Factoring resilience and developments in CEE and SEE regions

On Friday, September 23, 2022, FCI, in partnership with the European Bank for Reconstruction and Development (EBRD), organized the latest conference on Factoring Resilience and Development in Central and Eastern Europe (CEE) and Europe Southern and Eastern (SEE) Regions.

The event took place at the Ritz-Carlton in Istanbul, Turkey, the day after the EBRD’s Trade Facilitation Program (TFP) Forum 2022.

This event offered EBRD TFP members, local CFI members and targeted industry professionals the opportunity to meet, network and discuss the latest developments in the region.

Over 100 industry professionals from the region attended and heard about the region’s latest updates and trends from leading industry pioneers.

Betül Kurtulus, FCI Regional Director for Central and Eastern Europe, South Eastern Europe and the Middle East, moderated the conference.

FCI Secretary General Peter Mulroy welcomed attendees to the event with his keynote address and then gave a presentation on global factoring industry trends with volume statistics markets, market shares, a breakdown of products and comparison with other forms of trade finance. .

Mulroy also highlighted FCI activities, public policy and industry advocacy.

Irina Tyan, Senior Banker at the EBRD TFP Business Leader for Factoring, presented the collaboration between the EBRD and FCI in the CEE and SEE region.

In the presentation, Tyan highlighted TFP statistics, how they work, TFP factoring, the role played by EBRD and the products offered by EBRD TFP including training and events.

Prior to the coffee break, event participants listened to a panel discussion on export resilience in an environment of heightened geopolitical risk and Turkey’s success story.

EBRD FCI Turkey Conference

The panel included; Cagatay Baydar, president of TEB Factoring and vice president of FCI; Ahmet Albayrak, Deputy Managing Director, Treasury and International Banking at Kuveyt Türk Katilim Bankasi; and Nana Khurodze, Associate Director, Senior Banker at EBRD TFP. The panel was moderated by Michael Bickers, Managing Director of BCR Publishing.

After the panel’s introduction, Cagatay explored industry statistics, highlighting Turkey’s positions.

Following this, all attendees returned for a panel discussion on digital transformation in receivables finance with; Filiz Unal, assistant general secretary, factoring at the Financial Institutions Association; Koray Kaya, Deputy General Manager at KKB and Findeks, Business Management Department; and Ana Kavtaradze, Strategic Business Development Advisor at BasisBank. The panel was moderated by Deepesh Patel, Director of Partnerships and Marketing at Trade Finance Global (TFG).

EBRD FCI Conference

Filiz prepared the panel with a short presentation on the digital transformation of the financial sector in Turkey, highlighting regulatory updates, future plans and new technologies available.

William Brydie-Watson, Senior Legal Officer at UNIDROIT addressed participants on the Factoring Model Law (MLF).

The FML was first launched in 2018 by representatives of the World Bank who recognized the importance of a stand-alone model law on factoring, especially for emerging markets considering introducing factoring into their country.

Brydie-Watson shared updates on the current status of the project, noting that it is being reviewed by industry players, including CFI members.

Tim Moran, Chicago Mercantile Exchange (CME) Futures Guaranteed Overnight Funding Rate (SOFR) Consultant at CME Group, spoke about the LIBOR transition.

In a video presentation, Tim shared the update on the USD market and new developments in trade finance and explained the transition from LIBOR in the Eurozone.

FCI Director of Education Aysen Cetintas shared information about the FCI Academy and its work.

Following this, Peter Mulroy closed the event with his closing remarks.

Kurtulus said, “After two days of the EBRD TPF conference, we welcomed EBRD TFP participants, Turkish FCI members, BRSA, Association of Financial Institutions and our business partners to Istanbul.

“We shared the latest developments in Central and Eastern European and South Eastern European countries, which feature prominently in FCI with their export-based growth model as a region.

“It was great to see and welcome old and new friends.”

This event was the perfect demonstration of the three main areas of activity on which FCI focuses; connect, educate and influence.

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