FCI made investment into building FCIreverse, a new global Supply Chain Finance (SCF) platform for financing buyer-approved receivables. This unique platform solution enables FCI members to initate and participate in both local and multi-regional SCF/reverse factoring programs to increase revenues and grow assets.
For years, FCI has been made efforts to help build sustainable legal and regulatory environments to support the growth of factoring and receivables finance. Together with the Islamic Trade Finance Corporation (ITFC), FCI developed a new set of rules governing Islamic Factoring. China has promulgated the new Civic Code, which specifies Factoring Contract as an independent and typical contract, providing fundamental support for factoring industry under the legal framework.
By integrating resources and strengths in the development strategy, including tech innovation, think-tank building and talent cultivation, FCI set up special committees led by senior factoring experts in the industry. Additionally, FCI launched its education brand FCI Academy. So far, tens of thousands of students have completed the online courses & certificate programmes and have become experienced and competent factoring & receivables finance practitioners.
Driven by fin-tech innovation, FCI made active efforts to promote the application of blockchain in the factoring, and built a credit system through product and technology innovation to minimize transaction risks. In addition, FCI launched a new website, a new private domain and a new app. The new website, which is very friendly to users, highlights internet thinking with simple pages, refined information and extensive functions. Consistent with the style of the website, the new FCI app allows users to seamlessly switch between different devices.
As global emerging economies and international trade continue developing, factoring has featured more prominently in the emerging markets. Over the past three years, two thirds of the new FCI members came from the emerging economies, including Philippines, Bangladesh and Cambodia. Factoring has taken root and burgeoned in more emerging markets.
It is hoped that factoring and cross-border cooperation shall be an unstoppable trend into every corner of the world. Nowadays, only those who can adapt to new environments and adopt new market rules can survive, and succeed.