The Post Covid-19 Recovery: Back to Where We Came From or a New Normal?后COVID-19

复苏：回到我们来的地方还是新常态？

Although the pandemic still remains rather challenging in 2021, we are finally sensing a return to normalcy. Of course, we heard of the recent news 

about the bankruptcy of Greensill, one of the largest names in the field of Supply Chain Finance, was surely not a good sign. And we hear from other members, especially non-bank FIs that it has been much more challenging to do business and raise capital in these challenging times, that being said, we do see light at the end of the tunnel. Virtual events became the only way to connect and listen to our peers. Last year’s webinar series organised by FCI were highly appreciated. But, as we read in the surveys, members are missing the physical networking part, obviously the best way to develop additional correspondent relationships.  尽管大流行在2021仍然很有挑战性，但我们终于感觉到恢复正常。当然，我们听说了最近有关Greensill破产的新闻，Greensill是供应领域最大的公司之一，对供应链金融无疑不是一个好迹象。我们还从其他成员，特别是非银行金融机构那里听到，在这个充满挑战的时代，开展业务和筹集资金的挑战性要大得多，尽管如此，我们确实看到了曙光。虚拟活动成为联系和倾听同行的唯一方式。去年FCI组织的网络研讨会系列受到高度赞赏。但是，正如我们在调查中看到的，会员们缺少了物理网络部分，这显然是发展额外通讯员关系的最佳方式。

We all expect that 2021 will be better than 2020, albeit with some credit challenges possibly later in the year. We are already beginning to see a surge in domestic factoring as reported by our members in N. America, Europe and China and according to our latest international factoring figures, volume has surged, growing nearly double digit. However, we are still not out of the woods. But as the global economy will return to some normalcy, global trade will recover. Let’s be prepared for this. 我们都预计，2021将优于2020，尽管一些信贷挑战可能在今年晚些时候。据我们在北美、欧洲和中国的会员报告，我们已经开始看到国内保理业务的激增，根据我们最新的国际保理数据，业务量激增，增长近两位数。然而，我们仍然没有走出困境。但随着全球经济将恢复正常，全球贸易将复苏。让我们为此做好准备。

STRATEGIC PLAN

STRATEGIC PLAN 战略计划

Over the past two years, FCI has developed a 5-year strategic plan, but after analyzing the current crisis, we concluded that many objectives couldn’t be launched or reached until a return to some form of normalcy. Hence, we worked on an interim strategic plan, until such time we can consider the pandemic behind us, hopefully by 2022. Our plan is to reposition and submit certain elements of the 5-year plan during our virtual annual meeting, being held on 22-23 September 2021. We hope to be able to roll-out the full plan if we are fortunate to meet in Washington DC in June 2022. Let me highlight four principal elements of this plan: 在过去的两年里，FCI制定了一个五年战略计划，但在分析了当前的危机后，我们得出结论，在恢复某种形式的常态之前，许多目标都无法启动或实现。因此，我们制定了一个中期战略计划，直到我们能够考虑到我们的流行病，希望2022。我们的计划是在2021年9月22日至23日举行的虚拟年会期间重新安排和提交5年计划的某些要素。如果我们有幸于2022年6月在华盛顿特区会面，我们希望能够推出完整的计划。让我强调一下该计划的四个主要要素：

Over the past two years, FCI has developed a 5-year strategic plan, but after analyzing the current crisis, we concluded that many objectives couldn’t be launched or reached until a return to some form of normalcy. Hence, we worked on an interim strategic plan, until such time we can consider the pandemic behind us, hopefully by 2022. Our plan is to reposition and submit certain elements of the 5-year plan during our virtual annual meeting, being held on 22-23 September 2021. We hope to be able to roll-out the full plan if we are fortunate to meet in Washington DC in June 2022. Let me highlight four principal elements of this plan: 

1. Invest in Education: FCI has a powerful Academy with 10 e-learning courses on every aspect of factoring. Last year, FCI rolled out its first series of webinars. Our visibility has dramatically increased, providing webinars to over one thousand of our members, staff and management in 2021, FCI successfully rolled out virtual regional networking events, organising more than 1,400 bilateral meetings in the first half 2021. By meeting the needs of our members, stakeholders and public at large about factoring, FCI will ensure the continuous healthy growth of the sector. 

在过去的两年里，FCI制定了一个五年战略计划，但在分析了当前的危机后，我们得出结论，在恢复某种形式的常态之前，许多目标都无法启动或实现。因此，我们制定了一个中期战略计划，直到我们能够考虑到我们的流行病，希望2022。我们的计划是在2021年9月22日至23日举行的虚拟年会期间重新安排和提交5年计划的某些要素。如果我们有幸于2022年6月在华盛顿特区会面，我们希望能够推出完整的计划。让我强调一下该计划的四个主要要素：

1.投资教育：FCI拥有强大的学院，在保理的各个方面都有10门电子学习课程。去年，FCI推出了第一系列网络研讨会。在2021，FCI成功地推出了虚拟区域性网络事件，在上半年组织了超过1400次双边会议，我们的能见度急剧增加，为我们的会员、员工和管理人员提供超过一千的网络研讨会。通过满足会员、利益相关者和公众对保理业务的需求，FCI将确保该行业持续健康发展。

2. Invest in Decentralisation: More and more, FCI will rely on its regional presence, regional directors helped by EXCOM members’ sponsorship. In January 2021, FCI hired the new Africa Regional Manager. His first line of duty will be to execute the newly developed grant offered to FCI by the African Development Bank, supported and administered by the AfreximBank. We also anticipate by 2022 FCI will also hire a Regional Director for Western Europe. The “front office” organisation is being managed through ambitious objectives and strong KPIs to ensure the organisation meets expectations.2.投资分散：FCI将越来越多地依赖其区域存在，区域总监在执行委员会成员的赞助下发挥作用。2021年1月，FCI雇佣了新的非洲区域经理。他的第一项职责是执行非洲开发银行向FCI提供的新开发的赠款，该赠款由AfreximBank支持和管理。我们还预计，到2022年，FCI还将聘请一名西欧地区总监。“前台”组织通过雄心勃勃的目标和强大的KPI进行管理，以确保组织满足预期。

3. Invest in Advocacy: Advocacy is key if we are to defend the industry and ensure regulations do not lead to unintended consequences. One such example is the New Definition of Default (NDOD), which will result in a significant adverse impact on how the factoring industry assesses defaults in Europe, resulting in unnecessary increased provisions and potential losses. Together with our partner, the European Union Federation (EUF), we attempted to persuade the European Banking Authority (EBA) to provide some relief to the industry, since past due issues in factoring is subject to contractual clauses imposing conditions for payment (just the opposite as compared to a traditional loan). In other words, payment by the buyer is always subject to operational procedures as well as procurement conditions (and past dues generally having nothing to do with credit capacity, liquidity, or overall quality of the debtor). Hence, this and other global matters that impact our industry must be addressed by FCI in order to support the members in their respective jurisdictions. In this field, FCI should be more visible and more present, especially in emerging factoring markets. In that respect, we would like to hire a part-time specialist in 2022 and continue to invest in lobbying, working closely with our partners like the IFC/World Bank, AfreximBank, European Bank for Reconstruction and Development (EBRD), Asia Development Bank (ADB), IDB Invest for the Americas, the ICC Banking Commission and national factoring associations. 3.投资于宣传：如果我们要捍卫行业，确保法规不会导致意外后果，宣传是关键。其中一个例子是新的违约定义（NDOD），这将对保理行业评估欧洲违约的方式产生重大不利影响，导致不必要的准备金增加和潜在损失。我们与我们的合作伙伴欧盟联合会（EUF）一起，试图说服欧洲银行管理局（EBA）为该行业提供一些救济，因为保理业务中的过期问题受合同条款的约束，这些条款规定了付款条件（与传统贷款相反）。换句话说，买方的付款始终取决于操作程序和采购条件（以及过去的应付款，通常与债务人的信用能力、流动性或整体质量无关）。因此，FCI必须解决影响我们行业的这一问题和其他全球问题，以支持其各自管辖范围内的成员。在这一领域，FCI应该更明显、更普遍，尤其是在新兴的保理市场。在这方面，我们希望在2022年聘请一名兼职专家，并继续投资游说，与我们的合作伙伴密切合作，如国际金融公司/世界银行、非洲复兴开发银行、欧洲复兴开发银行（EBRD）、亚洲开发银行（ADB）、美洲开发银行（IDB invest for the Americas）、国际商会银行委员会（ICC Banking Commission）和国家保理协会。

4. Invest in Technologies: FCI must transform itself into a modern, digital technology hub, embracing all kinds of technologies (AI, Cloud, blockchain, APIs, cybersecurity), creating ecosystems and new platforms, connecting buyers and sellers. As a result, FCI has undertaken a significant investment to rebuild the edifactoring trading platform used by FCI’s 400 members. The new system’s features will provide members a user friendly experience, with a modern look-andfeel, embedded with the most sophisticated software, with multiple new functions, including buyer/seller on-boarding tool, AI (artificial intelligence) capability for dilution control, driven by a powerful community-based app, that would eventually be blockchain ready. The current edifactoring platform will continue to be usable for all members, until the new platform is launched, expected in the 4th quarter of 2021. With the harshness of this pandemic and its long reach felt globally, we need to reinvent our business. More than ever, we need to be proactive and mix a top-down / bottom-Up approach.

4.技术投资：FCI必须将自己转变为一个现代化的数字技术中心，包括各种技术（人工智能、云、区块链、API、网络安全），创建生态系统和新平台，连接买家和卖家。因此，FCI进行了大量投资，以重建FCI的400名成员使用的edifactoring交易平台。新系统的功能将为会员提供用户友好的体验，具有现代的外观和感觉，嵌入最复杂的软件，具有多种新功能，包括买家/卖家登录工具、AI（人工智能）稀释控制功能，由一个强大的基于社区的应用程序驱动，最终将为区块链做好准备。目前的eDealCalp平台将继续为所有成员使用，直到新的平台推出，预计在2021季度第四。鉴于这场大流行的严峻性及其在全球的长期影响，我们需要重塑我们的业务。我们比以往任何时候都更需要积极主动，采用自上而下/自下而上的方法。

GLOBAL STATISTICS全球统计

FCI reported one of its more challenging years to date, with a 6.5% decrease in volume year on year. And after a positive year of growth in 2019 showing an increase in edifactoring two-factor business, 2020 was a much more challenging year, dropping 19% in transaction volume year over year. But as the Chinese say, with challenges come opportunities. And 2021 is already shaping up to be a strong growth year for all factoring products, including international. We are already witnessing a significant rebound in 2021 after a very challenging 2020!FCI报告了迄今为止最具挑战性的年份之一，销量同比下降6.5%。2019年，EDI保理双因素业务呈现正增长，2020年是更具挑战性的一年，交易量同比下降19%。但正如中国人所说，挑战伴随着机遇。2021已经成为所有保理产品（包括国际保理业务）的强劲增长年。我们已经见证了2021的重大反弹，经过2020的挑战！

CONCLUSION结论

Even though we will continue to experience a growth year albeit with potential credit issues, Factoring will be in high demand once the crisis fully subsides. That’s also the reason why we launched at the beginning of the year an institutional campaign to promote Factoring and FCI’s important role in it. The theme of the campaign is explaining why and how Factoring is so important in times of crisis. So will we return to the old days, doing business as to how we were doing it prior to the crisis. Definitely no, we have entered a “new normal”, led by a new virtual remote working world, the advent of advanced technologies in factoring, and the rise in new players like fintechs and new funds in the market. However, nothing will replace in person meetings, handshakes and looking eye to eye with a client. So it’s a combination of both, past and future. If our Industry wants to continue playing a major role in the future, we need to fulfil three mandatory conditions; 1) return back to basics: focus on risk mitigation, best practices, and investment in new technologies; 2) deliver new solutions, new innovations for tomorrow and 3) the need to concentrate on targeting SMEs, the engine of economic growth all around the world. 尽管我们将继续经历一个增长的年份，尽管存在潜在的信贷问题，但一旦危机完全平息，保理业务的需求将很高。这也是为什么我们在今年年初发起了一场机构运动，以促进保理和FCI在其中的重要作用。该活动的主题是解释在危机时期，保理为何以及如何如此重要。因此，我们将回到过去，就危机之前我们是如何做的做生意。当然不是，我们已经进入了一个“新常态”，由一个新的虚拟远程工作世界、保理业务先进技术的出现，以及金融科技公司和新基金等新参与者在市场上的崛起所引领。然而，没有什么能取代当面会面、握手以及与客户的眼神交流。所以这是过去和未来的结合。如果我们的行业想在未来继续发挥重要作用，我们需要满足三个强制性条件；1） 回归基础：关注风险缓解、最佳实践和新技术投资；2） 为明天提供新的解决方案、新的创新，以及3）专注于中小企业的需要，中小企业是全世界经济增长的引擎。

FCI主席    帕特里克·德维尔潘

介绍

FCI is the global representative body for the Factoring and Receivables Finance Industry, a non-profit association based in the Netherlands, with nearly 400 members located in 90 countries. 2020 was a challenging year for the FCI members. We entered the new year with the continuation of the trade war, major geopolitical issues, and the finalisation of BREXIT. However, the most significant event, Covid-19, was waiting just around the corner. Despite the challenges, FCI made substantial investments in its future, adding new staff, upgrading the new CRM system, creating a KPI-focused platform to monitor staff performance, and continuing to build out our decentralised, regional office platform with the inclusion of Africa at year-end. This paper highlights the major achievements in 2020 but also the challenges and opportunities facing FCI and the industry today in the next years to come. 

FCI是保理和应收账款金融行业的全球代表机构，这是一家总部位于荷兰的非营利协会，在90个国家拥有近400名成员。2020年对FCI成员来说是充满挑战的一年。随着贸易战的继续、重大地缘政治问题以及英国脱欧的最终敲定，我们进入了新的一年。然而，最重要2019冠状病毒疾病正在等待着。尽管面临这些挑战，FCI在未来仍进行了大量投资，增加了新员工，升级了新的CRM系统，创建了一个以KPI为重点的平台来监控员工绩效，并在年底将非洲纳入进来，继续构建我们分散的区域办公平台。本文重点介绍了2020年的主要成就，以及FCI和该行业在未来几年面临的挑战和机遇。

THE GLOBAL FACTORING INDUSTRY 

The world factoring statistics indicates that the Factoring and Receivables Finance Industry volume witnessed retraction due to Covid-19, showing negative trends in most regions. Compared with the previous year’s 2,917 billion euro, the 2020 volume of 2,726 billion euro represents a decline of 6.5%. The last time the industry experienced a decline was in 2009 during the financial crisis, when the industry lost 3% in global volume. This decrease in global volume in 2020 follows a solid three-year growth spurt from 2017-2019, when the industry grew by 6%, 9%, and 5%, respectively. However, 2020 marks an unprecedented reduction stemming from the effects of the virus, resulting in a significant reduction in global GDP and Trade that had a 

substantial impact on our members.

全球保理业

世界保理统计2019冠状病毒疾病和金融业的收款业，由于CVID-19，在大多数地区表现出负面趋势。与前一年的29170亿欧元相比，2020年的27260亿欧元的交易量下降了6.5%。该行业上一次出现下滑是在2009年金融危机期间，当时该行业的全球销量下降了3%。2020年全球销量的下降是在2017-2019年三年强劲增长之后发生的，当时该行业分别增长了6%、9%和5%。然而，2020年标志着由于病毒的影响而出现的前所未有的下降，导致全球GDP和贸易大幅下降，这对全球经济产生了重大影响对我们的成员产生重大影响。

MEMBERSHIP

FCI has evolved as an association, increasing from more than 100 members 20 years ago to nearly 400 members today. Back then, over 35% of our membership was based in Western Europe. Today that figure stands at less than 18%. Asia accounted for 3% of membership back then, today 30%. Although the global pandemic had an adverse impact on new membership in 2020, we could still achieve our revised budget estimate of 26 new memberships (compared to 42 in 2019). From 2016-2020, FCI added a total of 155 new memberships. We are seeing most of this growth coming from emerging countries. As part of our five-year strategic plan, which we plan to roll out in 2022, FCI is expected to increase membership to over 500 members by 2027.

会员

FCI已经发展成为一个协会，从20年前的100多个成员增加到今天的近400个成员。当时，我们35%以上的会员来自西欧。如今，这个数字还不到18%。当时，亚洲占成员国的3%，今天占30%。尽管全球大流行对2020年的新成员产生了不利影响，但我们仍然可以实现26个新成员的修订预算估计（相比之下，2019年为42个）。从2016年到2020年，FCI总共增加了155个新成员。我们看到这种增长大部分来自新兴国家。作为我们计划在2022年推出的五年战略计划的一部分，FCI预计到2027年将成员增加到500多个。

FCI成员

2020-2021 PROJECTS 

Physical to a Virtual World Even with setbacks relating to the pandemic, FCI made  significant investments, rolling out a completely virtual  webinar series starting during the worst of the epidemic in the  2nd quarter of 2020. FCI had to postpone the physical annual  meeting, which was to be held in Washington DC in June 2020.  In its place, FCI held its first-ever virtual annual meeting in  September.

2020-2021年项目

尽管与疫情有关的挫折重重，FCI还是进行了大量投资，从2020年第二季度疫情最严重的时候开始，推出了一系列完全虚拟的网络研讨会。FCI不得不推迟将于2020年6月在华盛顿特区举行的实际年度会议。取而代之的是，FCI在9月举行了首次虚拟年会。

Edifactoring 2.0

FCI also recently announced the launch a new I.T. project to develop a state-of-the-art global receivables finance platform. The project approach is based on Prince2 and Agilesoftware development principles. The project has been developed in two phases: Phase one includes three stages: Definition and Design, Realisation, and Acceptance. FCI has already completed the first two stages and is now in the Acceptance stage. FCI will look at implementing Phase Two in 2022-2023, adding a blockchain security component adjacent to the edifactoring platform. The new system enhances the crossborder international factoring experience for all members.

South & Southeast Asia Regional Manager

We also had a change in leadership in the South and Southeast Asia region. Mr. Thompson LUI, a seasoned factoring executive based in Hong Kong, took over from Mr. Kheng Leong Lee. This region, which accounts for more than 9% of membership but less than 2% of volume, has significant growth opportunities with the recent passage of the factoring policy by the Bangladesh Bank, the passage of recent factoring laws/regulations in India, Vietnam, and the Philippines and a developing central bank policy on factoring in Pakistan.

Edifactoring 2.0

FCI最近还宣布启动一个新的IT项目，以开发最先进的全球应收账款融资平台。项目方法基于Prince2和Agilesoftware开发原则。该项目分为两个阶段：第一阶段包括三个阶段：定义和设计、实现和验收。FCI已经完成了前两个阶段，目前处于验收阶段。FCI将考虑在2022-2023年实施第二阶段，在edifactoring平台附近添加区块链安全组件。新系统增强了所有成员的跨境国际保理经验。

南亚及东南亚地区经理

我们在南亚和东南亚地区的领导层也发生了变化。Thompson LUI先生是一位经验丰富的保理商，总部设在香港，接替了Kheng Leong Lee先生。随着孟加拉国银行最近通过了保理政策，印度、越南和菲律宾最近通过了保理法律/法规，以及巴基斯坦正在制定的中央银行保理政策，该地区的会员人数占比超过9%，但数量不到2%，因此该地区有着巨大的增长机会。

Africa Regional Manager

FCI expanded our regional footprint by the creation of the new Africa regional manager position. Today Africa accounts for 11% of membership but less than 1% of global volume, is still relatively immature, and requires tremendous attention. Our partner, the Afreximbank, agreed to cover half of the costs during the first three years. Mr. Nassourou Aminou, a native of Cameroon, joined FCI in January 2021 with tremendous experience in factoring, credit insurance, and I.T. support solutions for factoring and receivables finance. He will be based in Cairo at the Headquarters of the AfreximBank. However, due to Covid-19, he will remain at his home office until further notice.

非洲区域经理

FCI通过设立新的非洲区域经理职位扩大了我们的区域足迹。今天，非洲占成员国的11%，但不到全球总量的1%，仍然相对不成熟，需要极大的关注。我们的合作伙伴Afreximbank同意在前三年支付一半的费用。Nassourou Aminou先生，喀麦隆人，2021年1月加入FCI，在保理业务、信用保险和I.T.支持保理和应收款融资的解决方案方面有着丰富的经验。他将驻扎在开罗的AfreximBank总部。然而，由于COVID-19，他将留在他的办公室，直到另行通知。

We also announced in December the creation of a special purpose Grant authorised by the African Development Bank (AfDB) to support the capacity buil

Islamic Factoring

FCI developed together with certain members in the Middle East a new set of rules governing Islamic Factoring. In June 2019, FCI signed a Memorandum of Understanding (MOU) with the Islamic Trade Finance Corporation (ITFC) to create the new Islamic Factoring Chapter. This caps a three-year effort to :

1) develop new rules on Islamic Factoring 

2) onboard Islamic Banks and NBFIs and 

3) create a new Islamic Factoring Chapter. 

In November, FCI launched the very first meeting of the Islamic Factoring Chapter. We anticipate that this will help spur membership in FCI and in turn lead to significant growth in Islamic factoring around the world.

伊斯兰保理

FCI与中东的某些成员一起制定了一套新的伊斯兰保理规则。2019年6月，FCI与伊斯兰贸易金融公司（ITFC）签署了一份谅解备忘录（MOU），以创建新的伊斯兰保理部门。这为三年的努力划上了句号：

1） 制定伊斯兰保理的新规则

2） 伊斯兰银行和非银行金融机构以及

3） 创建一个新的伊斯兰保理章节。

11月，FCI发起了伊斯兰保理分会的第一次会议。我们预计，这将有助于刺激FCI的成员资格，进而导致世界各地伊斯兰保理业务的显著增长。

ADVOCACY

FCI has also invested in capacity building and advocacy in numerous countries. We support the creation of sound policy and regulatory framework for the development of a healthy factoring market. But we also want to ensure that the increase in regulations impacting the industry do not have unintended consequences. Unfortunately, most emerging countries do not yet have proper assignment laws and central bank policies in place to instil confidence in the banking and entrepreneurial community and invest in factoring and receivables finance as an asset class. However, FCI continues to support the development of proper assignment laws, protections of rights of third parties, and the promotion of good governance, compliance, and appropriate central bank policies that create a sensible regulatory framework to support the healthy growth of our industry

提倡

FCI还投资于许多国家的能力建设和宣传。我们支持建立健全的政策和监管框架，以发展健康的保理市场。但我们也希望确保影响该行业的法规的增加不会产生意外后果。不幸的是，大多数新兴国家尚未制定适当的转让法和央行政策，以培养银行和创业界的信心，并将保理和应收账款融资作为一种资产类别进行投资。然而，FCI继续支持制定适当的转让法，保护第三方的权利，促进善治、合规和适当的中央银行政策，以创建合理的监管框架，支持我们行业的健康发展

UNIDROIT on 1-3 July 2020 for the first session of developing the UNIDROIT Model Law on Factoring. Since then, the UNIDROIT has organised three drafting sessions and is making significant progress. This is the first attempt to develop a model law on factoring by the UNIDROIT, which successfully launched the Convention on International Factoring in Ottawa in 1988. FCI supported the model law’s creation through a letter in May 2019 and further sponsored by the World Bank. As a result, the UNIDROIT approved the project that year. Established in 1926 as an auxiliary organ of the League of Nations, the UNIDROIT is an intergovernmental organisation whose objective is to harmonise international private law across countries through uniform rules, international conventions, the production of model laws, sets of principles, guides, and guidelines. It is expected that the process to create the Model Law on Factoring will take approximately two years to complete.国际统一私法协会将于2020年7月1日至3日召开《国际统一私法协会保理示范法》第一次会议。自那时以来，统法社组织了三次起草会议，并正在取得重大进展。这是统法社首次尝试制定保理示范法，统法社于1988年在渥太华成功启动了《国际保理公约》。FCI通过2019年5月的一封信支持了《示范法》的制定，并得到了世界银行的进一步赞助。因此，统法社在那年批准了该项目。统法社成立于1926年，是国际联盟的一个辅助机构，是一个政府间组织，其目标是通过统一规则、国际公约、制定示范法、一套原则、指南和指导方针，在各国之间协调国际私法。预计制定保理示范法的过程大约需要两年才能完成。

Factoring Law in Nigeria: In Nigeria, led by our stakeholder, the Afreximbank, and our member, the Nigerian Export-Import Bank, we organised sensitisation seminars and meetings with the government to promote and introduce factoring. As a result, FCI was invited to attend a Senate Banking Commission hearing on the law in November 2020. In fact, the full Senate approved the draft legislation in February 2021. It still needs approval within the Congress and must be signed into law by their President; however, we are bullish that the factoring bill will become the law of the land soon. This will be a game-changer for Nigeria and the Continent, considering Nigeria is the largest economy in Africa and is expected to become the 4th most populous nation by 2060 per United Nations projections. And with the creation of the African Free Trade Agreement (AFTA) launched in January 2021, we anticipate Nigeria will be a leader in factoring in the future

尼日利亚的保理法：在尼日利亚，在我们的利益相关者Afreximbank和我们的成员尼日利亚进出口银行的领导下，我们与政府组织了敏感性研讨会和会议，以促进和引入保理。因此，FCI被邀请参加2020年11月参议院银行委员会关于该法律的听证会。事实上，参议院在2021年2月通过了立法草案。它仍然需要国会的批准，并且必须由总统签署成为法律；然而，我们看好保理法案将很快成为该国的法律。考虑到尼日利亚是非洲最大的经济体，预计到2060年将成为联合国预测的第四大人口大国，这将改变尼日利亚和非洲大陆的局面。随着2021年1月推出的非洲自由贸易协定（AFTA）的出台，我们预计尼日利亚将成为未来保理业务的领导者。

Central Bank Policy on Factoring in Bangladesh: The Bangladesh Bank approved its first policy on international factoring in June 2020, a considerable feat considering the impact of the pandemic. This permits banks to finance against assignments of export receivables. In addition, FCI has made numerous sensitisation training sessions to the government. In October 2019, FCI held a major promotion conference with the Bangladesh Bank to the public in August 2020 after the Gwangan Bridge or Diamond Bridge, Busan, South Korea.Central Bank’s approval. We have since onboarded a total of 11 banks and NBFIs in the country, and we have high expectations for success in the market after the pandemic is brought under control there. 

Global Supply Chain Finance Forum (GSCFF): The Global Supply Chain Finance Forum was established in January 2014, as an initiative of these industry associations, to address what has been recognised as a need to develop, publish and champion a set of commonly agreed standard market definitions for Supply Chain Finance and SCF-related techniques. FCI is one of five global industry bodies represented on the Steering Committee, overseeing the governing body which ultimately defends the interests of the reverse factoring/payables finance market. Other bodies include ICC, BAFT, ITFA, and the EBA

孟加拉国中央银行保理政策：孟加拉国银行于2020年6月批准了第一项国际保理政策，考虑到疫情的影响，这是一项相当大的成就。这使得银行可以根据出口应收款的转让进行融资。此外，FCI还为政府举办了多次敏感性培训课程。2019年10月，FCI与孟加拉国银行于2020年8月在韩国釜山的光安桥或钻石桥之后举行了一次面向公众的大型宣传会议。中央银行的批准。自那以后，我们在该国共注册了11家银行和非银行金融机构，在疫情得到控制后，我们对市场的成功抱有很高的期望。

全球供应链金融论坛（GSCFF）：全球供应链金融论坛成立于2014年1月，是这些行业协会的一项倡议，旨在解决被认为需要为供应链金融和SCF相关技术制定、发布和倡导一套共同商定的标准市场定义的问题。FCI是在指导委员会中有代表的五个全球行业机构之一，监督最终维护反向保理/应付款金融市场利益的管理机构。其他机构包括国际商会、英国金融时报、ITFA和欧洲银行业管理局

Credit Insurance Shields: At the encouragement of our credit insurance members Coface, Euler-Hermes, and Atradius, FCI, together with our partner ICISA, the global association of private credit insurers, recently wrote to the U.S. Department of Treasury, U.S. Department of Commerce, and the U.S. Federal Reserve Bank to request the U.S. Government to establish an emergency, temporary federal trade credit insurance backstop programme to help protect and support suppliers of goods and services and their buyers that rely on trade credit insurance during this challenging time. 

信用保险盾牌：在我们的信用保险成员Coface、Euler Hermes和Atradius的鼓励下，FCI与我们的合作伙伴ICISA、全球私人信用保险公司协会最近致函美国财政部、美国商务部和美国联邦储备银行，请求美国政府建立紧急状态，临时联邦贸易信用保险支持计划，帮助保护和支持在这一充满挑战的时期依赖贸易信用保险的商品和服务供应商及其买家。

Nearly half of all factoring activity globally is backed by some form of risk mitigation product like trade credit insurance. Hence, it is imperative to support the trade credit insurance sector during this challenging period, which ultimately supports the receivables finance sector, directly benefiting SMEs throughout the United States. 

全球近一半的保理业务由某种形式的风险缓解产品（如贸易信用保险）支持。因此，在这一充满挑战的时期，必须支持贸易信用保险行业，这最终将支持应收账款金融行业，直接惠及美国各地的中小企业。

In a recent poll of our members, it is estimated that 15-20% of insured buyer lines of credit supporting the factoring and receivables finance industry globally had been adversely impacted by the pandemic, reducing the availability of “eligible receivables” to fund SMEs. This has had a direct impact on the liquidity available to the SME sector. Therefore, FCI believes that it is in the interest of major economies to create a trade credit insurance government backstop programmes whereby the government participates in the trade credit insurers' exposure to support SMEs and their customers who might be suffering due to Covid-19.在最近对我们的成员进行的一次民意调查中，据估计，全球保理和应收账款金融行业15-20%的投保买方信贷额度受到了疫情的不利影响，减少了为中小企业提供资金的“合格应收账款”。这对中小企业部门可用的流动性产生了直接影响。因此，2019冠状病毒疾病的主要经济体，建立贸易信用保险政府支持计划，政府参与贸易信用保险公司的暴露，以支持中小企业和他们的客户可能会遭受由于COVID-19的痛苦。

CONCLUSION

Considering the severe environment brought on by the pandemic, FCI had one of the strongest years in terms of financial performance, exceeding our budget objectives by generating 26 new memberships in 2020. And to cap it off, FCI won a prestigious award as the “Best Trade Finance Innovator - Global 2020” from Capital Finance International (CFI), a leading online publisher backed by multilateral stakeholders and national institutions in trade and finance, which also partners with such events as the World Economic Forum in Davos. Thus, with 2020 behind us, we enter 2021 with 15 new memberships, a new MOU signed to onboard onto the FCIreverse platform and our regional networking events launch. And although we witnessed a drop in global factoring volume of -6.5% in 2020, we are already beginning to return to a state of normalcy. Already we are hearing reports of record performance by our members. However, with the expectation of an increase in credit risk in the second half of 2021 in part due to the withdrawal of state support, we are concerned about the impact it could have on our membership. However, the factoring community usually excels during crisis times; hence, we expect FCI membership to meet this challenge, based on the controls that factoring affords. And for those using history as a milestone, factoring certainly has the wind beneath its sails during and after times of crisis!

结论

考虑到疫情带来的严峻环境，FCI在财务表现方面是最强劲的年份之一，在2020年创造了26个新成员，超过了我们的预算目标。最后，FCI获得了资本金融国际（CFI）颁发的“最佳贸易金融创新者——2020年全球”荣誉奖。资本金融国际是一家领先的在线出版商，得到了多边利益相关者和国家贸易和金融机构的支持，并与达沃斯世界经济论坛（World Economic Forum）等活动合作。因此，在我们落后2020的情况下，我们进入了2021个拥有15个新会员资格的项目，一个新的谅解备忘录签署到了FCHIFT平台上，我们的地区性网络事件开始了。尽管2020年全球保理业务量下降了-6.5%，但我们已经开始恢复正常状态。我们已经听到了会员们关于创纪录表现的报告。然而，鉴于2021下半年信贷风险的增加，部分原因是国家支持的撤退，我们担心它可能对我们的成员造成的影响。然而，保理行业在危机时期通常表现出色；因此，基于保理提供的控制，我们希望FCI成员能够应对这一挑战。对于那些以历史为里程碑的人来说，保理业务在危机期间和危机之后无疑是顺风顺水！

Peter Mulroy,  FCI Secretary General 

FCI秘书长彼得·穆尔罗伊

FCI Vision Statement & Mission StatementFCI愿景声明和使命声明

FCI Vision StatementFCI愿景声明

FCI’s Vision is to be the Global Association for the Open Account Receivables Finance Industry. 

FCI的愿景是成为全球开放式应收账款金融行业协会。

FCI Mission StatementFCI使命声明

Receivables Finance is the core focus of the association and includes Factoring, Invoice Discounting and other Supply Chain Finance solutions. 应收账款融资是该协会的核心重点，包括保理、发票贴现和其他供应链融资解决方案。

FCI is the Global Voice for Open Account Receivables Finance:FCI是开放式应收账款融资的全球代言人：

– FCI facilitates and promotes International Factoring through a Correspondent Factoring platform. –FCI通过代理保理平台促进国际保理。

– FCI actively supports the growth of the Industry and works jointly with policy makers and stakeholders worldwide–FCI积极支持该行业的发展，并与世界各地的政策制定者和利益相关者合作

– FCI promotes best Industry practices through education–FCI通过教育推广最佳行业实践

– FCI publishes Information & Statistics about the Industry–FCI发布有关该行业的信息和统计数据

– FCI endorses financial stability, the prevention of financial crime and respect for regulatory compliance and conduct–FCI认可金融稳定、预防金融犯罪以及遵守监管法规和行为

John Beaney (JB), Director, HSBC GTRF, was in conversation with:汇丰GTRF董事John Beaney（JB）与以下人士进行了对话：

● Brendan du Preez (BdP), 

Group Head Supply Chain & Working Capital Finance Standard Bank, South Africa 

● 布伦丹·杜普里兹（BdP），集团供应链与营运资金财务负责人南非标准银行

● Eric Lu (EL), Senior Vice President, CTBC Bank, Taiwan 

● Maria Luisa Muñoz (MLM), Head of Transaction Banking, Bancolombia, Colombia 

● Roberto Weckop (RW), Director & Head of International Business, Deutsche Factoring Bank, Germany

● 陆家祥（EL），台湾华侨银行高级副总裁

● 玛丽亚·路易莎·穆尼奥斯（传销），哥伦比亚银行交易银行业务主管

● 罗伯托·韦克普（RW），德国德意志保理银行国际业务总监

JB: Our theme is “factoring as a crisis-proof financial tool.” Do you agree with the premise, and why?

JB：我们的主题是“保理作为一种防危机的金融工具”你同意这个前提吗？为什么？

RW: The moment of truth regarding the benefits of factoring  is, in my opinion, happening, especially in risky times.  Then Factors can prove that they still supply cash-flow  while protecting their clients (and in FCI, their Factoring  correspondents) against bad debts. Let me give you an  example: Importers in many markets were asking for longer  payment terms to cope with the massive decline in demand  caused by lock-downs and further restrictive measures. At the  same time, payables from their suppliers became due. Factors  helped to cover these increasing risks and secured liquidity  by prolonging receivable tenors and accepting bearable  repayment agreements. The often underestimated third  benefit of factoring (besides fast liquidity and risk assumption),  the professional receivables management, was more in demand  (especially with exports). Factoring clients could maintain the  business relationship with most of their customers by offering  more flexible business terms. But corporates in fast-growing  industries (e.g. healthcare, food, electronics, e-commerce,  household goods) had more demand for SCF solutions. The  value of the collateral A/R increased and provided risk  underwriters with more comfort. RW：在我看来，关于保理好处的真相时刻正在发生，尤其是在风险时期。然后，Factors可以证明，它们仍然提供现金流，同时保护客户（在FCI中，它们的保理代理行）免受坏账的影响。让我举个例子：许多市场的进口商要求延长付款期限，以应对封锁和进一步限制措施导致的需求大幅下降。与此同时，供应商的应付款到期。这些因素有助于通过延长应收账款期限和接受可承受的还款协议来覆盖这些不断增加的风险和有保障的流动性。保理业务的第三个好处（除了快速流动性和风险假设之外）往往被低估，即专业的应收账款管理，需求更大（尤其是出口业务）。保理客户可以通过提供更灵活的业务条款来维持与大多数客户的业务关系。但快速增长行业（如医疗保健、食品、电子产品、电子商务、家居用品）的企业对SCF解决方案的需求更大。抵押品A/R的价值增加，为风险承销商提供了更多安慰。

EL: The rising demand for factoring services among SMEs worldwide can be attributed to the shortage of working capital. Several industries find it difficult to sustain as they receive their payments late and their receivables on the balance sheet continue to increase. Thus, factoring has been of critical importance for such companies to avoid financial constraints. Factoring is also an effective way for clients to operate a credit facility with financing based on the validated collateral of the invoices; banks are thus more comfortable supporting credit lines than without such good security. During the pandemic, many SMEs face challenges to get sufficient working capital as banks are de-risking their portfolios or changing their risk appetite. Factoring can be an effective solution to secure timely financing for those SMEs. EL：

全球中小企业对保理服务的需求不断增长，这可归因于营运资金短缺。一些行业发现很难维持下去，因为它们延迟收到付款，资产负债表上的应收账款继续增加。因此，保理对于这类公司避免财务约束至关重要。保理也是一种有效的方式，客户可以根据发票的有效抵押品进行融资，从而运营信贷服务；因此，与没有这样良好的安全性相比，银行更愿意支持信贷额度。在疫情期间，随着银行降低投资组合风险或改变风险偏好，许多中小企业面临着获得充足营运资本的挑战。保理是为中小企业及时融资的有效解决方案。

MLM: It’s already been fourteen months since the COVID pandemic has arrived in Latin America and has many challenges and learnings. The financial sector has played an important role in maintaining the economic flow, specially Factoring and Payables Finance facilities which gave suppliers and buyers the possibility to improve their supply chain movement. 

传销：自从新冠病毒大流行来到拉丁美洲已经14个月了，有很多挑战和教训。金融部门在维持经济流动方面发挥了重要作用，特别是保理和应付款融资设施，使供应商和买方有可能改善其供应链运行。

From a Latin American financial view, this difficult time made a lot of changes to efficiency priorities. The cost of merchandise purchased is no longer the only reason to buy or select a supplier. As the disruption in supply chains happened and is expected to happen more frequently, resilience and flexibility in supply chains are now the main issues, and this made many players focus on strengthening good relations to assure supply, making Payables Finance and Factoring an important tool.从拉丁美洲的金融角度来看，这段困难时期对效率优先事项做出了很多改变。购买商品的成本不再是购买或选择供应商的唯一理由。随着供应链中断的发生，而且预计会更频繁地发生，供应链的弹性和灵活性现在是主要问题，这使得许多参与者专注于加强良好关系以确保供应，使应付款融资和保理成为一个重要工具。

JB: Early in the pandemic, there was a squeeze on dollar liquidity. How did you manage?

MLM: As this happened, customer priorities changed and started to be focused upon demonstrating immediate liquidity, and this meant that banks did have to allocate disbursements to short-term credit and reduce client risk, making a perfect combination for Payables Finance and Factoring to be prioritised. 随着这种情况的发生，客户的优先事项发生了变化，并开始专注于展示即时流动性，这意味着银行确实必须将支付款项分配给短期信贷，并降低客户风险，从而使应付款融资和保理成为优先事项的完美组合。

Bancolombia did reinforce its past strategy of supporting the supply chain and trade flows of its customers. With liquidity being reformed, factoring transactions took first place for customers, which helped supply chain resilience and flexibility for Colombian importers and exporters.哥伦比亚银行确实加强了其过去支持客户供应链和贸易流的战略。随着流动性改革，保理交易成为客户的首选，这有助于哥伦比亚进出口商的供应链弹性和灵活性。

JB: Talk about the move from paper to digital communication with clients?JB：谈谈与客户从纸面交流到数字交流的转变？

BdP: From our perspective, we saw a more collaborative model evolving, i.e., bank and SCF specialist fintech collaborate to bring added value in support of client ecosystems. In the times we find ourselves in, it is even more pronounced. As the wider industry moves to a more digital means of executing commerce, digital will become the way of life. In the context of SCF, digital data exchange is already embedded as part of the solution set, with one caveat being the considerations around regulatory requirements where certain underlying document sets may still be required, especially across the border, while specific SCF local market solutions are digitally driven.

BdP：从我们的角度来看，我们看到了一种更具协作性的模式，即银行和SCF专家fintech合作，为支持客户生态系统带来附加值。在我们所处的时代，这一点更加明显。随着更广泛的行业转向更数字化的商业手段，数字化将成为生活方式。在SCF的背景下，数字数据交换已经作为解决方案集的一部分嵌入，其中一个警告是围绕监管要求的考虑，其中可能仍需要某些基础文档集，尤其是跨境文档集，而特定的SCF本地市场解决方案是以数字驱动的。

EL: Features offered to our clients are major decisive factors when it comes to factoring services. Their considerations are credit limit, factoring fee, advance interest, and handling charges. Nonetheless, it is also important for a bank to have a user-friendly, intuitive portal for clients to check the balance, assign invoices, and apply requests for financing when needed. Clients will choose banks that use the latest, fast, and dynamic digital technology to solve their problems, to help to streamline their internal processes, and easily exchange extensive data with their system. 

JB: What about “new” tech? Is it appropriate to apply such tech as part of solution structures?

EL: We have also observed that blockchain and smart contracts initiatives are now applied in the services to further secure that authenticity of the invoices, prevent double financing, and ensure the process’s speed and reliability. In the meantime, it can also tokenize the account receivables to achieve multi-tier financing to help SMEs in the upper-chain further to get more liquidity and improve supply chain resilience. 

BdP: I would say that “new” tech is not yet commercialised at scale. We have seen an increase in POC’s and that governments are more supportive and have high on their respective agendas to drive digital innovation in their respective markets. To this end, some of these markets have created sandbox environments and inviting various industry players in commerce, such as a bank, fintech players, etc., to collaborate around digital initiatives.

EL：在保理服务方面，为客户提供的功能是主要的决定性因素。他们考虑的是信用额度、保理费、预付利息和手续费。尽管如此，对于银行来说，拥有一个用户友好、直观的门户网站也很重要，以便客户检查余额、分配发票，并在需要时申请融资。客户将选择使用最新、快速、动态的数字技术来解决问题、帮助简化内部流程、轻松与系统交换大量数据的银行。

JB：“新”技术呢？将此类技术作为解决方案结构的一部分是否合适？

EL：我们还观察到，区块链和智能合约计划现在应用于服务中，以进一步确保发票的真实性，防止双重融资，并确保流程的速度和可靠性。同时，还可以将应收账款代币化，实现多层次融资，帮助上游中小企业进一步获得更多流动性，提高供应链弹性。

BdP：我认为“新”技术尚未大规模商业化。我们已经看到POC的增加，各国政府更加支持并在各自的议程上占据重要位置，以推动各自市场的数字创新。为此，其中一些市场创造了沙箱环境，并邀请商业领域的各种行业参与者，如银行、金融科技参与者等，围绕数字计划展开合作。

JB: please share your experience with Payables Finance.

EL: Payables Finance has been consistently growing since the 2009 financial crisis, while the volume of Factoring has been volatile over the years. The following makes Payables Finance a popular solution in many countries in Asia: 

● Receivables fraud risk is real. Seller selection and proper due diligence of the transaction are major risk mitigation strategies to prevent fraud. However, the process is very complicated if the operation is done manually. Payables 

Finance is the most effective method to prevent fraud and minimise seller credit risk.

● Anchor buyers used to be the most dominant party in the supply chain, and suppliers normally are squeezed the hardest. However, we have noticed that those buyers now realised that they wouldn’t succeed without the supplier’s viability. Maintaining a long-term relationship and help their suppliers is the best way to secure access to stable and quality supplies. In the meantime, anchor buyers can use this finance programme as a bargain to negotiate better payment terms. The increasing complexity of KYC/AML requirements from regulators makes factoring on-boarding of supplier a very time consuming job. Payables Finance simplified the selection and implementation process, allowing banks to maximise the number of suppliers in the programme, and this will ensure new opportunities for growth in a turbulent time like this.

BdP: We have experienced an increased ask and need for more Payables Finance. Buyers want to ensure the sustainability of the supply chains and provide much needing liquidity support to their supply chains. From a banking perspective, risk factors, fraud, and credit risk drive Payables Finance's support. One can further argue that buyer-led solutions reach deeper into a client ecosystem providing access to liquidity when required.

JB：请分享你在应付款财务方面的经验。

EL：自2009年金融危机以来，应付账款融资一直在增长，而保理业务量多年来一直不稳定。以下内容使应付款融资成为亚洲许多国家的流行解决方案：

● 应收账款欺诈风险是真实存在的。卖方选择和交易的适当尽职调查是防止欺诈的主要风险缓解策略。然而，如果操作是手动进行的，则过程非常复杂。应付账款融资是防止欺诈和最小化卖方信用风险的最有效方法。

● 过去，主力买家是供应链中最具主导地位的一方，而供应商通常受到的压力最大。然而，我们注意到，这些买家现在意识到，如果没有供应商的生存能力，他们就不会成功。保持长期关系并帮助供应商是确保获得稳定优质供应的最佳方式。与此同时，主力买家可以利用这项融资计划作为讨价还价，协商更好的付款条件。监管机构提出的KYC/AML要求越来越复杂，这使得供应商的保理工作非常耗时。应付款融资简化了选择和实施过程，使银行能够最大限度地增加该计划中的供应商数量，这将确保在这样一个动荡的时期获得新的增长机会。

BdP：我们经历了越来越多的要求和对更多应付款融资的需求。买家希望确保供应链的可持续性，并为其供应链提供急需的流动性支持。从银行业的角度来看，风险因素、欺诈和信用风险推动了应付款融资的支持。有人可以进一步认为，买方主导的解决方案深入到客户生态系统，在需要时提供流动性。

JB: please share your risk management experienceJB：请分享你的风险管理经验

RW: SMEs and corporates have discovered during the crisis that in many industries which have been strongly affected by the lack of demand and interruptions of global supply chains, no company is too big to fail. So the demand for comprehensive risk coverage by Factoring increased strongly. We received credit-limit requests for buyers in many sectors that have been considered low or no-risk industries before the crisis so that they were often excluded. To sell those receivables to a Factor and, through the asset sale and receipt of full payment, strengthen key financial metrics like Free Cash Flow has also become more important, including for SME clients.

RW：中小企业和企业在危机期间发现，在许多受到需求不足和全球供应链中断严重影响的行业，没有一家公司是大到不能倒的。因此，通过保理业务实现全面风险覆盖的需求大幅增加。我们收到了许多行业买家的信贷限额申请，这些行业在危机之前被视为低风险或无风险行业，因此他们往往被排除在外。将这些应收账款出售给一家金融机构，并通过资产出售和收到全额付款，加强自由现金流等关键财务指标也变得更加重要，包括对中小企业客户而言。

EL: Covid-19 outbreak increases in the uncertainty of client’s trade transactions, as well as the credibility of buyers. It is not unusual to see payment extension due to stagnant sales or financial difficulty arising from the pandemic, and even large buyers are facing temporary cash shortage and liquidity issues. In the meantime, trade credit insurance companies are cutting the credit limits down or set higher premiums for lower credit limits. More payment extension and claim declaration make maintaining the terms and conditions of existing policies mission impossible.

EL:COVID-19暴发增加了客户交易交易的不确定性，也增加了买家的信誉。由于销售停滞或疫情引发的财务困难而延期付款的情况并不罕见，就连大买家也面临着暂时的现金短缺和流动性问题。与此同时，贸易信用保险公司正在降低信用额度，或为较低的信用额度设定更高的保费。更多的付款延期和索赔声明使得维持现有保单的条款和条件变得不可能。

JB: Credit Insurance is a key partner for many Factors, and how has it performed?

JB：信用保险是许多因素的关键合作伙伴，它的表现如何

EL: The pandemic has reaffirmed the importance of robust risk management measures to combat the non-payment risk of buyers. Many large clients in export sectors now realise a quick and effective solution like factoring is urgently required, which provides a safety net to their vulnerable business. It is unrealistic to expect the insurance company to see the pandemic from the client’s perspective and give a forwardlooking and prompt credit decision in its current state. Although the pandemic slows down the growth of the business and creates a tremendous impact on the global economy, it has transformed client’s mindset and risk perception, which will be very beneficial to the growth and development of Factoring.

EL：这场大流行重申了强有力的风险管理措施的重要性，以应对买家的拒付风险。许多出口行业的大客户现在意识到，迫切需要像保理这样快速有效的解决方案，为他们脆弱的业务提供安全网。期望保险公司从客户的角度看待疫情，并在当前状态下做出前瞻性、迅速的信贷决策是不现实的。虽然大流行减缓了业务增长，对全球经济产生了巨大影响，但它改变了客户的心态和风险感知，这将非常有利于保理业务的增长和发展。

RW: Due to the expected wave of bankruptcies caused by the economic effects of Covid-19, credit insurers started in Q4 2020 to reduce their exposures in countries and industries which were particularly affected. In Germany, it was managed smoothly because temporary guarantees of the governmentbacked up the credit insurers. While credit approvals were granted in the past until further notice, Factoring companies have lately received more decisions with fixed expiry dates. All in all, the insurers have been quite supportive regarding the extension of payment terms of existing credit limits and the approval of repayment agreements. In Germany, the main Factoring companies are usually cooperating with more than one credit insurer. Besides this, the FCI Two-Factor model for Export receivables is also considered an alternative to credit insurance coverage.

RW：由于2019冠状病毒疾病的经济效应导致破产的预期，信用保险公司在2020季度开始减少其在受到特别影响的国家和行业的风险敞口。在德国，由于政府的临时担保为信用保险公司提供了支持，该项目得以顺利管理。过去，在接到进一步通知之前，信用审批都是被授予的，但保理公司最近收到了更多有固定到期日的决定。总而言之，保险公司一直非常支持延长现有信用额度的付款期限和批准还款协议。在德国，主要的保理公司通常与不止一家信用保险公司合作。除此之外，出口应收款的FCI双因素模型也被认为是信用保险范围的替代方案。

JB: Did risk appetite support the resilience of the German Factoring market?

JB：风险偏好是否支持了德国保理市场的弹性？

RW: In 2020, the German economy faced the strongest slump since the 2nd world war with a GDP decrease of 4,9 %. Despite this negative macro-economic trend, the German Factoring market could grow last year by 1,3 %. The growth was mainly driven by new smaller Factoring companies which are active in the domestic B2C Factoring and healthcare sector. This also explains the strong increase of Factoring clients, mainly located in the MSME and consumer segment. The volumes of the main market players in Germany have more or less suffered from the pandemic-driven economic crisis. The International Factoring has dropped by 2,7 %.

RW：2020年，德国经济面临二战以来最严重的衰退，GDP下降了4.9%。尽管存在这种负面的宏观经济趋势，德国保理市场去年可能会增长1.3%。增长主要由活跃于国内B2C保理和医疗保健行业的新的小型保理公司推动。这也解释了保理客户的强劲增长，主要位于MSME和消费者细分市场。德国主要市场参与者的数量或多或少受到了大流行驱动的经济危机的影响。国际保理业务下降了2.7%。

JB: Turning to Africa. Has the crisis reinforced the growth of SCF solutions in Africa?JB：转向非洲。危机是否加强了SCF解决方案在非洲的增长？

BdP: We have seen a clear upward trend in the ask and need for SCF risk mitigating solutions from an African perspective. This is driven by a need to secure and support the value chain resulting in minimal disruption. Although this trend is largely driven by Global Multinational Companies operating across Africa, we see these needs coming across from local African 

corporates as well.In Africa, this type of solution has become more critical in not just ensuring the continuation of supply but also creating an avenue in supporting under pressure cash flows and largely “guaranteeing” accelerated cash flows when required, and even more so during the Covid times, and especially during the period of hard lock-downs.

BdP：我们已经看到，从非洲的角度来看，SCF风险缓解解决方案的要求和需求明显上升。这是因为需要确保和支持价值链，从而将中断降至最低。尽管这一趋势主要是由在非洲各地运营的全球跨国公司推动的，但我们看到这些需求来自非洲当地企业也是如此。在非洲，这类解决方案不仅在确保供应的持续性方面变得更加关键，而且在支持压力下的现金流和在需要时基本上“保证”加速现金流方面也变得更加关键，在新冠疫情期间，尤其是在硬锁定期间，情况更是如此。

JB: For Africa, and given recent events in Europe, what is your view of the value of industry guidance and standards?

JB：对于非洲，考虑到欧洲最近发生的事件，您对行业指南和标准的价值有何看法？

BdP: The key fundamentals and standards of these solutions, such as Factoring, should be followed. We have seen in the recent past that moving beyond the boundaries can have far-reaching negative effects on the entire value chain. At Standard Bank, we are an adopter and advocate of appropriate SCF solutions and are an active member in key global industry bodies in assisting to shape the future of the SCF business globally, but more importantly, the support it brings to Africa and our client base.BdP：应遵循这些解决方案的关键基础和标准，如保理。在最近的过去，我们已经看到，超越边界可能会对整个价值链产生深远的负面影响。在标准银行，我们是合适的SCF解决方案的采纳者和倡导者，也是全球主要行业机构的积极成员，帮助塑造全球SCF业务的未来，但更重要的是，它为非洲和我们的客户群带来了支持。

JB: Looking to 2022, what are your priorities?JB：展望2022年，你的工作重点是什么？

MLM: Open account transactions will continue to grow in the future as payment terms are increasing; having a Factoring or Payables support will be essential for getting new suppliers and nearshoring ones; but as the digitalised world is coming (in fact, did come), Factoring, Payables, and even trade finance will have to get there so as disruptions continue this financial tools can support and help disruptions to be shorter. A key challenge will be a connected and digitalised Supply Chain Finance world.随着支付条件的增加，开放账户交易在未来将继续增长；拥有保理或应付账款支持对于获得新供应商和近支撑供应商至关重要；但随着数字化世界的到来（事实上，它确实到来了），保理、应付账款，甚至贸易融资都必须实现这一目标，以便随着中断的持续，这种金融工具能够支持并帮助缩短中断。一个关键挑战将是一个互联和数字化的供应链金融世界。

JB: Thanks, everyone, for your insights. 

谢谢大家，谢谢你们的见解。

To summarise:总结如下：

(1) The pandemic has accelerated digitalisation resulting in more opportunities transforming factoring and through growing clients in vibrant industries.

(2) Factoring has delivered the expected benefits to clients and shareholders so far, but the challenges are not over.

(3) Anchor buyers see the need to support their supply chain, and Payables Finance is gaining traction.

(4) There are lessons to learn, and FCI has a vital role in education and advocacy.

(5) We must also now apply ourselves to the challenge of reducing climate change and supporting sustainability.

（1） 这场大流行加快了数字化进程，带来了更多的机会，通过活跃行业中不断增长的客户改变保理业务。

（2） 到目前为止，保理已经为客户和股东带来了预期的利益，但挑战还没有结束。

（3） 主力买家看到了支持其供应链的必要性，而应付款融资正在获得吸引力。

（4） 我们需要吸取教训，FCI在教育和宣传方面发挥着至关重要的作用。

（5） 我们现在还必须致力于应对减少气候变化和支持可持续性的挑战。

Regional Updates | 2020 Figures Main Takeaway

地区更新| 2020年数据主要外卖

AFRICA非洲

Despite the Covid-19 crisis, factoring volumes continued to grow in Africa in 2020. It increased from EUR 24 billion in 2019 to over EUR 25 billion in 2020, representing 2,8% growth. Countries that led this growth included Egypt, South Africa, and Botswana, with 2.5%, 2.8%, and 100% growth, respectively. Mauritius’s volume declined by -11.9%, followed by Tunisia’s -23.7%, mainly due to the impact of Covid-19. Nassourou Aminou

尽管COVID-19危机，保理量在非洲继续增长2020。从2019年的240亿欧元增至2020年的250亿欧元，增长率为2.8%。引领这一增长的国家包括埃及、南非和博茨瓦纳，分别增长了2.5%、2.8%和100%。在2019冠状病毒疾病影响下，毛里求斯的成交量下降了11.9%，其次是突尼斯的23.7%。纳斯苏鲁·阿米努

AMERICAS 美洲

Americas were not spared by the storm that hit the world in 2020. The appreciation of the Euro vs the local currencies generated an overall decline of around 30% YOY since 2019, to EUR 150 billion down from EUR 218 billion. North Americas Sub-region showed a negative growth of -23%, where Canada declined by -18%, and the US recorded a fall of around -23%. These figures are due to the fact that the reported US volume is 26 times greater than Canada, making it difficult to balance a drop in US volumes.Additionally, the LA&C Sub-region also reflected a decline of around -37%. Brazil, while in 2019 had the highest volume in the Sub-region, experienced the highest drop of close to -60% in 2020 (currency wise depreciation of Brazilian Real vs. Euro was at -42%). Argentina showed a decline of -35.6%, Chile declined by -19.6%, Peru with just -1.8% and Mexico had a decline of -43%. Alberto Wyderka

美国并没有幸免于2020年袭击世界的风暴。自2019年以来，欧元兑当地货币的升值导致总体同比下降约30%，从2180亿欧元降至1500亿欧元。北美次区域的负增长率为-23%，其中加拿大下降了-18%，美国下降了约-23%。这些数字是由于报告的美国销量是加拿大的26倍，因此很难平衡美国销量的下降。此外，洛杉矶和加勒比海次区域也反映出约-37%的下降。巴西在2019年的成交量是该次区域最高的，但在2020年经历了接近-60%的最大降幅（巴西雷亚尔对欧元的货币贬值为-42%）。阿根廷下降了-35.6%，智利下降了-19.6%，秘鲁下降了-1.8%，墨西哥下降了-43%。阿尔贝托·维德卡

NORTH EAST ASIA 东北亚

The outbreak of pandemic had a severe negative impact on the economies of the North-East Asia region during the first half of 2020. But during the second half of the year, most North-East Asian economies had shown a significant recovery in economic momentum. This upturn was driven both bystrengthening global export demand and the rebound in domestic consumption spending due to the easing of pandemic-related restrictions in many countries.2020年上半年，大流行的爆发对东北亚地区的经济产生了严重的负面影响。但在今年下半年，大多数东北亚经济体的经济势头都出现了显著复苏。全球出口需求的增强以及许多国家放宽与大流行相关的限制导致国内消费支出的反弹推动了这一增长。

Under such challenging circumstances, the North East Asia region achieved remarkable growth of 3.8% to 598.2 billion, with the global market share rose slightly to 22% accordingly. China achieved a 7% increase to 433 billion. With 72% of the regional market share and 16% of the global market share, China continues to be a major market and an important engine of growth for the factoring industry. Lin Hui

在这种充满挑战的环境下，东北亚地区实现了3.8%的显著增长，达到5982亿美元，全球市场份额也随之小幅上升至22%。中国实现了7%的增长，达到4330亿美元。凭借72%的区域市场份额和16%的全球市场份额，中国仍然是保理行业的主要市场和重要增长引擎。林辉

SOUTH AND SOUTH EAST ASIA南亚和东南亚

There is no question about how our world was affected by the Covid-19 pandemic in 2020, however, while different parts of the world had their own timelines in stages of development, the SSEA region began to experience similar sufferings that North Asia had seen during earlier months of 2020. Overall, in terms of business activities, slowdowns in member countries weretrend starting from 2018.

毫无疑问，我们的世界是如何被2020的COVID-19大流行所影响的，然而，世界不同地区在发展阶段有各自的时间表，SSEA地区开始经历类似于北亚在2020个月前看到的类似苦难。总体而言，就商业活动而言，从2018年开始，成员国的经济放缓趋势将有所减缓。

In 2020, the drop showed even more magnitude, as both import and export figures reduced from nine figures to eight, where both sides saw drops in double-digit territory. This drop calls for a deep-dive analysis, with our members in the region, to identify the causes and a possible reengineering of the development and growth strategies. We also witnessed the credit response and collection time shortened, but the export/ import disputes 

frequency increased during 2020. Thompson Lui

2020年，随着进出口数据从9位数下降到8位数，双方都出现了两位数的降幅，降幅甚至更大。这需要我们与该地区的成员进行深入分析，以确定原因，并对发展和增长战略进行可能的重组。我们还见证了信用回复和收款时间缩短，但进出口纠纷频率在2020年有所增加。雷汤普森

CEE, SEE AND THE MIDDLE EAST中欧和东欧

CEE & SEE is representing around 9% of the total volume of Europe, with EUR 173 billion shows an overall decline of close to 7%. The top five players show a decline in volume with, Poland (-5%), Russia (-6.3%), Turkey (-13%), and Greece (-4.1%) which makes up 76% of the market. 

CEE&SEE约占欧洲总销量的9%，1730亿欧元显示整体下滑近7%。排名前五位的公司销量有所下降，其中波兰（跌5%）、俄罗斯（跌6.3%）、土耳其（跌13%）和希腊（跌4.1%）占76%。

Turkey is the leading country in SEE, in terms of FCI turnover. However, due to economic shrinkage, the country has been experiencing a significant decline in another year, by -13%. It affects the entire region’s growth rate, but there are a few positive exceptions in the region with a positive growth. Coming to the emerging markets of the Balkans, they have a very high sensitivity to falling developed markets’ demand for manufactured goods and commodities, but factoring is growing in the region. 就FCI营业额而言，土耳其是SEE的领先国家。然而，由于经济萎缩，该国又在一年中经历了-13%的大幅下降。它影响着整个地区的增长率，但在正增长的地区也有一些积极的例外。来到巴尔干的新兴市场，他们对发达市场对制成品和大宗商品需求的下降非常敏感，但保理业务在该地区正在增长。

The Middle East represents 0.3% of the FCI turnover. The Middle East also declined by – 4.2%, to reach a figure close to 9.5 billion, mainly thanks to Israel, which experienced a 37% growth during this tough year. We are expecting this growth rate to affect the total turnover positively in the coming years.Betül Kurtulus中东地区占FCI营业额的0.3%。中东地区也下降了-4.2%，达到了接近95亿的数字，这主要归功于以色列，在这艰难的一年中，以色列经历了37%的增长。我们预计这一增长率将对未来几年的总营业额产生积极影响。贝图尔·库图卢斯

EUROPEAN UNION

The data collated by the EUF show the impact of the sudden shutdown of the economy with the lockdowns and the absence of invoices to finance. Indeed, provisional figures for 2020 have shown a decrease of 5.4% year on year in factoring turnover in EU countries. It is the first decrease in factoring turnover in 11 years.

欧盟

欧盟基金会整理的数据显示了经济突然关闭、封锁和缺乏融资发票的影响。事实上，2020年的临时数据显示，欧盟国家的保理业务营业额同比下降了5.4%。这是保理业务营业额11年来首次下降。

Total factoring turnover in the EU reached EUR 1.78 trillion comparing to EUR 1.91 trillion in 2019. A decrease in factoring turnover (-5.4%) was in line with the decrease of GDP of EU countries (-6.4%). The GDP penetration ratio for 2020 was slightly lower than in 2019 (11.1% comparing to 11.3%). The biggest EU countries in terms of factoring turnover were hit the most. Funding of EUR 245Bn (11% lower than in 2019) supports around 259,000 European clients in 2020 (7% decrease YOY). Firms still perceive factoring as a source of funding that also provides additional values, which clients appreciated in this year of uncertainty. Françoise Palle-Guillabert

欧盟保理业务总营业额达到1.78万亿欧元，而2019年为1.91万亿欧元。保理业务营业额的下降（-5.4%）与欧盟国家GDP的下降（-6.4%）一致。2020年的GDP渗透率略低于2019年（11.1%比11.3%）。就保理业务营业额而言，最大的欧盟国家受到的打击最大。2020年，2450亿欧元（比2019年减少11%）的资金支持了约25.9万个欧洲客户（同比减少7%）。公司仍然认为保理是一种资金来源，也提供了额外的价值，客户在这一年的不确定性中对此表示赞赏。弗朗索瓦·帕勒·吉拉伯特

AFRICA非洲

The initiatives undertaken in previous years by FCI and Afreximbank to support regulatory reforms with promoting the Factoring Model Law in Africa are starting to show success. Some countries are in the process of finalising laws in this direction, notably in Nigeria, Kenya, and Egypt. Notable progress has been made in West Africa with the adoption by the Central Bank of West Africa (BCEAO) of a uniform factoring law based on the Afreximbank factoring model law for eight countries (Ivory Coast, Benin, Senegal, Niger, Togo, BurkinaFaso, Mali, Guinea Bissau). Nassourou Aminou

FCI和Afreximbank在前几年为支持监管改革，在非洲推广保理示范法而采取的举措开始显示出成功。一些国家正在敲定这方面的法律，尤其是尼日利亚、肯尼亚和埃及。西非中央银行（BCEAO）在八个国家（科特迪瓦、贝宁、塞内加尔、尼日尔、多哥、布基纳法索、马里、几内亚比绍）的《Afreximbank保理示范法》的基础上，通过了统一的保理法，在西非取得了显著进展。纳斯苏鲁·阿米努

AMERICAS 美洲

All the region’s countries have a factoring law. However, not all of them have the same degree of ease in their application and not uniformity. In any case, they contribute to the growth of the industry.Nor is it simple to access controllers and regulators with recommendations to improve existing laws. It is a region with an idiosyncrasy that often makes this objective difficult, as does the lack of deep knowledge on the part of regulators.In any case, both banks and factoring companies strive to make the laws practical, obviously without violating them. Alberto Wyderka该地区所有国家都有保理法。然而，并不是所有这些方法在应用上都具有相同的易用性，也不是统一的。无论如何，它们都有助于行业的发展。向控制人和监管机构提出改进现有法律的建议也不简单。这是一个具有特殊性的地区，这往往使这一目标难以实现，监管机构缺乏深入了解也是如此。无论如何，银行和保理公司都努力使法律切实可行，显然不会违反法律。阿尔贝托·维德卡

NORTH EAST ASIA

The new Civil Code of China was promulgated on 28 May 2020 and came into force on 1 January 2021. Factoring contract is included in the Civil Code as a separate chapter in the contract part. This indicates that factoring is becoming an important part of China’s socio-economic landscape. It is no doubt that it will further promote the healthy and prosperous factoring market in China. In terms of regulation, various local governments in China have promulgated regulatory measures for commercial factoring companies and have carried out a large-scale clean-up of commercial factoring companies in their jurisdictions. The number of commercial factoring companies will be significantly reduced.

In terms of policy, the Chinese government attaches great importance to the role of supply chain finance in the real economy and has formulated a series of guidelines that will be the milestone for the development of supply chain finance in China. Lin Hui

东北亚

《中国民法典》于2020年5月28日颁布，2021年1月1日起施行。保理合同作为合同部分的一个单独章节被纳入民法典。这表明保理业务正在成为中国社会经济格局的重要组成部分。这无疑将进一步促进中国保理市场的健康繁荣。在监管方面，中国各地政府颁布了《商业保理公司监管办法》，并对辖区内的商业保理公司进行了大规模清理。商业保理公司的数量将大幅减少。在政策方面，中国政府高度重视供应链金融在实体经济中的作用，制定了一系列指导方针，这将是中国供应链金融发展的里程碑。林辉

SOUTH AND SOUTH EAST ASIA

The most important development of the SSEA region in 2020 would most likely go to the release of circular allowing factoring and supply chain finance-related products to develop in Bangladesh. Although most emerging markets in the region have room for improvement in this arena, the Central Bank of Bangladesh has made a huge effort in taking the industry and stakeholders forward. This is no coincidence that FCI has worked with local policymakers and her affiliates for years to achieve this first step after various seminars, workshops in Dhaka, and work visits to FCI headquarter to discuss best practices in the industry and share knowledge and experience from other nations having similar paths. Nonetheless, another emerging market,Thailand, has also announced “Digital Factoring” and called for gathering thoughts and advice from industry leaders to map out development paths ahead as the name itself suggested. Thompson Lui

南亚和东南亚

2020年，SSEA地区最重要的发展很可能是发布允许在孟加拉国开发保理和供应链金融相关产品的通知。尽管该地区的大多数新兴市场在这一领域有改进的空间，但孟加拉国中央银行在推动行业和利益相关者向前发展方面做出了巨大努力。多年来，FCI在达卡举办了各种研讨会、研讨会，并对FCI总部进行了工作访问，讨论了行业最佳实践，分享了其他类似国家的知识和经验。FCI与当地政策制定者及其附属机构合作实现了这一第一步，这并非巧合。尽管如此，另一个新兴市场泰国也宣布了“数字保理”，并呼吁从行业领袖那里收集想法和建议，按照名称本身所暗示的那样，规划未来的发展道路。雷汤普森

CEE, SEE AND THE MIDDLE EAST中欧和东欧

FCI working with EBRD continued to support legal and regulatory reforms to enable factoring throughout 2020 in regional countries. There were several developments as well as engagements with regulators and lawmakers in different countries:

● Joint FCI - EBRD online meeting with the Deputy Minister of Economic and Finance Of Ukraine and National Bank of Ukraine: FCI will be working closely with the UATFF task force to build the country’s factoring infrastructure and law.

● Joint FCI - EBRD online meeting in Jordan, with the participation of the Central Bank of Jordan: FCI will be working closely with the Central bank, EBRD, and the local banks to build the country’s factoring infrastructure and law.

● FCI organised informative meetings within the scope of digitalisation support works, where Turkey’s factoring technology infrastructure was examined in detail.

● FCI organised a Preliminary Islamic Factoring Chapter Meeting with the participation of Islamic members of FCI including ITFC. The purpose of an Islamic Chapter, past projects, supplementary Agreement for Islamic International Factoring, approval by Sharia boards, and current activities 

were discussed. Betül Kurtulus

FCI与欧洲复兴开发银行（EBRD）合作，继续支持法律和监管改革，以便在2020年期间在该地区国家开展保理业务。有几项进展，以及与不同国家的监管机构和立法者的接触：

● FCI-欧洲复兴开发银行与乌克兰经济和财政部副部长和乌克兰国家银行的联合在线会议：FCI将与UATF工作组密切合作，以建设该国的保理基础设施和法律。

● FCI与EBRD在约旦举行联合在线会议，约旦中央银行参加：FCI将与中央银行、EBRD和当地银行密切合作，建设该国的保理基础设施和法律。

● FCI在数字化支持工程范围内组织了信息会议，详细审查了土耳其的保理技术基础设施。

● FCI组织了一次初步的伊斯兰保理分会会议，包括ITFC在内的FCI伊斯兰成员参加了会议。伊斯兰章节的目的、过去的项目、伊斯兰国际保理补充协议、伊斯兰教法委员会的批准以及当前的活动进行了讨论。贝图尔·库图卢斯

EUROPEAN UNION欧盟

Since the beginning of this crisis, the EUF keeps working hard and is in close contact with the European economic authorities to monitor, review and seek appropriate business support. Indeed, in 2020, the EUF has worked onnumerous issues, the more important of which are prudential. Concerning the EBA Guidelines on loan origination and monitoring published on 6 May, 2020, we obtained a postponement in the entry into force (30 June 2021), more proportionality, and a less prescriptive character. But not all national delegations of factoring are satisfied with the final text.On the new Definition of Default, another crucial issue, the EUF has warned on the specificities of factoring for a very long time, as a delay in trade receivable does not mean a default as in bank loans. High-level representations have been held with the EBA to avoid unattended side effects throughout the entry into force of the new regime. Françoise Palle-Guillabert

自这场危机开始以来，欧盟基金会一直在努力工作，并与欧洲经济当局保持密切联系，以监测、审查和寻求适当的商业支持。事实上，在2020年，欧盟基金会在许多问题上开展了工作，其中更重要的是审慎。关于2020年5月6日发布的《欧洲银行业管理局贷款发放和监控指南》，我们获得了生效日期的推迟（2021年6月30日），更具比例性，且规定性更少。但并非所有保理的国家代表团都对最终文本感到满意。在另一个关键问题——违约的新定义方面，欧盟基金会已经就保理业务的特殊性发出了很长时间的警告，因为贸易应收款的延迟并不意味着银行贷款的违约。在新制度生效的整个过程中，已与欧洲银行业管理局进行了高层交涉，以避免无人看管的副作用。弗朗索瓦·帕勒·吉拉伯特

AFRICA

FCI, in collaboration with Afreximbank, held a series of factoring promotion and awareness campaigns in 2020. These included:

● Nairobi, Kenya, February 2020: Regional Conference on Factoring & Receivables Finance in East Africa; brought together more than 140 participants from Africa.

● Online E-vent, July 2020: Factoring and Receivable finance in Africa amidst Covid-19: A wake-up call. A webinar is part of the FCI webinar series organised to benefit our members and all industry stakeholders during these difficult days. The Factoring Industry Overview and the Impact of Covid-19. We had around 260 participants.

● Africa Chapter Online Factoring Workshop to discuss the regional situation of the industry. It was followed by the 10th Africa Chapter Annual General Meeting & Annual General Assembly. Nassourou Aminou

非洲

FCI与Afreximbank合作，在2020年举办了一系列保理推广和宣传活动。其中包括：

● 肯尼亚内罗毕，2020年2月：东非保理和应收账款融资区域会议；来自非洲的140多名参与者聚集在一起。

● 在线E-vent，2020年7月：新冠肺炎中的非洲保理和应收账款融资：一个警钟。网络研讨会是FCI网络研讨会系列的一部分，旨在让我们的会员和所有行业利益相关者在这些困难的日子里受益。保理行业概况及COVID-19的影响。我们有大约260名参与者。

● 非洲分会在线保理研讨会，讨论该行业的区域情况。随后是第十届非洲分会年度大会和年度大会。纳斯苏鲁·阿米努

AMERICAS

With the pandemic causing lockdowns, requirements imposed not only complicated the way we were used to performing our work but undermined our methodology. However, during the first quarter of the year, we had the opportunity to organise together with Ms. Monica Martin, our SCF Consultant, a business trip visiting five countries and 18 banks to promote our FCIreverse solution including, Chile, Peru, Colombia, the Dominican Republic, and Mexico. As of April, everything changed. Thus, meetings were held with prospects and members virtually. Translated into figures, 45 virtual meetings were held with members, and 33 with prospects. In addition, progress was made in meetings with organisations, such as IDB Invest, to reach cooperation agreements focused mainly on education and promoting and 

consolidating factoring in the region. Alberto Wyderka

美洲

由于大流行导致封锁，强加的要求不仅使我们习惯于执行工作的方式变得复杂，而且破坏了我们的方法。然而，在今年第一季度，我们有机会与我们的SCF顾问莫妮卡·马丁女士一起组织了一次商务旅行，访问了五个国家和18家银行，以推广我们的FCIreverse解决方案，包括智利、秘鲁、哥伦比亚、多米尼加共和国和墨西哥。截至4月，一切都变了。因此，几乎与潜在客户和成员举行了会议。转化为数字，与会员举行了45次虚拟会议，与潜在客户举行了33次虚拟会议。此外，在与IDB Invest等组织的会议上取得了进展，以达成主要侧重于教育和促进发展的合作协议

巩固该地区的保理业务。阿尔贝托·维德卡

NORTH EAST ASIA

Mongolia is one of the few emerging markets in North-East Asia. Two of Mongolia’s leading banks are FCI members. In early 2020, prior to the outbreak, FCI and IFC jointly organised a seminar in Ulaanbaatar to introduce the best practice of factoring and supply chain finance.The Greater China area accounts for 87% market share of the region. Numerous fraud cases have accompanied the rapid growth of the market during the past few years. In May, we held a webinar on commercial fraud, inviting three experts to share their practical experience on fraud. Over 300 participants attended this event, which provided a renewed awareness of the importance of a rigorous two-factor mechanism in practice in the anti-fraud context. Lin Hui

东北亚

蒙古是东北亚少数几个新兴市场之一。蒙古的两家主要银行是FCI成员。2020年初，在疫情爆发之前，FCI和IFC在乌兰巴托联合举办了一次研讨会，介绍保理和供应链金融的最佳实践。大中华区占该地区87%的市场份额。在过去几年中，伴随着市场的快速增长，出现了大量欺诈案件。5月，我们举办了一次关于商业欺诈的网络研讨会，邀请三位专家分享他们在欺诈方面的实践经验。300多名参与者参加了这次活动，使人们重新认识到在反欺诈背景下，严格的双因素机制在实践中的重要性。林辉

SOUTH AND SOUTH EAST ASIA

We had no physical events in 2020, due to the spreading of Covid-19 in the SSEA region, in fact, part of Asia had already been affected prior to my joining in February. FCI adapted immediately and switched to organising events online, representing the best alternative to meeting members, potential members and industry associates but reduced the effectiveness of promoting FCI and warming up relationships.Regardless of the constraints, FCI has participated in and organised events together with ADB, IFC, and various local trade bodies and regulatory bodies in seminars, workshops, training programmes, and conferences to raise awareness towards FCI and related product offerings. Most importantly, these cooperation events deepen our tides to take our partnerships to the next level. Thompson Lui

南亚和东南亚

我们在2020没有物理事件，因为CVID-19在SSEA地区的传播，事实上，在我二月加入之前，亚洲的一部分已经受到影响。FCI立即进行了调整，转而在网上组织活动，这是会见会员、潜在会员和行业伙伴的最佳选择，但降低了推广FCI和热身关系的效率。尽管存在限制因素，FCI与亚洲开发银行、国际金融公司、各地方贸易机构和监管机构一起参与并组织了研讨会、研讨会、培训计划和会议，以提高对FCI和相关产品的认识。最重要的是，这些合作活动加深了我们将伙伴关系提升到一个新水平的潮流。雷汤普森

CEE, SEE AND THE MIDDLE EAST

In 2020, we organised various promotional, educational & sales events, as well as workshops with many of our business partners, promoting international factoring, reverse factoring and Islamic international factoring.FCI joined the Euromoney conference in Vienna and visited the 

country members at the beginning of the year. FCI participated in the GTR meeting in MENA, followed by an FCI workshop for two days in Dubai for our members in the region. We organised online conferences with EBRD and educational activities with the UATFF task force to develop factoring 

activities and infrastructure in Ukraine. We attended the Worldwide Expert Conferences in Uzbekistan to promote awareness of factoring. We organised a joint event with the SME Banking Club to factoring market innovations 

review for the CEE and SEE regions and we joined the 6th Annual SME Banking Club Conference 2020 and the ITFA Middle East Trade Finance Dialogues. Betül Kurtulus

中欧和东欧

2020年，我们与许多商业合作伙伴组织了各种促销、教育和销售活动，以及研讨会，推广国际保理、反向保理和伊斯兰国际保理。FCI参加了在维也纳举行的欧洲货币会议，并于年初访问了成员国。FCI参加了中东和北非地区的全球技术法规会议，随后在迪拜为该地区的成员举办了为期两天的FCI研讨会。我们与欧洲复兴开发银行组织了在线会议，并与UATF工作组组织了教育活动，以在乌克兰发展保理业务和基础设施。我们参加了在乌兹别克斯坦举行的全球专家会议，以提高对保理业务的认识。我们与中小企业银行俱乐部组织了一次联合活动，为中欧和东欧地区进行保理市场创新审查，并参加了第六届中小企业银行俱乐部2020年年度会议和ITFA中东贸易融资对话。贝图尔·库图卢斯

EUROPEAN UNION

During this very special period, the EUF has organised several online events.

 A workshop named “Building bridges between Finance and SMEs” was held on 13 October. Stéphanie Yon-Courtin, Member of the European Parliament and Vice-Chair of the Economic and monetary affairs committee (ECON),chaired this webinar dedicated to SMEs’ funding. The event gathered Andrea Beltramello, cabinet member of Executive Vice-President Valdis Dombrovskis; Patrick de Villepin, Chairman of FCI; Alban Maggiar, President of SMEunited, and national SMEs’ representatives from France, Germany, and Italy. On 6 November, the EUF and FCI held their first online EU Factoring Summit in the Covid world. The successful webinar, attended by over 200 participants worldwide, witnessed vibrant discussions, especially on the impact of Covid-19. It took place simultaneously as the 2020 Council. Meetings took place in October and November with the German presidency of the EU and the Portuguese future presidency, which has started in January 2021. Françoise Palle-Guillabert

欧盟

在这个非常特殊的时期，欧盟基金会组织了几次在线活动。10月13日举办了一个名为“在金融和中小企业之间架起桥梁”的讲习班。欧洲议会议员、经济和货币事务委员会（ECON）副主席Stéphanie Yon Courtin主持了这场致力于中小企业融资的网络研讨会。该活动聚集了执行副总统瓦尔迪斯·多姆布罗夫斯基斯的内阁成员安

AFRICA非洲

We have 41 members in the Africa region, representing 10% of the total FCI membership. Four (4) new members joined FCI during the past year. These were Woodhall Capital (Nigeria), Mamlaka Capital Partners (Kenya), Avuna (Nigeria), Ziada Credit Solutions (Mauritius), and there are currently prospects from North and West Africa in the pipeline. We have the overall of 13 Banks' potential prospects in Africa, mostly in West and Central Africa who do Factoring Business. Nassourou Aminou我们在非洲地区有41个成员，占FCI成员总数的10%。在过去一年中，四（4）名新成员加入了FCI。它们分别是Woodhall Capital（尼日利亚）、Mamlaka Capital Partners（肯尼亚）、Avuna（尼日利亚）、Ziada Credit Solutions（毛里求斯），目前，北非和西非的前景正在酝酿中。我们有13家银行在非洲的潜在前景，主要是在西非和中非从事保理业务。纳斯苏鲁·阿米努

AMERICAS美洲

The region accounts for 41 members at the end of 2020. During the year, only three members of the region withdrew: one bank and two factoring companies, and we got three new members, all in Peru: Banco Santander, Primus Capital and Euro capital.The actions carried out in the year, despite having been virtual, augur good future expectations, some of which will occur in the next year, despite the consequences of the scourge that is punishing the world and the region, especially Latin America and Carribean. Alberto Wyderka到2020年底，该地区共有41个成员国。在这一年里，该地区只有三个成员退出：一家银行和两家保理公司，我们有三个新成员，都在秘鲁：桑坦德银行、普里默斯资本和欧元资本。今年采取的行动尽管是虚拟的，但预示着良好的未来预期，其中一些行动将在明年发生，尽管这一祸害正在惩罚世界和该地区，特别是拉丁美洲和加勒比地区。阿尔贝托·维德卡

NORTH EAST ASIA东北亚

By the end of 2020, the number of members in the region is 82. The Greater China region accounts for 91%. And bank members account for 73%. A high concentration of members from the Greater China region and bank members characterises the membership composition of the region. As the global manufacturing hub, the region is also one of the most active trade finance centres for global banks. In transforming traditional trade finance into supply chain finance, banks in the region are clearly at the forefront of this trend. It’s the strategic priority for the region to establish a new mechanism for enhancing collaboration under the two-factor model to achieve synergistic efficiencies in supply chain finance. Lin Hui

到2020年底，该地区的成员数量为82个。大中华地区占91%。银行会员占73%。大中华区成员和世界银行成员的高度集中是该地区成员组成的特点。作为全球制造业中心，该地区也是全球银行最活跃的贸易金融中心之一。在将传统贸易融资转变为供应链融资的过程中，该地区的银行显然处于这一趋势的前沿。该地区的战略重点是在双因素模式下建立新的合作机制，以实现供应链金融的协同效率。林辉

SOUTH AND SOUTH EAST ASIA南亚和东南亚

We have seen both additions and terminations of memberships within the year 2020, summing to two net additions to a total number of memberships. Furthermore, FCI approved one membership upgrade from the affiliate category to associate ranking. Due to the wide range of lockdowns, the pace and effectiveness of membership applications and processing were abruptly affected. Business activities of existing members were also heavily disrupted, causing a higher number of memberships applying for exits due to lack of sustaining business transactions and uncertain outlook of economic profitability. Thompson Lui我们已经看到2020年内会员资格的增加和终止，总计为会员总数的两个净增加。此外，FCI还批准了一项会员资格升级，从会员类别升级为会员排名。由于范围广泛的封锁，会员申请和处理的速度和效率突然受到影响。现有会员的业务活动也受到严重干扰，由于缺乏持续的商业交易和不确定的经济盈利前景，导致申请退出的会员人数增加。雷汤普森

CEE, SEE AND THE MIDDLE EAST中欧和东欧

The CEE region represents 15% of the total FCI membership. Poland and Russia are the two biggest markets in CEE. The SEE region represents 15% of the total FCI membership. Turkey is the leading country in SEE in terms of the number of FCI members. In the Balkans, we have new banking chains in FCI, which will also affect the region’s growth. And although their turnover is small yet, we see that Belarus differs positively in terms of the increase in the number of members in the FCI and their turnover.The Middle East represents 3% of the FCI membership.The foregoing developments translated into six new members in 2020: five in CEE (Belarus, Cyprus, and Romania), one in the Middle East (Saudi Arabia).We expect to see an increase in the turnover of FCI’s product Islamic International Factoring, especially in Turkey and in the Middle East. Betül Kurtulus

AFRICA

Despite the growth in factoring volumes, there remain several challenges which include:

● Insufficient Knowledge about the product, Education, Skills, and Experience in the Factoring industry;

● Legal environment & Regulation: Lack of Legal Framework in the different countries, capital requirements,

● Economical environment and access to working capital in some countries: inflation, high-interest rate, cost of lending,securities;

● Difficulties in getting reliable Credit information and Credit insurance covers in some countries and buyers;

● IT system and software to manage properly Factoring transactions;

● Long and costly implementation of factoring business process, training, capacity building, and IT platform.Nassourou Aminou

非洲

尽管保理业务量有所增长，但仍存在一些挑战，包括：

● 对保理行业的产品、教育、技能和经验了解不足；

● 法律环境和监管：不同国家缺乏法律框架、资本要求、，

● 一些国家的经济环境和获得营运资本的途径：通货膨胀、高利率、贷款成本、证券；

● 在一些国家和买家中，难以获得可靠的信用信息和信用保险；

● 适当管理保理交易的IT系统和软件；

● 长期且成本高昂的保理业务流程、培训、能力建设和IT平台实施。纳斯苏鲁·阿米努

AMERICAS

The challenges are multiple and come from the markets because they have different idiosyncrasies, realities, and reasons. The challenges vary in each market. However, I am encouraged to find a common denominator in these challenges.On the one hand, the rate of concentration of members is one of them. The US, Chile, and Peru concentrate approximately 56% of the total members of the region. It is necessary to grow in the US, Canada, Mexico, and Brazil and the countries where we do not have a presence, which is seven.On the other hand, education is a permanent challenge. Fortunately, we found in the webinars a tool that allowed us to reach approximately 770 participants. We will apply the same methodology in 2021, where we hope to have the same success. Alberto Wyderka

美洲

挑战是多方面的，来自市场，因为它们有不同的特质、现实和原因。每个市场面临的挑战各不相同。然而，我很高兴能在这些挑战中找到共同点。一方面，成员的集中率是其中之一。美国、智利和秘鲁集中了该地区总成员国的约56%。有必要在美国、加拿大、墨西哥和巴西以及我们没有业务的国家（即七个）实现增长。另一方面，教育是一个永久性的挑战。幸运的是，我们在网络研讨会上发现了一个工具，使我们能够接触到大约770名参与者。我们将在2021应用同样的方法，我们希望有同样的成功。阿尔贝托·维德卡

NORTH EAST ASIA东北亚

The global economy is in a post-pandemic recovery phase, and the region has started to see a significant pick-up in international trade volumes in the second half of 2020. However, we also note that the rapid rise in commodity and raw material prices puts much pressure on the supply chains, especially SMEs. Meanwhile, trade policy uncertainty will continue for some time. As a supply chain financial service provider, Factor must shift its focus from SME financing to the overall goal of maximising the efficiency and resilience of the supply chain.In response to the current complex economic environment, inter-institutional cooperation must be strengthened to improve efficiency and reduce friction. A return to the twofactor model is the inevitable direction of the industry’s development. Lin Hui

全球经济正处于大流行后的复苏阶段，该地区的国际贸易量在2020年下半年开始显著回升。然而，我们也注意到，大宗商品和原材料价格的快速上涨给供应链带来了很大压力，尤其是中小企业。与此同时，贸易政策的不确定性将持续一段时间。作为供应链金融服务提供商，Factor必须将其重点从中小企业融资转移到最大化供应链效率和弹性的总体目标上。为应对当前复杂的经济环境，必须加强机构间合作，以提高效率，减少摩擦。回归双因素模型是该行业发展的必然方向。林辉

SOUTH AND SOUTH EAST ASIA南亚和东南亚

Needless to stress, here is the level of disruptions our global economy collectively faced in 2020. In this regard, developing and emerging markets were among the hardest hit compared to wealthier developed markets. SSEA region, composed of mainly the former, heavily relied on international trade and investment activities, as impacts were evidenced by EDI trade volume reduced to nearly 50% in a few member countries. To a certain degree, SSEA has not been able to put on an optimistic hat yet, for a pandemic is no

EUROPEAN UNION

We have, beyond the crisis, to think about the factoring of tomorrow. Indeed, factoring has a role to play in the economic recovery and in promoting sustainable growth. On that account, EUF’s attention has been drawn to EC’s request for technical advice to the ESAs (including EBA) regarding digital finance and related issues. The reports to be issued by the EBA (October 2021 and March 2022) could impact factoring providers in Europe, among which Fin / Big Techs.We also have to think of factoring beyond Europe.Consistently, works have started between EUF and FCI on the governance of their relations and articulating the representations of the two entities vis-à-vis public bodies. Françoise Palle-Guillabert

欧盟

除了危机之外，我们还要考虑明天的因素。事实上，保理业务在经济复苏和促进可持续增长方面发挥着作用。因此，欧盟基金会已注意到欧盟委员会就数字金融和相关问题向ESA（包括EBA）提供技术咨询的请求。EBA（2021年10月和2022年3月）发布的报告可能会影响欧洲的保理商，其中FIN /大技术公司。我们还必须考虑欧洲以外的保理业务。欧盟基金会和FCI一直在开展有关该组织治理的工作它们之间的关系，并阐明这两个实体对公共机构的代表性。弗朗索瓦·帕勒·吉拉伯特

AFRICA

With the Covid-19 crisis, most economies in Africa have been impacted as well as all factoring projects underway in 2019 in several countries have been slowed down or frozen. Some countries have shown the resilience of their economy in the face of this crisis. At the end of 2020, we noted a significant 

 enthusiasm for the launch of factoring activities by banking groups, local banks, and independent companies in several countries such as Senegal, Côte d'Ivoire, Nigeria, and Kenya. And this, for classic factoring and SCF-reverse factoring programme, emphasises the digitisation of processes and innovation.Faced with the challenges raised, these turn out to be opportunities to be exploited for the next years in all areas related to the industry to allow all stakeholders to benefit from factoring as an innovative instrument for financing economies and SMEs of African countries. Nassourou Aminou

非洲

随着CVID-19危机，非洲大多数经济体受到影响，2019个国家正在进行的所有保理项目都已放缓或冻结。一些国家在这场危机面前表现出了经济的韧性。2020年底，我们注意到对塞内加尔、科特迪瓦、尼日利亚和肯尼亚等国的银行集团、当地银行和独立公司开展保理业务的热情。对于经典保理和SCF反向保理项目而言，这强调了流程和创新的数字化。面对所提出的挑战，这些都是未来几年在与该行业相关的所有领域都可以利用的机会，让所有利益相关者都能从保理中受益，因为保理是为非洲国家的经济体和中小企业融资的创新工具。纳斯苏鲁·阿米努

AMERICAS

Any forecast contemplates this pandemic, the acceleration of vaccinations, mobilisation, subsidised financing granted by governments, all of which impact GDP growth and consequently our business. Any forecast must help us understand where factoring is going with Covid.Our international factoring volumes growth in the first four months of 2021 has not been seen for a long time. Members in the region are true believers of the two-factor model for international factoring business, and then the growth expectation is there.The domestic factoring volumes of the region fell significantly in 2020. In some countries like Brazil, the drop was 50%, rebounding in the last quarter. Likewise, we could talk about other countries in the region. I am observing in the region that members are constantly changing and adapting themselves for a better service, focusing on best practices and proper KYC. I believe that within all the difficulties, the members also find an opportunity to be better, more efficient, more valued. Alberto Wyderka

美洲

任何预测都会考虑这场大流行、疫苗接种的加速、动员、政府提供的补贴融资，所有这些都会影响GDP增长，进而影响我们的业务。任何预测都必须帮助我们了解新冠病毒保理业务的发展方向。2021年头四个月，我们的国际保理业务量增长已经很长时间没有见到。该地区的成员是双因素模型的忠实信徒对于国际保理业务来说，增长预期就在那里。2020年，该地区的国内保理业务量大幅下降。在巴西等一些国家，这一数字下降了50%，在上一季度有所反弹。同样，我们可以谈论该地区的其他国家。我在该地区观察到，各成员国正在不断变化，并使自己适应新的环境更好的服务，注重最佳实践和适当的KYC。我相信，在所有困难中，成员们也找到了一个更好、更高效、更受重视的机会。阿尔贝托·维德卡

NORTH EAST ASIA

After the global pandemic, the digital wave will have a more profound impact on the factoring industry. The use of technology to enrich and enhance factoring services has become an industry consensus. As the first region to recover after the pandemic and one of the most active regions globally 

in terms of financial innovation, Northeast Asia is expected to make a breakthrough in the localisation of international rules and digitalisation of the platforms. China has propo

EUROPEAN UNION

The Covid-19 pandemic continues to affect all of us. The impact is significant on the activity of factors, and the coming months will be decisive for our economy.In 2021, EUF actively works to avoid any damage to factoring of the new Definition of Default. Another issue is the EU Late Payments Observatory. EUF wishes to take part in the Observatory. The Federation joined the preparatory work. As far as late payments are concerned, EUF strongly advocates for the prohibition of the ban on assignment, which helps the undertaking in finding funding. And we are still working on implementing Basel III in the Union, with adapted and proportionate measures for factoring.More than ever, the Factoring and Commercial Finance Industry has a crucial role in supporting economic growth, employment, and wealth creation in Europe, especially with the end of government supporting measures. Françoise Palle-Guillabert

欧盟

2019冠状病毒疾病流行继续影响着我们所有人。这对各种因素的活动产生了重大影响，未来几个月将对我们的经济产生决定性影响。在2021，EUF积极地避免对新的违约定义的保理造成任何损害。另一个问题是欧盟逾期付款观察机构。EUF希望参加天文台的活动。联合会参加了筹备工作。就逾期付款而言，欧盟基金会强烈主张禁止派遣，这有助于企业寻找资金。我们仍在努力在欧盟实施《巴塞尔协议III》，为保理业务采取适当的措施。保理和商业金融行业比以往任何时候都更加繁荣在支持欧洲经济增长、就业和财富创造方面发挥着至关重要的作用，尤其是在政府支持措施结束的情况下。弗朗索瓦·帕勒·吉拉伯特

教育是使保理更具包容性的工具FCI学院|卓越教育中心

EDUCATION as a tool to make Factoring more inclusive教育是使保理更具包容性的工具

The importance of small and medium-sized enterprises (SMEs) in national economies is well known, including their global impact, since, by number, they dominate the world business stage. But notwithstanding the wide acknowledgment of SMEs’ importance to national economies, they still face difficulties that need to be addressed, and one of them is limited access to finance.In this context, it is important to highlight two main aspects that are frequently interlinked. The first one is access to finance and financial inclusion. The second one is financial inclusion and financial education, also known as financial literacy.FCI Academy has now opened its virtual doors and unveiled its online curricula of the Certificate Programmes and the Specialised Online Courses to all industry stakeholders!

中小企业在国民经济中的重要性是众所周知的，包括它们的全球影响，因为从数量上讲，它们主宰着世界商业舞台。但是，尽管中小企业对国民经济的重要性得到了广泛承认，但它们仍然面临着需要解决的困难，其中之一就是融资渠道有限。在这方面，重要的是要强调经常相互关联的两个主要方面。第一个是获得金融和金融包容。第二个是金融包容和金融教育，也称为金融素养。FCI学院现已向所有行业利益相关者开放其虚拟门户，并公布其证书课程和专业在线课程的在线课程！

In this context, it is important to highlight two main aspects that are frequently interlinked. The first one is access to finance and financial inclusion. The second one is financial inclusion and financial education, also known as financial literacy.

FCI Academy has now opened its virtual doors and unveiled its online curricula of the Certificate Programmes and the Specialised Online Courses 

to all industry stakeholders!

Across the world, companies use factoring as a flexible source of financing as it facilitates the much-needed access to finance by corporates and SMEs. Factoring companies or factoring divisions in banks can provide a greater financing level than traditional lenders to SMEs while limiting their credit risk to acceptable levels. Factoring continues to grow successfully both in mature and emerging markets. 

Financial education has been identified as a vital knowledge resource for financial decision-making, but insufficient attention has been given to how SMEs’ financial literacy affects their access to finance and sustainability. 

Education is named as one of the main pillars of FCI for more than 50 years. Since the early years of its foundation, FCI’s mandate was to spread knowledge, educate the industry, and develop best practices in domestic and international factoring and related open account finance products. 

The FCI Academy is an effective response to a global need for high-quality, flexible business education available to all parties in the financial industry. Our overarching objective is to provide high-quality education on Factoring and Receivables Finance to the Global Financial and Trade Community at the FCI Academy. 

To ensure high professional standards, FCI Academy has developed its specialised series of learning programmes. In this way, seasoned factoring professionals can share knowledge with new or less experienced colleagues. FCI provides various learning opportunities: from the much-respected e-learning diploma courses to regular seminars, webinars, and tailor-made 

programmes for new and experienced members. 

The aim is always to give FCI members the expertise they need to offer their clients top-quality professional factoring services. Five decades of knowledge and experience have culminated in a key USP (Unique Selling Point), which has already supported the development of thousands of factoring professionals within our membership and prospective members, providing everything from knowledge of basic factoring skills to technical disciplines, 

supporting new products and creating opportunities for FCI members organisations and other financial institutions to foster learning within their business environment. 

Every year, about 1,000 students participate in different distance learning courses. More than 700 delegates attend various FCI seminars, workshops, and training events online and onsite. 

We are a trusted education partner of commercial and development banks, multilateral organisations, corporates, industry associations, and universities supporting their efforts with FCI Academy training tools in establishing a fertile and efficient framework and capacity building for Factoring and Receivables Finance. 

Our methods and locally customised programmes have already proved to be highly effective for educating the local financial and trade finance community, including Regulators and Central Banks. At FCI Academy, we believe that by imparting knowledge and high-quality education to the Receivables Finance Industry, we help pave the way for continual and sustainable progress.

All businesses across the globe are feeling the coronavirus (Covid-19) impact; our industry is no exception. The current challenges need to be faced effectively by experienced & skilled professionals. Educating your staff is currently the investment with the highest return and the only way to ensure sustainable business growth.

在这方面，重要的是要强调经常相互关联的两个主要方面。第一个是获得金融和金融包容。第二个是金融包容和金融教育，也称为金融素养。

FCI学院现已开放其虚拟门户，并公布了证书课程和专业在线课程的在线课程致所有行业利益相关者！

在世界各地，公司将保理作为一种灵活的融资来源，因为它有助于企业和中小企业获得急需的融资。保理公司或银行的保理部门可以为中小企业提供比传统贷款人更高的融资水平，同时将其信用风险限制在可接受的水平。保理业务在成熟市场和新兴市场继续成功增长。

金融

金融教育已被确定为金融决策的重要知识资源，但对中小企业的金融知识如何影响其获得资金和可持续性的关注不够。

50多年来，教育一直是FCI的主要支柱之一。自成立以来，FCI的使命是传播知识，教育行业，发展国内外保理业务和相关的开放账户金融产品的最佳实践。

FCI学院是对全球金融业各方对高质量、灵活的商业教育需求的有效回应。我们的总体目标是在FCI学院向全球金融和贸易界提供关于保理和应收账款融资的高质量教育。

为了确保高专业水平，FCI学院开发了一系列专门的学习课程。通过这种方式，经验丰富的保理专业人士可以与新的或经验较少的同事分享知识。FCI提供各种学习机会：从备受尊敬的电子学习文凭课程到定期研讨会、网络研讨会和定制课程为新成员和有经验的成员举办的课程。

我们的目标始终是为FCI成员提供他们所需的专业知识，为他们的客户提供高质量的专业保理服务。50年的知识和经验最终形成了一个关键的USP（独特卖点），它已经支持了我们会员和潜在会员中数千名保理专业人士的发展，提供从基本保理技能到技术学科的知识，支持新产品，为FCI成员组织和其他金融机构创造机会，在其商业环境中促进学习。

每年约有1000名学生参加不同的远程学习课程。700多名代表在网上和现场参加各种FCI研讨会、研讨会和培训活动。

我们是商业银行和开发银行、多边组织、企业、行业协会和大学值得信赖的教育合作伙伴，支持他们利用FCI学院培训工具，为保理和应收账款融资建立丰富有效的框架和能力建设。

事实证明，我们的方法和当地定制的课程对于教育当地金融和贸易金融界（包括监管机构和央行）非常有效。在FCI学院，我们相信通过向应收账款金融行业传授知识和高质量教育，我们有助于为持续和可持续发展铺平道路。

全球所有企业都感受到了新冠病毒（Covid-19）的影响；我们的行业也不例外。当前的挑战需要经验丰富、技术娴熟的专业人士有效应对。教育员工是目前回报最高的投资，也是确保可持续业务增长的唯一途径。

2020 Global Industry Activity Report (GIAR) 2020年全球行业活动报告（GIAR）

INTRODUCTION

Keeping up with the excellent tradition from past Annual Reviews, it is time to present the 2020 Global Industry Annual Report (GIAR). Maintaining the 2019 updates and improvements made to the GIAR report, we attempt to focus on 

the outcome from the member survey, the impact the results provide us, and ultimately providing a comprehensive, impactful report on the factoring industry, including in this year’s report a newly added section related to Covid 19 pandemic impact on our members. 

As a short introduction, this Report has its origins dating back to 2009. It includes data derived from the material captured within the FCI survey to which the members have kindly filled out. Having members from across the world gives FCI a unique vantage point to receive insights from each member’s internal data. The GIAR’s scope is to provide a unique analysis of our Industry having two different angles: the first being the quantitative and numeric aspects of the global business, and another is the usage of a wide range of qualitative elements which provides an opportunity to assess the general sentiments and opinions of its key participants.

QUANTITATIVE ANALYSIS

One thing certain is that the basis of our analysis for 2020 does not incorporate all data, as it happened in the previous years. So as a disclaimer, this outcome is the closest to the reality that can be generated as of now based on the figures we have received to date (approximately 60% response rate from our members, down from the previous year’s 75% response rate, most likely due to Covid-19).

As ever, the principal challenge for the survey continues to be that in many countries, the infrastructure and capability to collect and analyse data varies dramatically - and so the level of detail that individual markets can provide remains highly variable. Thus, one of the fundamental challenges for the Receivables Finance (RF) Industry is to help people everywhere to understand the importance, value, and power of information in our advocacy discussions and the key requirement, therefore collating accurate information at country levels. While some countries (usually but certainly not exclusively the established developed markets) have sophisticated centralised methods 

for collating market information, others have little provision. Hence, we rely upon the best estimates from experts within these markets.So, here we are then; the initial findings of the 2020 GIAR 

Report…

介绍

按照过去年度审查的优良传统，现在是时候提交2020年全球工业年度报告（GIAR）。为了保持2019年对GIAR报告的更新和改进，我们试图将重点放在

成员调查的结果，结果给我们带来的影响，最终提供了一份关于保理业的全面、有影响力的报告，包括在今年的报告中新增的一部分，涉及新冠肺炎对我们成员的影响。

作为一个简短的介绍，这份报告的起源可以追溯到2009年。它包括从FCI调查中获取的材料中获得的数据，成员们已善意地填写了这些数据。拥有来自世界各地的成员使FCI有了一个独特的优势，可以从每个成员的内部数据中获得见解。GIAR的范围是从两个不同的角度对我们的行业进行独特的分析：第一个是全球业务的数量和数字方面，另一个是使用广泛的定性元素，这为评估主要参与者的总体情绪和观点提供了机会。

定量分析

可以肯定的是，我们对2020年的分析基础并不像前几年那样包含所有数据。因此，作为免责声明，根据我们迄今为止收到的数据，这一结果是最接近现实的结果（我们成员的回复率约为60%，低于前一年75%的回复率，最有可能是由于新冠肺炎）。

与以往一样，调查面临的主要挑战仍然是，在许多国家，收集和分析数据的基础设施和能力存在巨大差异，因此各个市场能够提供的详细程度仍然存在很大差异。因此，应收账款融资（RF）行业面临的一个基本挑战是帮助世界各地的人们了解信息在我们倡导讨论中的重要性、价值和力量，以及关键要求，从而在国家层面上整理准确的信息。虽然一些国家（通常但肯定不完全是发达市场）有复杂的集中方法

对于整理市场信息，其他人几乎没有什么规定。因此，我们依赖这些市场内专家的最佳估计。那么，我们到了；2020年GIAR的初步调查结果

报告…

产品分析：与2019年的报告类似，我们将继续根据从我们的成员处收到的数据，向您展示产量按副产品划分的方式。由于每个成员国提供与其市场相关的不同产品，因此这不能表示为特定国家的标志Product analysis: Similar to the 2019 report, we will continue to present to you the way volumes are split by-products based on the data we received from our members. Since each member provides different products related to their market, this cannot be denoted as a marker for a specific country.

Recourse Factoring (without credit protection)

Non-recourse Factoring (with credit protection)

Reverse Factoring of Supplier Finance

Invoice Discounting

追索权保理（无信用保护）

无追索权保理（有信用保护）

供应商融资的逆向保理

发票贴现

In 2020, the Covid-19 Pandemic impact on the business made risk mitigation even more needed and consequently nonrecourse factoring to strengthen further its position in the preferred demand at the proportionate expense of recourse and invoice discounting. Its substantial value might also explain another prominent important reason for non-recourse demand as a means to decrease the cost of capital under Basel capital allocation requirements and the increase in usage of offbalance sheet treatment by corporates.

The above product distribution does not reflect all the countries. The relative proportions in individual countries continue to vary. The individual figures will reflect the local market conditions and the legal and regulatory environments; 

this chart shows what a “typical” country distribution looks like. While it should be noted that, for example, many countries do not yet record any reverse factoring type business, for Spain it might represent around half the total market; similarly, in the UK, one of the largest individual global factoring markets, invoice discounting is around 90% of the volume. Romania, my 

home country, recorded 36% for Reverse and 50% for Nonrecourse

2020，2019冠状病毒疾病对商业的影响更大，因此，非追索保理业务在追索和发票贴现的比例费用上进一步加强了其在优先需求中的地位。它的巨大价值也可能解释了无追索权需求的另一个重要原因，即根据巴塞尔资本分配要求，无追索权需求是降低资本成本的一种手段，企业增加了对表外处理的使用。

上述产品分布并不反映所有国家。各个国家的相对比例继续不同。个别数字将反映当地市场状况以及法律和监管环境；此图表显示了“典型”国家分布的情况。虽然应该注意到，例如，许多国家尚未记录任何反向保理类型的业务，但对西班牙来说，它可能占总市场的一半左右；同样，在全球最大的保理市场之一英国，发票贴现约占交易量的90%。罗马尼亚，我的母国，反向追索占36%，无追索权占50%。

关于这一主题的另一个注意事项是，反向保理（也称为SCF/保兑/应付款融资）可能继续其下降趋势，2020年的市场份额为7%，低于2019年的10%。然而，FCI只占全球逆向保理市场的一小部分。因此，FCI于2019年正式进入反向保理市场，推出了我们的新解决方案FCIreverse，我们的目的是帮助支持这项重要服务在今天和未来几年对我们的会员的增长！

Another note on this topic is that Reverse Factoring (also known as SCF/Confirming/Payables Finance) may have continued its decreased trend, showing a market share of 7% in 2020, down from 10% in 2019. However, FCI only captures a small percentage of the total reverse factoring market globally. Therefore, FCI formally entered the reverse factoring market with the launch of our new solution, FCIreverse, in 2019 with our intention to help support the growth of this important service to our members today and in the coming years ahead!

INDUSTRY DYNAMICS

Below you can see how things changed related to last year:It appears that this year we reached 4.24 % of GDP penetration for the industry, a slight improvement compared to what we had witnessed in the previous year (4.05%). Europe is around its 10% penetration rate, always having in mind that the industry is quite mature. We used current estimates and thus not finalised GDP figures for 2020. 

Quickly looking at the figures:

● Client numbers are estimated to be around 726,000, and the debtor numbers have reached an estimated level of 17.5 million. However, these figures have a relatively high level of uncertainty because it combines both whole turnover and spot level types of relationships, highly sensitive to market fluctuations, structure and conditions.

● Companies active in the Factoring Industry that serve the pool of clients and debtors globally are estimated to be down around 4155. 

● Direct employment is estimated to be around 99,720. We could mention that this number is highly correlated to the labor-intensive service that our industry requires. Although as technology and automation continue their upward trend, we anticipate the figure will remain flat, even with the industry’s continued growth at the current rate.

● Average turnover per client is considered to have remained close to EUR 3.8 million; hence, we continue to be dealing with mainly SME businesses in a number of terms based on the smaller end of the spectrum. Our data shows that our member’s figures representing their clients’ portfolios are mainly SME, close to 66% (65% in 2019), as shown below:

行业动态

下面你可以看到与去年相关的情况发生了怎样的变化：今年我们似乎达到了该行业GDP渗透率的4.24%，与前一年（4.05%）相比略有改善。欧洲的渗透率在10%左右，始终牢记该行业已经相当成熟。我们使用了当前的估计，因此没有最终确定2020年的GDP数字。

快速查看数据：

● 客户数量估计约为72.6万，债务人数量估计达到1750万。然而，这些数据具有相对较高的不确定性，因为它结合了整体营业额和现货水平的关系类型，对市场波动、结构和条件高度敏感。

● 活跃于保理行业、为全球客户和债务人提供服务的公司估计将减少约4155家。

● 直接就业人数估计约为99720人。我们可以提到，这个数字与我们行业所需的劳动密集型服务高度相关。尽管随着技术和自动化继续呈上升趋势，我们预计这一数字将保持不变，即使该行业以目前的速度持续增长。

● 每个客户的平均营业额被认为接近380万欧元；因此，我们将继续以中小企业业务为主，根据业务范围的较小一端，在多个方面开展业务。我们的数据显示，我们会员代表其客户投资组合的数据主要是中小企业，接近66%（2019年为65%），如下所示：

● The breakdown of the types of industries is represented in the member’s portfolio. It seems that the Industry has its weighting towards Manufacturers, Distributors, and Service Providers, as shown in the picture below, highlighting the FCI members’ feedback. This, of course, cannot be denoted as a marker for a specific country● 该成员的投资组合中列出了行业类型的分类。如下图所示，该行业似乎对制造商、分销商和服务提供商有其权重，突出了FCI成员的反馈。当然，这不能作为特定国家的标志

●Manufacturing

● Distribution

● Transportation

● Construction

● Services

● Others

●制造业

● 分配

● 运输

● 建设

● 服务

● 其他的

For 2020, we again have a very high-level view of Companies active in the Factoring Industry concentration like in past years. Where the figures are available, the top five concentration ratio (CR5) was reported as 88% of the market (82% in 2019, 2018, and 2017). Bank divisions appears to reach 53% (from 39% - 2019, 45% - 2018, 45% - 2017), bank-owned subsidiaries at 28% (from 35%, 32%, 25%) whilst Independents stable to 7% (from 7%, 6%, 13% respectively). Again, while a final report may yet adapt these interim figures and, as it was last year, the domination of banks at the expense of independents keeps its strong position in the industry.2020年，我们再次对活跃于保理行业集中度的公司有了非常高的认识，就像过去几年一样。在有数据的情况下，前五名集中度（CR5）报告为市场的88%（2019年、2018年和2017年为82%）。银行部门似乎达到53%（从2019年的39%、2018年的45%、2017年的45%），银行拥有的子公司占28%（从35%、32%、25%），而独立公司则稳定在7%（分别从7%、6%和13%）。同样，尽管最终报告可能会调整这些中期数据，而且，就像去年一样，以牺牲独立人士为代价的银行主导地位保持了其在行业中的强势地位。

QUALITATIVE ANALYSIS定性分析

One of the things that makes the GIAR survey unique is that it provides an ongoing record and analysis of the perceptions within the Industry on a wide range of topics and trends and their potential effects on the Industry and its future development. Each year we ask respondents to give their view on the status and direction of the Industry in their own country. Our sample data for this analysis includes views from 56 countries that have responded to the FCI survey. The first and key elements to consider are Factoring Awareness and Acceptance. The year 2020 presents itself similarly to 2019, maintaining the view that, in general, it continues to be a considerable opportunity to build and develop on past successes within the Industry. However, the position has a small deterioration compared to last year’s survey, which showed 62% medium awareness compared to 60%. And acceptance of the product has also declined, from 58% medium to 54% (although a high level of acceptance improved from 23% to 26% in the survey)

GIAR调查的独特之处之一在于，它持续记录和分析了行业内对广泛主题和趋势的看法，以及它们对行业及其未来发展的潜在影响。每年，我们都会要求受访者给出他们对本国行业现状和发展方向的看法。本分析的样本数据包括56个国家对FCI调查做出回应的观点。首先要考虑的因素是保理意识和接受。2020年的情况与2019年类似，总体而言，它仍然是一个在行业内建立和发展过去成功经验的巨大机会。然而，与去年的调查相比，该职位的情况略有恶化。去年的调查显示，62%的人对该职位持中等认识，而去年的调查显示，这一比例为60%。产品的接受度也有所下降，从58%的中等水平下降到54%（尽管在调查中，产品的高接受度从23%提高到了26%）

The trust in the industry resilience, after a hard hit year economically speaking, can be noticed in this year’s responses where respondents continue to demonstrate a high level of confidence and optimism that the Industry can continue to support businesses with an essential role in supporting the real economy on a global scale. There was a decrease from 6% in 2019 to 4% in 2020, while the optimistic level increased from 54% to 56%. On the other hand, confirming the last year’s cautionary note presented in the GIAR 2019, the demand revealed an increase in the pessimistic percentage reaching 8% from a low of 4%, obviously stemming from the pandemic. No doubt that 2020 was a challenging year. However, the signs of 2021 might signal that a rebound is at hand. FCI turnover figures show a positive YOY growth rate in 2020 compared to the previous year.

在经历了经济上的重创后，人们对行业韧性的信任可以从今年的回复中看出，受访者继续表现出高度的信心和乐观情绪，认为行业可以继续支持在全球范围内支持实体经济方面发挥关键作用的企业。从2019年的6%下降到2020年的4%，而乐观水平从54%上升到56%。另一方面，这一需求证实了2019年GIAR中去年提出的警告，显示悲观率从4%的低点上升至8%，显然源于大流行。毫无疑问，2020年是充满挑战的一年。然而，2021的迹象可能预示着反弹即将到来。FCI营业额数据显示，与前一年相比，2020年的同比增长率为正。

Connecting to last year’s report on these two topics, the trend continued to reduce confidence stemming from both reports connected to turnover and profitability, indicating an adverse impact to margins and, hence, a decrease in profitability, mainly consolidating the cautionary respondents likely affected by the 2020 turmoil.结合去年关于这两个主题的报告，这一趋势继续降低了人们对营业额和盈利能力两份报告的信心，这表明利润率受到不利影响，因此盈利能力下降，主要是巩固了可能受2020年动荡影响的谨慎受访者。

On the risk management front, responses to the questions regarding their outlook for client and debtor risk in their markets are in line with GIAR 2019 forecast. It shows a worsened outcome showing a negative outlook doubling from last year for both parties. Client/debtor risk was up to 24% from 12%, nearly doubling in size.在风险管理方面，对有关其市场客户和债务人风险前景的问题的回答符合GIAR 2019年的预测。它显示了一个恶化的结果，显示两方的负面前景比去年翻了一番。客户/债务人风险从12%上升到24%，规模几乎翻了一番。

图1:2020年保理业务发展的潜在障碍

Graph 1: Potential Impediments to the Development of Factoring 2020

Credit Ratings信用评级

Low Fee Income低费用收入

High Transaction Costs高交易成本

Lack of Liquidity缺乏流动性

Capital Constraints本约束资

Buyer Performance买方业绩

Low Country Credit Ratings低国家信用评级

Basel Requirements巴塞尔要求

AML/KYC RequirementsAML/KYC要求

Graph 2: Impact of Fintechs图2：FinTech的影响

Facilitate KYC checks促进KYC检查

Reduce costs of due diligence降低尽职调查的成本

Enhance ability to assess risk of small clients增强评估小客户风险的能力

Is there a Shortfall of Factoring to fund International Business?国际业务的保理资金是否不足？

Could Protectionism widen any Trade Finance Gap even more?保护主义会进一步扩大贸易融资缺口吗？

Client Risk Outlook 客户风险展望

Debtor Risk Outlook债务人风险展望

We also looked at a number of variables impacting factoring The percentages can be seen in the table above, and we would like to mention that AML/KYC regulations are once again significantly less in comparison to the previous year, a drop from a high of 43% in 2019 to 39% in 2020. The members have shown a reduced lack of liquidity. The situation has improved, increasing from a low impact from 31% to 39%. The profitability part of factoring stemming from lower fee income and large transaction costs increased the potential impediments to the development of the business by 3% for each category. 

(Graph 1)

我们还研究了影响上表所示百分比的多个变量，我们想指出的是，与前一年相比，AML/KYC监管再次显著减少，从2019年43%的高点下降到2020年的39%。成员们

表明流动性不足的情况有所减少。情况有所改善，受影响程度较低，从31%增至39%。保理业务的盈利能力部分源于较低的手续费收入和较大的交易成本，每类业务的潜在发展障碍增加了3%。（图1）

Similar to 2019, there was a slight change in members’ views relating to the shortfall of factoring. However, the increase of concerns regarding the rise in protectionism and specifically the US-China trade war and Brexit finalisation seems to have made our members more aware of the impact but unsure of how it will affect the industry in the future.与2019年类似，成员对保理业务不足的看法略有变化。然而，对保护主义抬头，特别是美中贸易战和英国脱欧最终敲定的担忧增加，似乎让我们的成员更加意识到其影响，但不确定它将如何影响该行业的未来。

We keep monitoring the rise of Fintechs based on our member’s perception and, like in past years, the questions regarding the potential impact of Fintechs on the industry are similar to past results. The survey results in present decreasing values this year in the high perception responses for each category. A noticeable drop is when Fintechs are more likely to facilitate KYC enhancements, with a significant reduction from 53% to 45%. Their potential use for client risk assessment presented this year a decline in this ability with a decrease from 53% in 2019 to 48% in 2020, while their ability to provide reduced costs for due diligence remained somehow in close proximity to 2019’s 47% and 45% respectively. (Graph 2)我们根据会员的看法持续监控FinTech的崛起，与过去几年一样，关于FinTech对行业潜在影响的问题与过去的结果类似。这项调查的结果是，今年每个类别的高感知反应值都在下降。一个明显的下降是当FinTech更可能提供便利时KYC增强功能，从53%显著降低到45%。他们在客户风险评估中的潜在用途表明，今年这种能力有所下降，从2019年的53%下降到2020年的48%，而他们为尽职调查提供降低成本的能力在某种程度上仍然接近2019年的47%和45%。（图2）

We could not leave 2020 without placing questions related to Covid 19 pandemic impact on their business. Here is what we understood from our respondents. Members tried to cope as best as possible with the new remote work conditions and the effect of the drop in GDP in 2020. Not all countries were indeed affected in an equal measure, some being less impacted than others depending on their own government’s stimulus relief measures to the lockdown that was in place.

离开2020年，我们不能不提出有关新冠肺炎大流行对其业务影响的问题。以下是我们从受访者那里了解到的情况。成员们试图尽可能地应对新的偏远工作条件和2020年GDP下降的影响。并不是所有国家都受到了同等程度的影响，一些国家受到的影响比其他国家小，这取决于它们本国政府对封锁的刺激缓解措施。

Graph 3: Pandemic Effects of Organisation’s Ability to do Business

图3：组织开展业务能力的流行病影响

Impact on risk assessment对风险评估的影响

Longer payment terms due to flow disruptions由于流量中断，支付期限延长

Work from home在家工作

Graph 4: Impact of Risk Assessment by Region图4：各地区风险评估的影响

From a technical point of view, moving to the Work from Home category, seems to have not been as impactful as it seems due to the increase of payment terms and calls for force majeure, which had inherently appeared due to supply chain disruptions.(Graph 3)从技术角度来看，转移到“在家工作”类别的影响似乎不如支付条件的增加和不可抗力的要求所带来的影响那么大，而不可抗力本来就是由于供应链中断而出现的。（图3）

As for the risk assessment, the pandemic’s impact is apparent relating to members controlling their existing portfolios while reducing the appetite for new business. This impact was different depending on the region, with the Americas at the highest level. (Graph 4)

至于风险评估，大流行的影响显然与成员控制其现有投资组合，同时降低对新业务的胃口有关。这一影响因地区而异，其中美洲的影响程度最高。（图4）

CONCLUSION结论

This year’s GIAR once again tries to provide an overview of the global factoring industry for a highly negative year from a human perspective that impacted us all. 2020 will remain in our collective memory as a very disruptive year on many levels with consequences that will impact us for years to come. While working with the data from 2020, I must admit that it was not quite a desirable task due to the somewhat depressing nature of the sector. Yet, if having this report as a reference to thispoint in time, it is still quite important to maintain the in-depth analysis of the data. The data from our member’s responses can give the reader a compelling and broad picture of the Factoring Industry. I cannot find a better ending than this one obvious impression from the figures, which I hope will never be lost on us because the factoring industry in comparison from market to market is much different, especially when comparing developed to developing countries. This makes it very challenging to assess their actual performance, develop sensible estimates, and derive information that we consider credible. In many countries, the infrastructure is not yet sufficiently developed to address the questions in our survey. Hence FCI attempts to assess the data from multiple sources to best estimate each market performance. 今年的GIAR再次试图从影响我们所有人的人的角度，概述全球保理行业在这一年的高度负面影响。2020年将继续留在我们的集体记忆中，在许多层面上都是极具破坏性的一年，其后果将在未来几年影响我们。在处理2020年的数据时，我必须承认，由于该行业有点令人沮丧，这不是一项理想的任务。然而，如果把这份报告作为这个时间点的参考，保持对数据的深入分析仍然非常重要。我们会员回复的数据可以让读者对保理行业有一个引人注目的、广泛的了解。从这些数字中我找不到比这一明显印象更好的结局，我希望我们永远不会忘记这一点，因为不同市场的保理业有很大的不同，尤其是在发达国家和发展中国家的比较中。这使得评估他们的实际表现，开发合理的估计，并获得我们认为可信的信息是非常具有挑战性的。在许多国家，基础设施尚未充分发展，无法解决我们调查中的问题。因此，FCI试图评估来自多个来源的数据，以最佳估计每个市场表现。

And last but not least, in putting together this review, we collect, consider and manage a very large number of data sets, and its collation is a significant task. We want to thank all country respondents for their hard work in gathering this data on behalf of their countries and sharing it with us, year after year. We could never do this without you! 最后但并非最不重要的是，在总结这篇评论，我们收集，审议和管理大量的数据集，其整理是一项重要的任务。我们要感谢所有国家的受访者，感谢他们年复一年地代表他们的国家收集这些数据并与我们分享。没有你我们永远做不到！

Thank you!非常感谢。

FCI Expressed in Figures

For 2020 figures, which took place in a very challenging year for the industry, the number of members who contributed to the FCI Survey was near 60% (75% in 2019). Their total volume added up to EUR 1,170 billion. Hence all data hereafter relate exclusively to these actual figures.Compared with 2019 figures, we noticed that only the products which provided credit protection for domestic and export factoring registered a positive figure, showing a more cautious approach by the members and their clients. All other products reported a YOY decline, in line with the world figures.Domestic factoring share of the total volume had a slight increase with 2% from last year. It reached 81%, 15% accounts for recourse factoring, 52% without recourse, 20% invoice discounting, 8% reverse, and 5% collection only. Export factoring decreased from last year by 1%, accountingfor 13% of the total factoring volume. 13% of the total export factoring volume relates to the two-factor business.

FCI以数字表示

2020年的数据对该行业来说是一个非常具有挑战性的年份，参与FCI调查的成员人数接近60%（2019年为75%）。其总交易额总计为11700亿欧元。因此，下文中的所有数据仅与这些实际数字有关。与2019年的数据相比，我们注意到只有为国内和出口保理提供信用保护的产品的数据为正值，这表明会员及其客户采取了更谨慎的态度。所有其他产品均报告同比下降，与世界数据一致。国内保理业务在总业务量中的份额略有上升，比去年增加了2%。它达到了81%，15%用于追索权保理，52%无追索权，20%发票贴现，8%反向，仅5%托收。出口保理业务比去年减少了1%，占保理业务总量的13%。出口保理业务总量的13%与双因素业务有关。

Import factoring accounted for 2%, where 59% representing two-factor business.As for special factoring businesses, Direct export invoice discounting accounts for 3%, while Reverse factoring accounts for the remaining 1%.进口保理占2%，其中59%为双向业务。特殊保理业务中，直接出口发票贴现占3%，反向保理占1%。

The following chart is the result of the actual contributions received from the Members together with the estimates for 2020 for their countries. Another aspect, increasingly visible in our report, is the currency’s impact, as FCI reports its figures in EURO, considering the Eurozone countries account for over half of global volume. As you know, there were some significant swings in currency valuation during this pandemic year, which in some cases drastically impacted the translated figures. If the table below would have been shown in USD, a different outcome is pictured showing some growth in 2020, indicating this foreign exchange volatility

下表是各成员国收到的实际捐款及其国家2020年估计数的结果。另一个在我们的报告中越来越明显的方面是货币的影响，因为考虑到欧元区国家占全球总量的一半以上，FCI以欧元报告其数据。正如你所知，在这一大流行年，货币估值出现了一些重大波动，在某些情况下，这对翻译后的数字产生了巨大影响。如果下表是以美元表示的，则图中显示的是另一种结果，显示2020年的一些增长，表明这种外汇波动

Accumulative Turnover Figures for All FCI Members Compared to Worldwide Factoring Turnover

与全球保理营业额相比，所有FCI成员的累计营业额数字

Invoice Discounting 发票贴现

Recourse Factoring 追索权保理

Non-Recourse Factoring无追索权保理

Collections 托收

Reverse 反向保理

Islamic Factoring伊斯兰保理

Total Domestic Factoring FCIFCI国内保理总量

Export Factoring 出口保理

Import Factoring 进口保理

Export Invoice Discounting出口商业发票贴现

Reverse反向保理

Total International Factoring FCI 总国际保理FCI

World Domestic Factoring世界国内保理

World International Factoring世界国际保理

各大洲对FCI成员国的国内贡献量显示，到目前为止，欧洲以65%的份额位居榜首。在欧洲，无追索权交易量占总交易量的51%（2019年为47%），追索权交易量占16%（2019年为18%），而发票贴现交易量占25%（2019年为29%），反向交易量占6%（2019年为6%）。

●  Islamic Factoring伊斯兰保理

● Reverse反向保理

● Recourse有追索权

● Non-recourse无追索权

● Invoice Discounting发票贴现

● Collection Only托收

When breaking down the FCI Members International Factoring volume by continent, Europe registered a decline, explained by the lockdown due to the health measures implemented, accounting for 55% (64% in 2019). The Asia Pacific reported an increase reaching 42% (32%). The Americas accounted for only 3%, while Africa and the Middle East combined represented less than 1%.

在按大洲划分FCI成员国国际保理业务量时，欧洲出现了下降，原因是实施的卫生措施导致了封锁，占55%（2019年为64%）。亚太地区报告的增长率达到42%（32%）。美洲仅占3%，而非洲和中东加起来不到1%。

When breaking down the volume of FCI Member Countries/Territories International Factoring volume, we find the “Top Ten” adding up to 86% of the total volume, having Italy in the first position with 15%, followed by Taiwan of china (13%), China (12%), Spain and Singapore (10%) each, Germany (8%), Hong Kong of china and France (5%), United Kingdom and Poland (4%) each. 

在打破FCI成员国/领土国际保理卷的数量时，我们发现“前十名”加起来占总量的86%，意大利位居第一位，占15%，其次是中国台湾（13%）、中国（12%）、西班牙和新加坡（10%）、德国（8%）、中国香港和法国（5%）、英国和波兰各占4%。

The volume of the “Top Ten” FCI Members’ Total Factoring volume by Country/Territory accounts for to 84% of the total China leading the way with 19%, followed by Italy (17%), France (12%), Spain (11%), UK (6%), Japan (5%), Poland and Germany (4%), Taiwan (3%), and Singapore (3%).

按国家/地区划分的“前十名”FCI成员的保理业务总量占业务总量的84%,中国领先占19%，其次是意大利（17%）、法国（12%）、西班牙（11%）、英国（6%）、日本（5%）、波兰和德国（4%）、台湾（3%）和新加坡（3%）。

Factoring Turnover by Country/Territory in 20202020年按国家/地区划分的保理营业额

* Some figures used in the table might be data from previous year where the  information received by the members lacked

*表中使用的一些数字可能是前一年的数据，而成员们所收到的信息缺乏这些数据

过去7年按国家/地区划分的保理业务总量

Total Factoring Volume by Country/Territory in the Last 7 Years