FCI and FIBA collaborate to advance accounts receivable financing in the Americas
FCI is thrilled to announce the signing of a Memorandum of Understanding (MOU) with the Financial & International Business Association (FIBA). This MOU establishes a framework for collaboration to enhance the accounts receivable finance industry across North, Central, and South America, and the Caribbean.
The collaboration will focus on various areas of mutual interest, determined through joint consultations. These cooperative efforts will leverage the strengths, competencies, and resources of both parties. Regular meetings will be held to discuss the joint initiatives, programmes, and projects, ensuring a well-coordinated approach to advancing the accounts receivable financing industry in these regions.
The fields of cooperation, aimed at benefiting current and future members as well as the American markets, include:
- Education and Training: Development and implementation of education and training programmes for legal and regulatory professionals.
- Advisory Support: Providing advisory support on legal and regulatory matters related to factoring and supply chain finance.
- Regulatory Assistance: Assisting in understanding and implementing the regulatory framework governing factoring.
- Industry Standards: Promoting awareness and compliance with industry standards and best practices.
- Research Collaboration: Engaging in joint research initiatives in the field of factoring and supply chain finance.
- Awareness Initiatives: Raising awareness and knowledge about receivables financing and related technologies through joint initiatives.
- Financial Solutions Promotion: Promoting different solutions between FIBA and FCI members to support their international factoring and supply chain finance operations, including both export financing and risk coverage of import payments and FCI’s Two Factor System model.
- Seminars and Events: Organising seminars and events to promote new financial solutions using advanced financial engineering techniques focused on international factoring operations and different market scenarios.
- Partnership and Networking: Jointly promoting partnership and networking activities and stimulating international experience-sharing to strengthen knowledge and capacity.
- Information Exchange: Exchanging information, studies, reports, and publications on subjects and issues of common interest.
Neal Harm, FCI secretary general, stated: “The MoU recently signed between FCI and FIBA signifies a partnership to strengthen and grow open account trade finance across the Americas. By combining our expertise and resources, we will provide SMEs greater access to innovative financial solutions, driving trade finance deeper into the supply chain through our member financial institutions.”
David Schwartz, FIBA president & CEO, stated: “FIBA is dedicated to bringing to the financial sector the “Best Practices” for risk mitigation and techniques to optimize the management of working capital and liquidity invested in supply chain processes. The knowledge and resources that FCI will provide under the MOU and partnership will greatly strengthen our ability to carry out this mission.”
Group Editor: Financial & International Business Association should not be confused with the Financial Intermediary Broker Association.
