CFEC 5th Summit, Tianjin, China, 29 - 31 MarchFriday 31 March 2017
The CFEC 5th Summit was held in Tianjin on 29 to 31 March at the Tianjin Teda Convention Centre Hotel. The three day event was attended by 400 participants mainly from the commercial factors in China and some banks.
The highlight of this conference was the launch of the standard factoring contract. This makes the task of factors in China easier as they do not need to appoint solicitors to draft a factoring contract.
In the CFEC progress report, the number of registered commercial factors has grown to 5,800 companies and in 2016 their total factoring volume amounted to Euro 67.9 billion. This volume is significant as the clients of commercial factors are mainly SMEs . The increase in the commercial factoring volume helped to cushion the fall by the bank factors. Participants in the summit were very enthusiastic and confident about the future of factoring notwithstanding the "new normal" in the economic growth in China. As in other countries, commercial factoring fill the gap when banks reduced their lending to SMEs.
FCI has been very supportive of CFEC and this time round is no exception. Both Aysen Cetintas, the Education Director and Kheng Leong, the Asia Regional Director spoke at the summit about risk in international factoring, and respectively about international factoring.
The speech by Aysen was very well received as many participants were interested to know more about the control of risk in factoring. Many have expressed their interest to learn about our courses and education seminars and to take up some of the courses.
We also took this opportunity to launch our international factoring course in Chinese which has also generated keen interest. More information here.
Some of the participants are also interested in joining FCI .