ASSET-BASED finance (ABF) software company HPD LendScape has opened its first Asian office in Singapore. To mark the opening, the company, together with FCI – a global network of commercial ABF providers – will hold a half-day receivables finance workshop in Singapore with over 30 regional and global banks and factoring companies.
The workshop provides an opportunity for lenders to discuss current trends and issues in the receivables finance industry, the company said in a media statement on Thursday.
ABF are loans to companies secured by company assets as collateral. The Asia-Pacific region accounted for over 25 per cent of global factoring value in 2018, representing 679 billion euros (S$1.04 trillion), with Singapore accounting for nearly 10 per cent of value in the region. In terms of export/import value, Singapore is second to China, accounting for over four billion euros of transactions, said HPD.
“HPD LendScape has long looked to Asia as the next logical step in its expansion globally. As one of the fastest-growing economic regions in the world, with Singapore being a hotbed of high growth SMEs (small and medium enterprises) and innovative finance providers, HPD establishing a presence here will help us further support businesses with the financing they need,” said the company’s global CEO Kevin Day.
First appeared in the Business Times.