattern has attracted industry attention, with successive awards such as the 2014 business factoring industry-innovation special award, presented by the china international factoring board。
It's a good time to take care of the market
At the conference, the 2015 china international factoring summit and the port-au-prince trade finance development forum were opened, and a number of leaders and academics, including the ministry of commerce, the department of commerce of guangdong province and the provincial finance office, undertook a comprehensive discussion on trends in emerging issues in business factoring. In forum ii, chen po indicated that in the area of pledge of receivables, bank factoring was concentrated on a large and high-quality group of customers, such as utility companies. In practice, smes most in need of factoring and pledge receivables often do not benefit from bank factoring, which is the market opportunities of commercial factoring firms。
The first member congress of the guangdong business factoring association was held in guangzhou
Forum guests stated that the misalignment of financial resources gave business factoring opportunities, that more than 90 per cent of businesses currently on credit in domestic trade and that the business factoring industry as a whole had wide prospects in a market environment where credit was becoming a mode of dealing. The volume of domestic business factoring in 2013 was about $20 billion, and it is foreseeable that the annual turnover of business factoring will reach rmb 500 billion over the next three to five years。
According to the report of the sino-bank cooperative factoring professional commission, 284 commercial factoring enterprises were registered in the mainland by the end of 2013, and 200 new commercial factoring enterprises were added in 2013 alone, a 4. 5-fold increase over the end of 2012. By the end of september 2014, the total number of commercial factoring companies had exceeded 700。
The election of the first association member by secret ballot
However, in terms of business volume, china's total factoring volume in 2013 was about rmb 3 trillion and was heavily concentrated in bank factoring, with commercial factoring totalling only rmb 20 billion。
Policy to build bridges between government and business information for the association of power factoring
The guangdong region can be said to provide a space for commercial factoring to develop. In december 2012, the ministry of commerce issued a circular on the pilot establishment of commercial factoring enterprises in shenzhen and guangzhou by hong kong and macao service providers, which allows hong kong and australian service providers to establish foreign commercial factoring enterprises, opening the way for the development of the shenzhen and guangzhou business factoring industry。
In the case of shenzhen, for example, the threshold for business registration was significantly reduced in 2013, when shenzhen spearheaded a nationwide reform of the commercial registration system. As of the end of june this year, the total number of commercial factoring enterprises in shenzhen city was close to 300, of which more than 250 were registered in the former maritime cooperation zone. The total number of companies registered was a long way ahead of the national level, with a relatively good pre-emptive advantage in industrial clustering。
Member of the first association, photo taken. Chairman of chen po was elected executive chairman
In this context, according to the relevant head of the guangdong business factoring association, over the coming year the industry associations will be working to organize exchanges and collaborations on various aspects of factoring projects, products, technology, talent and information, and to coordinate cooperation between business factoring agencies and government agencies, finance, intermediaries and small and medium-sized enterprises with a view to accelerating the development of the business factoring industry in guangdong province。
They further stated that industry association regulation has unique advantages different from government regulation and enterprise-specific risk management, and that it can contribute to the building of industry integrity value systems through the development of industry codes, rapid information sharing, timely industry early warning, industry supervision and management, and to the promotion of self-regulation and enterprise capacity to contribute to industry regulation and health。
500 billion dollars to dig up
At that meeting, the guangdong business factoring industry development report (2014), the first report in guangdong province on commercial factoring markets, analysed the state of business factoring, the economic environment and trends. The report states that, although business factoring has continued to receive attention from the state since 2012 and has become a flashpoint of concern in the private financial sector, and commercial factoring pilot areas and pilot enterprises have experienced explosive growth, the total volume of business in the industry remains small, and many factoring companies have not really opened up their business breakthroughs。
At the 2015 china (guangzhou) international factoring summit, yang xianping, full-time vice-president of the china bank association, stated that the greatest innovation in the country's factoring industry this year was the “cross integration” of business factoring and internet finance. As an enterprise that tried earlier to integrate internet finance in the factoring industry, the business model of inclusive factoring received attention from participants. It is understood that the mode of cooperation between epm and ifts is mainly related to the transfer of receivables from an enterprise to epm, the formation of a post-reconciled asset and the sale of the right to gain through ifs to the investor, and the repurchase of epm upon expiry。
The association's executive director, chen bao, chaired the forum dialogue session, using internet-based financial access and lower costs, has shown rapid growth in inclusive factoring since this year. As a result of its outstanding performance, the committee received awards for the 2014 business factoring industry contribution unit, the 2014 business factoring industry special award and the 2014 business factoring industry best risk control award, from the china international factoring summit organizing committee, and for the 2014 business factoring industry personal contribution award。
Responsible editor: zhang dei
