Successful Workshop on Case for Factoring as an alternative tool for financing SMEs, JordanFriday 19 April 2019
The workshop on “the Case for Factoring as an alternative tool for financing SMEs” was held on 17th April, in Amman the capital of Jordan. EBRD and FCI teamed up to organise the first factoring workshop in cooperation with the Association of Banks in Jordan. More than 50 representatives from the financial sector, regulatory bodies, government authorities and commercial banks participated the meeting with great interest.
Following the opening speech made by Dr. Adli Kandah, Director General of Association Banks and Dr. Heike Harmgart, EBRD Director Jordan, Betul Kurtuluş, FCI Chapter Director responsible for Middle East, delivered a presentation with regard to the latest developments in receivables finance industry, the world of Factoring, statistics and FCI.
Aysen Çetintaş, FCI Education Director, gave a presentation about the operational aspects of domestic and international factoring, reverse factoring, advantages of factoring and comparison to traditional trade finance. In this part of the meeting valuable information was shared about domestic and cross-border factoring applications as well as the new product of FCI, FCIreverse.
The workshop continued with two important panel discussions. The first panel, moderated by Ayşen Çetintaş, was highly engaging and interactive. The speakers shared their perspective and best practice examples about the importance of a legal infrastructure for factoring and the similar legal implementations in Egypt and Turkey. In this chapter Dr. Sherif Samy, former Chairman of the Financial Regulatory Authority in Egypt and Dana Abduljaleel, Al Tamimi & Co. shared their valuable ideas on the necessity of a legal infrastructure for factoring in emerging and developing countries.
The second panel, moderated by Amir Matar Consultant from EBRD, opened the discussion about the implementations of factoring transactions and the development of the factoring legal infrastructure in Jordan.
The event hosted representatives from banks association and senior legal experts from distinguished law firms, is a major step with regard to increasing awareness about the advantages of factoring, to encourage the receivables finance applications and to establishing legal grounds of factoring implementations in Jordan