7 companies became FCI Full Members this yearFriday 28 July 2017
We congratulate the companies who became FCI Full Members this year and find their own reactions below:
Brasilfactors team, and our shareholders (China Construction Bank and FIMBank), are extremely proud to see Brasilfactors upgrade to FCI full member. Brasilfactors started business in Brazil in 2012 and immediately joined FCI to promote international factoring in the country. International factoring remains almost unknown in the Brazilian market and our main challenge is to overcome the little awareness and knowledge about the product, requiring extra effort in educating both clients and staff. We know it can be sometimes frustrating to develop the product in these new markets, but the reward, in the long run, will certainly pay the investment. This would not be possible without the full support and cooperation from FCI, providing the needed education material and international good practices. We are convinced that, together, we can bring Brazil business volumes to the levels it deserves.
CY00100 BANK OF CYPRUS CY
Our upgrade to full membership again, was the result of hard work and effort with increased sales volume both in import and export factoring whilst remaining focused on delivering value to our customers.
This accomplishment provides yet another landmark that the Bank of Cyprus Plc is moving ahead with clear goals and perspectives. In addition to its listing in the London Stock Exchange, earlier this year, our status of full membership provides recognition of the Group’s enhanced credibility and strong financial position.
The personnel here at Factors display satisfaction and pride that once again BOC Factors is a full member and the only institution in Cyprus to be a member of FCI.
IN00100 SBI GLOBAL FACTORS
By now everybody at SBIGFL was quite excited about the future prospects and our Board of Directors seemed to be gaining confidence in our efforts to turnaround the fortunes of the company. We revamped our website. SBIGFL even won a recognition from FCI at Singapore Annual Meeting in 2015 in the category “best improvement in quality of service by an export factor”. In 2016, when the turnover reached EUR 38 million, there was some sense of disappointment at not having achieved the coveted EUR 40 million mark. But this only spurred us to work harder and by March 2017, we had aggregate turnover for 12 consecutive months of EUR 42 million. In short time of 3 years, we had progressed from almost losing our membership to becoming a Full Member. However, more exciting times lie ahead as we look to having at least 20% turnover under 2-factor model and 10% of our FIU coming from export factoring.
SBI future aspirations:
1. To create awareness across India about factoring as a preferred option for finance especially for MSMEs.
2. To increase Export Factoring under the 2-Factor Model so that it constitutes 10% of our FIU and 20% of our turnover (from current levels of about 5% and 10% respectively).
3. To begin providing Import Factoring Services.
4. To be among the top 5 Export Factors of FCI by 2019 in terms of service quality.
IN01400 INDIA FACTORING
India Factoring started Export Factoring in June 2016 with an aspirational target of becoming full member by December 2017. Being a new product segment in a nascent Factoring market which India is, the challenge was uphill but the team took it up as a personal goal. With immense amount of hard work, determination and bit of luck, the team was able to drive the business and achieve the target by March 2017. The entire team including parent FIM Bank, is extremely proud about the achievement and is looking forward to further double up the turnover during next year as we build a nascent but opportune business in India. The support shown by FCI and co-members is exemplary and India Factoring take pride in being FCI members and looks forward to participation in FCI activities in future.
PE00400 SRM PERU
It has been a strong challenge to become Full Member this 2017; since we first started operations with FCI in 2012 in Brasil we noticed that we could make good business going hand in hand with FCI and our exporters. For this reason we looked into other countries and by the end of 2013 we established a similar structure in Peru. In 2015, with the creation of the fund we firmly believed that we were ready to start our upgrowth.
Our team was aware and assumed with responsibility the challenge of making our Company well recognized inside and abroad. This same scheme was made in Chile and now we are looking into markets like Argentina and Colombia. We are very proud of achieving this target and encourage ourselves to spread these good practices all around South America. FCI together with factors around the world have been our strategic allies and we rely on them to continue achieving the company’s goal for next year: double the turnover with safe business.
PL00500 BZ WBK FAKTOR
BZ WBK Faktor (100% owned by BZWBK a member of Santander Group) started FCI operations in the beginning of 2014, so just a few months after the membership application was approved. BZ WBK Faktor is proud that after three years they managed to increase international business turnover, both import and export operations, by over 720% from 2014 to 2016! This allowed them to meet full FCI membership requirements in May 2017. Year to year growth in international factoring Turnover amounted to 114% in 2016. This happened thanks to a strong commitment and huge efforts made by BZ WBK Faktor Team in order to ensure efficient operational process. This is also a good opportunity to acknowledge a great support of BZ WBK Faktor counterparties who highly contributed to this achievement, especially to Santander Team of Jose Ortiz Miranda who served as a mentor and introduced BZ WBK Faktor to the FCI family. Our ambition is to continue to grow FCI business in the coming years. International factoring has become a firm part of Customer proposition to support Polish exporters and importers. BZWBK Faktor has consolidated its strong market position with over 13% market share (H12017 data) being overall number 2 player in the market (Polish Factors Association 22 member data) and maintaining its top position in Supply Chain Finance with 38% market penetration.
LK00400 SCB SRI LANKA
Standard Chartered Sri Lanka is pleased to have gained full membership on our partnership with FCI. We are confident that we can expand on our success in structured receivable financing, particularly in the industrial sector which is poised to contribute significantly to our country's exports in the coming years.