ADFIAP Consulting (AC) Group’s Ms. Cora Conde, Ms. Cecile Ibarra and Ms. Arlene Orencia and ADFIAP-Institute of Development Finance’s (IDF) Ms. Sandra Honrado met with Mr. Mikhail Treyvish, a member of the Board of the International Factors Group (IFG) at the Association’s Headquarters in Makati City on April 18, 2012 and explored cooperation opportunities based on synergies and common advocacies in the areas of SME access to finance, training and capacity-building.
Export factoring or cross-border factoring is a financial service for exporters, generally undertaken on the basis of the so-called “Two-Factor System” wherein one IFG company acts as the export factor, dealing with financing, credit management, sales ledger accounting, or a combination of these services, in the supplier’s country. A second member, the import factor, handles credit cover and collection in the buyer’s territory.
To build up/strengthen the capability of financial institutions and other market players to undertake factoring, IFG also offers an international and integrated “Academy Programme” on the theory and practice of factoring, both on face-to-face and e-learning modalities, an area of cooperation ADFIAP would like to pursue with IFG to enrich the offerings of its training center, the IDF.
The Brussels-based IFG www.ifgroup.com is an international association of about 160 factoring companies in 50 countries whose mission is to help factoring companies to conduct cross-border business acting as correspondents for each other. Thinking globally but acting locally, IFG is organized in regional chapters in Asia, East Europe, Middle East and Africa, and Latin America. Membership of IFG is open to all active market players in the industry, including service providers