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8 companies receive factoring license
December 19, 2012, Wednesday
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Print Edition
Print Edition
EIGHT companies were given permission yesterday to provide factoring services, previously only offered by banks, in a trial program launched in Shanghai's Pudong New Area.
Small businesses will be able to sell accounts receivable to the factoring companies, which will provide trade financing for clients, share risks and help manage and collect their receivables.
"The factoring business in China is underdeveloped," said Wang Jialin, president and CEO of De Lage Landen (China) Co, which was granted a factoring license yesterday. "Companies like us can greatly help equipment manufacturers and small businesses raise funds."
The eight companies will mainly provide factoring services for equipment leasing, retail, trade, and business services such as ticket reservations.
Another 10 firms have signed a letter of intent to launch factoring services in the district, government officials said.
Pudong has set a target of having 30 factoring companies by the end of 2013 and 100 by the end of 2015.
Officials said they expect the companies will invest 5 billion yuan (US$801.9 million) to 8 billion yuan in their clients in the next three years, and help bring 25 to 40 billion yuan in financing to the businesses.
Liu Yajun, an senior official with the Ministry of Commerce, said the trial in Pudong will improve the country's factoring sector and the program will be expanded to more areas.
Pudong was chosen to pilot the commercial factoring businesses by the State Council in June to help small businesses receive financing.
Small businesses will be able to sell accounts receivable to the factoring companies, which will provide trade financing for clients, share risks and help manage and collect their receivables.
"The factoring business in China is underdeveloped," said Wang Jialin, president and CEO of De Lage Landen (China) Co, which was granted a factoring license yesterday. "Companies like us can greatly help equipment manufacturers and small businesses raise funds."
The eight companies will mainly provide factoring services for equipment leasing, retail, trade, and business services such as ticket reservations.
Another 10 firms have signed a letter of intent to launch factoring services in the district, government officials said.
Pudong has set a target of having 30 factoring companies by the end of 2013 and 100 by the end of 2015.
Officials said they expect the companies will invest 5 billion yuan (US$801.9 million) to 8 billion yuan in their clients in the next three years, and help bring 25 to 40 billion yuan in financing to the businesses.
Liu Yajun, an senior official with the Ministry of Commerce, said the trial in Pudong will improve the country's factoring sector and the program will be expanded to more areas.
Pudong was chosen to pilot the commercial factoring businesses by the State Council in June to help small businesses receive financing.
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