As of 3 January 2024, JSC Bank for Investment and Development of Vietnam (BIDV) has officially launched its new Export Factoring product under the two-factor system with the support and guidance of FCI.
Ms. Bui Thu Trang, BIDV Head of Trade Finance and SCF/Corporate Product and Policy Department/Wholesale Banking, shared, “We write this letter to express our deep gratitude for your support, especially Mr. Mulroy, Mr. Lui, Mr. Radu and the FCI Academy team throughout the past year. We would like to announce good news: after half a year of joining FCI and with a lot of effort, we have officially launched the Export Factoring product under the two-factor system on January 3, 2024. In the near future, we will implement sales and promotion programmes, with FCI's support in training and introductions to opportunities to cooperate with import factors as banks around the world.”.
Selling in an international marketplace is a challenge for many companies. Different currency systems, legislation and languages are still barriers to international trade, even though we can place orders across the globe within seconds. The International factoring two-factor system provides a simple solution to these problems, regardless of whether the exporter is a small organisation or a major corporation.
Learn more about the Two-Factor system and how it works by clicking here.
About BIDV
Established on April 26, 1957, BIDV is proud to be the largest commercial bank in Vietnam in terms of total assets and operating scale. BIDV is ranked among the world's Top 2000 largest companies by Forbes and the Top 300 most valuable banking brands globally by Brand Finance. Currently, BIDV is establishing relationships with more than 2,300 financial institutions in 177 countries and territories worldwide, serving approximately 350,000 corporate customers and accounting for about 40% of the total enterprises in Vietnam, making it the leading bank in the country in terms of corporate customer market share.
The Power of FCI
FCI is the Global Representative Body for Factoring and Financing of Open Account Domestic and International Trade Receivables. FCI was set up in 1968 as a non-profit global association. With today close to 400 member companies in more than 90 countries, FCI offers a unique network for cooperation in cross-border factoring. Member transactions represent, on average, 50% of the world’s international correspondent factoring volume.
FCI is a non-exclusive organisation, open to any company which is providing Factoring Services or plans to set up Factoring Activities but also to service providers to the industry.
FCI offers three major areas of activities.
Connect
We connect you with members and service providers to finance and service international clients. Our two-factor system is supported by a consistent legal environment and our IT system EDIFACTORING. FCI also connects you with specialised service providers in IT, legal, and risk management services. We developed FCIreverse, which gives access to the state-of-the-art Reverse Factoring Platform of Demica. Belonging to FCI means exchanging knowledge and building valuable business relationships.
Educate
Through the year we organise education programmes in various aspects of domestic and international factoring and other aspects of Open Account Trade Financing. As a member of FCI, your company will have access to first-class education in Factoring and Receivables Finance through e-learning, webinars, tailor-made training, mentoring and in-person seminars.
Influence
As the representative body for Factoring and Receivables Finance, FCI produces statistics, studies and information about the industry, which is of great value for our members as well as for other stakeholders such as policymakers. Being a member of FCI means that you take part in our long-term mission of defending the factoring industry worldwide and creating a more harmonised legal and operational environment. We have many different members in size and scope, but they all share the same passion for improving the awareness and recognition of the Factoring & Receivables Finance Industry worldwide. Thanks to its large country presence, FCI is today a recognised body by many governments and Central Banks that have asked for assistance when setting up factoring laws.
Banks, Factoring companies or financial organisations in the receivables finance industry should become FCI members and benefit from these aspects by clicking here.
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