Welcome to the October 2022 issue of Credit Management News Digest.
UK and Ireland: Late Payment, Profit Warnings & Insolvencies
The number of troubled UK construction companies has increased by 54% since the last quarter. Building has reported that,
according to data from Mazars, thousands of UK construction businesses are at risk of insolvency because of high costs and unsustainable debt and are 'desperately hanging on' until the government’s energy relief
package kicks in. The number of companies at significant risk of going bust has shot up in the last quarter, with Mazars adding 5,900 businesses to the category in the past three months.
This takes the total number of troubled UK construction companies to 16,755, up 54% from the 10,686 recorded in the previous quarter. According to Mazars' data, East Anglia, the South-West and South-East have seen the largest
increases in construction businesses at risk, with 74%, 72% and 58% increases, respectively.
To read Building's article go to https://www.building.co.uk/news/inflation-and-rate-rises-put-thousands-of-firms-at-risk-of-insolvency-accountant-warns/5119694.article.
Corporate insolvencies increased by over 43% in August compared to the same month in 2021. New data from the Insolvency Service has found
that corporate insolvencies in England and Wales increased by 5.5% in August 2022
to a total of 1,933 compared to July's total of 1,832, and increased by 43.4% compared to August 2021's figure of 1,348. August 2021’s corporate insolvency figures were also 41.6% higher than August 2019’s figures of 1,365.
Christina Fitzgerald, President of R3, commented that the monthly rise in corporate insolvencies — to the third highest set of monthly statistics since January 2019 —
has been caused mainly by an increase in the number of Creditors’ Voluntary Liquidations. "This suggests that directors remain concerned about their ability to continue to trade in the current climate,
and are choosing to close their businesses before that choice is taken away from them."
To read R3's news release go to https://www.r3.org.uk/press-policy-and-research/news/more/31368/page/1//.
Profit warnings issued by UK listed companies have more than doubled since last year.
Figures released by InfolinkGazette show that Q3 2022 saw 111 profit warnings being issued compared to just 51 in the same period last year, an increase of over 117% and an increase of
nearly 30% when compared to pre-pandemic levels. S Kaler, Head of Data and Ops at InfolinkGazette, commented: "The number of profit warnings being issued this quarter is equivalent to
what we were seeing at the very height of the pandemic in 2020. Companies have been citing out-of-control inflation, soaring energy prices, and supply chain constraints, all made worse by the war in Ukraine,
as the main reasons for the increased numbers." Kaler added: "We are also seeing an upswing in the number of companies issuing multiple profit warnings
in the space of a year and the incidence of insolvency rises sharply after three profit warnings in a twelve-month period."
For InfolinkGazette's news release go to https://www.infolinkgazette.co.uk/#press.
Company insolvencies in England and Wales in Q2 reached their highest quarterly level since 2009.
New data from the Office for National Statistics (ONS) has reported that company insolvencies in England and Wales in Q2 2022 reached their highest quarterly level since Q3 2009, with construction,
manufacturing, accommodation and food service activities, wholesale and retail trade industries together accounting for more than half of
total business insolvencies. The latest data also found that creditors' Voluntary Liquidations (CVLs) accounted for 89% of all insolvencies between Q1 2021 and Q2 2022.
However, while CVLs are now higher than pre-pandemic levels, numbers for other insolvency procedures, such as compulsory liquidations for companies, remain lower.
To read the ONS' news release go to https://www.ons.gov.uk/businessindustryandtrade/changestobusiness/bankruptcyinsolvency/articles/risingbusinessinsolvenciesandhighenergyprices/2022-10-07.
UK company insolvencies in 2022 have increased by 48% compared to the same period in 2021.
New data from Creditsafe has found that September 2022 saw the total number of insolvencies increase by 1% compared to August.
A total of 2,194 companies became insolvent, an increase of 28% compared to September 2021. The construction sector remains the most significant contributor to the insolvency numbers,
representing 18% of all insolvencies in September 2022, with 397 construction companies becoming insolvent. Year-to-date, construction accounts for 18% of all company insolvencies in 2022. However, Creditsafe also warns
that two sectors worth keeping under review are wholesale and retail,
which saw 280 companies become insolvent in September, and accommodation and food Services, where 303 businesses failed.
The combined total of these sectors represents 27% of all insolvencies. The total number of UK company insolvencies for 2022 rose to 19,820. This number represents a 48% increase compared to the same period in 2021
and a 36% increase compared to 2020.
To read Creditsafe's news release go to https://www.creditsafe.com/gb/en/blog/reports/Insolvencies-2022.html.
Debts of failed businesses in Ireland are expected to reach €2 billion in 2022. PwC's latest Insolvency Barometer for Q3 2022 has
warned that the direct annual economic damage from
business failures in Ireland could rise to €6-7 billion if insolvencies rise to their long-term norms. Currently, Ireland’s current business insolvency rate is running at 17% of
the peak rate in 2012, however there was a 31% increase in business failures in Q3 2022 compared to Q2 2022 and a 49% increase in business failures in Q3 2022 compared to Q3 2021. Of all insolvencies recorded over the last year,
one in eight were construction related.
For the year to date, over 350 companies have declared insolvency with associated debts outstanding in excess of €1.6 billion. However, PwC expects this figure to reach well over €2 billion
by the end of 2022.
To read PwC's news release go to https://www.pwc.ie/media-centre/press-releases/2022/restructuring-update-q3.html.
UK Economy
The UK economy continues to slow.
New data from the Office for National Statistics (ONS) estimates that UK GDP fell by 0.3% in August 2022, after growth of 0.1% in July 2022 (revised down from a growth of 0.2%).
The ONS notes that there has been a continued slowing in the underlying three-month on three-month growth, where GDP also fell by 0.3% in the three months to August compared with the three months to May 2022.
Production fell by 1.8% in August 2022 after a fall of 1.1% in July 2022 (revised down from a fall of 0.3%) and was the main contributor to the fall in GDP;
this fall was mainly because of a decrease of 1.6% in manufacturing.
Services fell by 0.1% in August 2022, after growth of 0.3% in July 2022 (revised down from a 0.4% growth), while construction grew by 0.4%, after growth of 0.1% in July 2022 (revised up from a fall of 0.8%). To read the ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/gdpmonthlyestimateuk/august2022.
The UK is the only G7 economy to have not yet recovered to pre-COVID levels of GDP.
New data from the Office for National Statistics (ONS) has found that, although UK GDP rose by an estimated 0.2% in Q2 2022 (upwardly revised from a first estimate of a 0.1% fall), the economy continues to slow.
The ONS now estimates that the UK's level of GDP is 0.2% below where it was pre-COVID-19 in Q4 2019 (downwardly revised from previous estimates of 0.6% above), and the UK is the only G7 economy yet to recover above its pre-pandemic level.
The ONS' latest estimates also show that, for 2021 as a whole, UK GDP growth was 7.5% — the highest in the G7. However, the UK had the largest decline in GDP among the G7 in 2020 (-11.0%), and its
relatively strong performance in 2021 was — to some degree — a recovery from weakness in 2020.
To read ONS' news release go to https://www.ons.gov.uk/economy/grossdomesticproductgdp/bulletins/quarterlynationalaccounts/latest.
UK manufacturers slash growth forecasts as an economic tsunami looms. The revision downwards comes in the Q3 Make UK/BDO Manufacturing Outlook survey, which is now forecasting growth for manufacturing of just 0.6% in 2023
— down from 1.7% being forecast as recently as June. Make UK has also slashed its GDP forecasts from 3.6% this year to just 0.3% in 2023. Stephen Phipson, Chief Executive of Make UK, commented: "Whilst industry has recovered strongly
over the last year, the storm clouds are gathering in the
face of eye-watering costs and a very difficult international environment. This threatens to shatter expectations of a sustained recovery from the pandemic and put many perfectly viable businesses at risk."
To read BDO's news release go to https://www.bdo.co.uk/en-gb/news/2022/industry-slashes-growth-forecasts-as-economic-tsunami-looms-make-uk-bdo-survey.
The UK economy is marred by uncertainty and is likely already in a mild recession.
According to the latest KPMG Global Economic Outlook, although the UK economy is likely in a recession it could be shallower compared to previous downturns, with GDP falling by
1% between Q1 and Q4 of this year. Overall, KPMG expects UK growth to average 3.2% this year, greatly boosted by weaker GDP in 2021 due to pandemic-related restrictions.
Further out, however, KPMG warns that a picture of stop-start growth in 2023 could lead to a full-year fall in GDP of 0.2% compared to 2022.
KPMG also forecasts that UK inflation will peak at 10.5% in 2022 as government policies limit the impact of energy price rises on household utility bills.
To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2022/09/uk-economy-marred-by-uncertainty-while-high-inflation.html.
Northern Ireland's economic growth is expected to lag behind the rest of the UK.
According to PwC’s latest Economic Outlook, growth in Northern Ireland (NI) is expected to average between 2.6% to 3.1% in 2022, 0.5% below the UK average. This is largely due to its weaker performance
in sectors that its economy concentrates on, such as manufacturing, wholesale and retail.
The PwC Economic Outlook also indicated that NI has the lowest productivity of any UK region. In part, this is due to far fewer jobs in high-productivity sectors such as financial services.
But even within these sectors, PwC notes that NI firms are less productive — with a significant productivity gap in both the production sector (primarily manufacturing) and the services sector.
To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/regions/northern-ireland/northern-ireland-economic-outlook-september-2022.html.
UK Business Confidence
UK business confidence declines significantly.
The BCC’s Quarterly Economic Survey (QES) for Q3 2022 reveals there have been significant declines for indicators of UK business sales, cashflow, and profit expectations, with all indicators
having fallen significantly from Q2. According to the QES, more businesses (32%) are now seeing their cashflow decreasing instead of increasing (23%). Indicators for business confidence have also plummeted;
44% of UK firms expect their turnover to increase over the next 12 months (down from 54% in Q2), while 25% expect a decrease. Profitability confidence has dropped to an even lower level; only one in three (33%)
businesses believe their profits will increase over the coming year, while 39% now expect a decrease.
This is the lowest level since Q4 2020 at the height of the COVID crisis.
To read the BCC's news release go to https://www.britishchambers.org.uk/news/2022/10/business-confidence-declines-significantly-quarterly-economic-survey-q3-2022.
79% of UK SMEs feel that the current economic climate is worse than during the pandemic.
Bibby Financial Services' (BFS) latest SME Confidence Tracker survey has indicated that many UK SMEs are at breaking point, with almost four in five (79%) stating the current economic landscape
is worse than the pandemic and just 11% fully prepared to deal with further cost rises expected. In addition, 76% of the SMEs surveyed feel that the economic landscape is killing entrepreneurialism.
Derek Ryan, UK Managing Director of BFS, said: "Two years ago, we thought the COVID-19 pandemic and successive lockdowns were the greatest issue to hit businesses in a generation.
However, SMEs are now telling us that the current economic climate is unsustainable. In the face of a near certain economic recession and spiralling costs, it’s life or death for many of the UK’s SMEs."
To read BFS' news release go to https://www.bibbyfinancialservices.com/knowledge-hub/news/2022/economic-climate-is-worse-than-during-the-pandemic.
UK businesses defy the gloomy outlook with plans to succeed in the next quarter. Despite the considerable headwinds of soaring energy prices,
recession forecasts, and soaring inflation,
new research from Novuna Business Finance has found that small business leaders in the UK nonetheless remain bullish in their approach, with 70% looking for ways to try to adapt and grow — a proportion which has increased from
67% at the start of the year.
Businesses reported that costs and cashflow have been the dominant issues to tackle — 55% said they needed to reduce fixed costs, 30% were trying to improve cash flow, and 25% were trying to tackle late payment.
There was also a slight increase in the proportion looking to streamline their supply chain.
To read Novuna's news release go to https://www.novuna.co.uk/news-and-insights/business-finance/businesses-defy-gloomy-outlook-with-plans-to-succeed-in-the-next-three-months/.
UK businesses shelve long-term strategies to tackle immediate problems. New research from PwC has found that 55% of the
400 distressed UK companies (with revenues between £25 million - £1 billion) that took part in a recent survey are prioritising short-term operational improvements over long-term strategic solutions.
Of the immediate challenges to business growth, ongoing supply chain issues are of most concern, with 47% saying it is an immediate danger to their business.
To further compound the threat, just over a third of respondents say they have done no preparation for supply chain issues, and 33% said they lack sufficient data to understand the risks in
their supply chain. As well as supply chain issues, the winding down of COVID-19 support measures (40%), skills shortages (35%), rising inflation (32%) and energy costs (31%) made up the five biggest challenges to business growth.
To read PwC's news release go to https://www.pwc.co.uk/press-room/press-releases/Businesses-shelve-long-term-strategy-to-tackle-immediate-problems-pwc-survey.html.
Global Economy
The risk of a global recession in 2023 has increased. A study by the World Bank warns that the world may be edging
toward a global recession in 2023. To cut global inflation to a rate consistent with their targets, the World Bank's study advises that central banks may need to raise interest
rates by an additional 2%. However, if this were accompanied by financial-market stress, global GDP growth could slow to 0.5% in 2023 — a 0.4% contraction that would meet
the technical definition of a global recession. World Bank Group President, David Malpass, commented: "The global economy is now in its steepest slowdown following a post-recession recovery since 1970. . .
Under the circumstances, even a moderate hit to the global economy over the next year could tip it into recession."
To read the World Bank's news release go to https://www.worldbank.org/en/news/press-release/2022/09/15/risk-of-global-recession-in-2023-rises-amid-simultaneous-rate-hikes.
Fitch Ratings slashes its global GDP forecasts. Fitch Ratings has warned that its latest Global Economic Outlook (GEO), which assumes a full or
near complete shut-off
of Russian pipeline gas to Europe, includes "deep and wide" cuts to its global GDP forecasts. Fitch now expects world GDP to grow by 2.4% in 2022 (revised down by 0.5%% since the June GEO)
and by just 1.7% in 2023 (a cut of 1%). Both the eurozone and UK are expected to enter a recession later this year, while the US is set to suffer a mild recession in mid-2023. China's recovery is
expected to grow by 2.8% (a downward revision of 0.9%) this year and recover to 4.5% (a downward revision of 0.8%) next year. To read Fitch Ratings' news release go to https://www.fitchratings.com/research/sovereigns/fitch-ratings-slashes-global-gdp-forecasts-on-supply-shocks-faster-rate-rises-14-09-2022.
The world economy is slowing more than anticipated. The OECD has advised that despite a boost in activity as COVID-19 infections drop worldwide,
global growth is projected to remain subdued in the second half of 2022 before slowing further in 2023 to 2.2%. Compared to OECD forecasts from December 2021, before Russia’s aggression against Ukraine, global GDP is now projected to be
at least USD 2.8 trillion lower in 2023.
Annual GDP growth is projected to slow sharply to 0.5% in the US in 2023, and 0.25% in the euro area, with risks of output declines in several European economies (including Germany, Italy and the UK) during the winter months. Although Japan,
Korea and Australia have somewhat stronger growth momentum currently than Europe and the US, this is projected to wane over the coming quarters. Growth in China is projected to drop to
3.2% this year. To read the OECD's news release, with a link to the full report, go to https://www.oecd.org/economic-outlook/september-2022/#global-outlook.
Global CEOs see a recession coming, yet are optimistic about the global economy over a three-year horizon. The KPMG 2022 CEO Outlook,
which asked more than 1,300 CEOs at the world’s largest businesses about their strategies and outlook, has revealed that 80% of global CEOs are anticipating a recession — but 58% of those surveyed
expect it to be mild and short. 71% predict that a recession will impact their company's earnings by up to 10%, 73% believe it will disrupt anticipated growth, and 76% of global CEOs have already taken precautionary steps.
However, KPMG also found that, despite their concerns, 71% of senior executives are confident about the global economy's growth prospects over the next three years (up from 60% in early 2022), and nearly 90%
are confident about their organisation's growth. To read KPMG's news release go to https://home.kpmg/uk/en/home/media/press-releases/2022/10/global-ceo-see-recession-coming.html.
Atradius predicts a sharp increase in insolvencies in some major markets.
A new report from Atradius warns that as government support measures related to the pandemic have ended almost everywhere, it expects sharp insolvency increases in some major economies in 2022 and 2023.
In 2022, Atradius forecasts that business failures will increase in the UK by 59%, France by 58%, Austria by 78%, and Belgium, Canada and Australia by 49%. In 2023, Atradius forecasts that the US will
experience an 81% increase in business failures, with the Netherlands, Singapore and Italy also seeing failure rates increase by 77%, 76% and 51%, respectively. Atradius' report also predicts 2.9% growth
for the global economy in 2022, followed by 1.7% in 2023 — a cumulative 2% reduction compared to Atradius' April 2022 Insolvency Forecast report. The US is expected to see economic growth of 1.7% in 2022 but
0.0% in 2023, while Atradius expects the eurozone economy to enter a recession in the second half of the year and beginning of 2023, with 3.0% growth in 2022 followed by 0.0% in 2023.
o read Atradius' news release go to https://group.atradius.com/publications/economic-research/sharp-increase-in-insolvencies-as-government-support-expires.html.
Trade growth is set to slow sharply in 2023 as the global economy faces strong headwinds.
The World Trade Organisation (WTO) has advised that world trade is expected to lose momentum in the second half of 2022 and remain subdued in 2023 as multiple shocks impact the global economy.
WTO economists now predict global merchandise trade volumes will grow by 3.5% in 2022 — slightly better than the 3.0% forecast in April. For 2023, however, they foresee a 1.0% increase — down sharply from the previous estimate of 3.4%.
The Middle East is predicted to have the strongest export growth of any WTO region in 2022 (14.6%), followed by Africa (6.0%), North America (3.4%), Asia (2.9%), Europe (1.8%) and South America (1.6%).
In contrast, CIS exports should decline by 5.8% for the year. The Middle East also had the fastest trade volume growth on the import side (11.1%), followed by North America (8.5%), Africa (7.2%), South America (5.9%), Europe (5.4%), Asia (0.9%)
and CIS (-24.7%).
The new WTO forecast also estimates that world GDP will grow by 2.8% in 2022 and 2.3% in 2023 — the latter is 1% lower than was previously projected.
To read the WTO's news release go to https://www.wto.org/english/news_e/pres22_e/pr909_e.htm.
Credit Management Tools
Company Watch launches a solution to enable rapid stress-testing of company financials.
Company Watch has launched a new forecasting tool, Forecast View, to help clients quickly test the resilience of companies in a wide range of customisable financial scenarios and immediately see the
potential impact on H-Score (Company Watch's credit scoring tool which measures a company's financial health using published financial results, and analyses a company's financial position from several
angles including profit management, working capital management, liquidity and how assets are funded). Using sliders, Forecast View also allows users to alter revenue while fixing profit margins, build in
stock write-offs and bad debt, and model the impact of action by a company's creditor, while a range of built-in scenarios enable users to instantly model some of the most common situations facing companies.
For more information go to https://www.companywatch.net/wp-content/uploads/2022/08/Forecast-View-Guide-2022.pdf.
The UK economy: a dashboard. The House of Commons Library has published an interactive dashboard that
provides data on economic growth, inflation, trade, employment, government borrowing and debt across the UK for the last 70 years. The dashboard also includes the latest data and is updated every
time the Office for National Statistics publishes new research. To explore the dashboard go to https://commonslibrary.parliament.uk/the-uk-economy/.
An increasing number of businesses highlight late payment as their biggest commercial challenge and a significant threat to their trading success.
Research by STA International indicates that the chances of being paid decrease over time; at 90 days past payment terms, for example, businesses are 50% less likely to be paid. In addition, with insolvencies
increasing, companies now refer debt much earlier than pre-pandemic, and demand from companies seeking receivables management support has increased because of staff recruitment and retention
problems.
- For UK buyers and International debts: STA International adds Late Payment Act interest and collection costs to each commercial debt referred, often leading to free recovery for the client.
- For receivables management: STA International provides confidential credit control, operating in the client's name for payment on their credit terms, fuelling cash flow and minimising bad debt.
For more information, go to https://www.stainternational.com/debt-collection/business.
How much compensation can you claim for unpaid invoices? The UK Small Business Commissioner's website contains a useful and
easy-to-use calculator to allow UK businesses to calculate interest on an unpaid invoice by entering
the invoice's due date and amount. For example, for an unpaid debt of £100 due on 30 June 2020, the amount owing as of 8 November would be £142.62 (£2.62 in interest overdue, £40 in compensation). Compensation is £40 for invoices under £1000,
£70 for invoices under £10,000 and £100 for invoices above £10,000. Compensation can be charged for each overdue invoice due from a debtor.
To see the calculator go to https://www.smallbusinesscommissioner.gov.uk/deal-with-an-unpaid-invoice/how-to-chase-an-unpaid-invoice/interest-calculator/.
Events & Professional Development
GTR Egypt 2022 Cairo, 20 October 2022. Royal Maxim Palace Kempinski, Cairo, Egypt.
Returning to Cairo for the first time since 2017, GTR Egypt 2022 will host the ideal networking and discussion platform for leading trade and export practitioners across the Egyptian market. Join a range of industries and sector as we reflect on the latest developments across this dynamic and exciting market.
The programme for the day will consider a range of themes, from the ongoing process of market reform and the discourse around letters of credit and reducing the country’s reliance on imports, supply chains and digitisation, intra-regional trade flows, ESG priorities and food security concerns.
The event provides the ideal opportunity for corporates and financiers looking to gain the latest market insights to debate and network with potential clients and peers alike. We hope to have the chance to welcome you there!
For more information go to https://www.gtreview.com/events/africa/gtr-egypt-2022-cairo/.
Returning to Cairo for the first time since 2017, GTR Egypt 2022 will host the ideal networking and discussion platform for leading trade and export practitioners across the Egyptian market. Join a range of industries and sector as we reflect on the latest developments across this dynamic and exciting market.
The programme for the day will consider a range of themes, from the ongoing process of market reform and the discourse around letters of credit and reducing the country’s reliance on imports, supply chains and digitisation, intra-regional trade flows, ESG priorities and food security concerns.
The event provides the ideal opportunity for corporates and financiers looking to gain the latest market insights to debate and network with potential clients and peers alike. We hope to have the chance to welcome you there!
For more information go to https://www.gtreview.com/events/africa/gtr-egypt-2022-cairo/.
Credit Insurance News readers can secure a 15% discount with the code CIN15.
GTR Africa, 2 November. London, UK
GTR Africa 2022 will return to London on November 2 to provide the latest developments on a range of topics including trade and commodities, ECA and infrastructure finance, sustainable development, fintech innovations and more.
Now firmly established as the leading London-based trade finance gathering for Africa-focused corporates and financiers, event participants will receive the opportunity to connect with all corners of the market, from local and international banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs, multilaterals and more!
Delivering a cutting-edge agenda, over 40 speakers will highlight a variety of in-depth sessions on key issues impacting on Africa’s trade and export finance markets.
Participants will broaden their knowledge of this exciting continent and improve opportunities for new business relationships focused on high quality and long-term investments in Africa.
Secure your pass: https://www.gtreview.com/events/europe/gtr-africa-2022-london/#tab_book.
Credit Insurance News readers can secure a 15% discount with the code CIN15.
GTR Africa 2022 will return to London on November 2 to provide the latest developments on a range of topics including trade and commodities, ECA and infrastructure finance, sustainable development, fintech innovations and more.
Now firmly established as the leading London-based trade finance gathering for Africa-focused corporates and financiers, event participants will receive the opportunity to connect with all corners of the market, from local and international banks to multinational corporations and SMEs, independent financiers, commodity brokers and traders, insurers and risk managers, lawyers, consultants, ECAs, multilaterals and more!
Delivering a cutting-edge agenda, over 40 speakers will highlight a variety of in-depth sessions on key issues impacting on Africa’s trade and export finance markets.
Participants will broaden their knowledge of this exciting continent and improve opportunities for new business relationships focused on high quality and long-term investments in Africa.
Secure your pass: https://www.gtreview.com/events/europe/gtr-africa-2022-london/#tab_book.
Credit Insurance News readers can secure a 15% discount with the code CIN15.
8th Annual Alternative & Receivables Finance Forum, 23-24 November. Clifford Chance, London.
The Alternative and Receivables Finance Forum returns this November as a two-day event. Join us to discuss current, new and avant-garde finance systems outside traditional banking, which have potential to replace financial institutions in their current format. We will look at the gateways for banks and other traditional liquidity providers to move into this space. Could we be on the verge of alternative finance becoming mainstream? Will decentralised finance become a new major source of delivering liquidity to the trade and receivables finance sector? How will other technologies continue to impact traditional markets? What can banks do to remain competitive and what are the practicalities of investing in the new technologies?
This November we will bring together panels of expert commentators from across the banking, fintech and non-banking finance sectors to discuss the opportunities set out by the new wave of innovative solutions and why banks, insurers, traditional platforms and others should take notice.
Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/8th-annual-alternative-receivables-finance-forum.
The Alternative and Receivables Finance Forum returns this November as a two-day event. Join us to discuss current, new and avant-garde finance systems outside traditional banking, which have potential to replace financial institutions in their current format. We will look at the gateways for banks and other traditional liquidity providers to move into this space. Could we be on the verge of alternative finance becoming mainstream? Will decentralised finance become a new major source of delivering liquidity to the trade and receivables finance sector? How will other technologies continue to impact traditional markets? What can banks do to remain competitive and what are the practicalities of investing in the new technologies?
This November we will bring together panels of expert commentators from across the banking, fintech and non-banking finance sectors to discuss the opportunities set out by the new wave of innovative solutions and why banks, insurers, traditional platforms and others should take notice.
Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/8th-annual-alternative-receivables-finance-forum.
MENA Supply Chain Finance 2022, 28-29 November. Dubai Chamber of Commerce, Al Mamzar.
Factoring and supply chain finance in the MENA region is attracting a lot of interest as it quickens its development. The region is rapidly growing into a global trading hub between east and west, with open account trading becoming increasingly common. The adoption of new technologies and the recognition of opportunity by investors, banks and fintechs is creating a very fertile environment. In the UAE, factoring and supply chain finance have been given a significant boost by the introduction of a Factoring Law (Federal Decree Law No (16) of 2021) which was issued on 29 August 2021 and came into effect on 7 December 2021. As a result, there has been an explosion of interest in receivables finance there. MENA Supply Chain Finance will examine the impact of these recent developments and the opportunities for the development and growth of factoring and supply chain finance and prospects for supporting the burgeoning demand for finance among SMEs and larger businesses. MENA Supply Chain Finance is not only for banks and financial institutions but also for fintechs, technology providers, credit insurers and all those with an interest in receivables finance. Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/mena-supply-chain-finance-2022.
Factoring and supply chain finance in the MENA region is attracting a lot of interest as it quickens its development. The region is rapidly growing into a global trading hub between east and west, with open account trading becoming increasingly common. The adoption of new technologies and the recognition of opportunity by investors, banks and fintechs is creating a very fertile environment. In the UAE, factoring and supply chain finance have been given a significant boost by the introduction of a Factoring Law (Federal Decree Law No (16) of 2021) which was issued on 29 August 2021 and came into effect on 7 December 2021. As a result, there has been an explosion of interest in receivables finance there. MENA Supply Chain Finance will examine the impact of these recent developments and the opportunities for the development and growth of factoring and supply chain finance and prospects for supporting the burgeoning demand for finance among SMEs and larger businesses. MENA Supply Chain Finance is not only for banks and financial institutions but also for fintechs, technology providers, credit insurers and all those with an interest in receivables finance. Credit Insurance News' readers can get 20% discount with code: MEDIA-20.
For more information and to reserve your place go to https://bcrpub.com/events/mena-supply-chain-finance-2022.
Professional Development
STECIS, the Trade Credit Insurance & Surety Academy endorsed by ICISA, offers a range of
webinars and classroom training courses.
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
The webinars on Trade Credit Insurance and Surety are organised multiple times per year: the next webinars on Trade Credit Insurance are planned on 20 October and 17 November 2022.
For 2023 the new range of Classroom courses are planned as well:
- 14 & 15 February 2023: Trade Credit Insurance Foundation Course
- 16 & 17 February 2023: Trade Credit Insurance Advanced Course
- 14 & 15 February 2023: Surety Foundation Course
- 16 & 17 February 2023: Surety Advanced Course
Registrations have to be in before 11 December 2022.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
All classroom courses will take place in the Steigenberger Airport hotel close to Schiphol Airport/Amsterdam the Netherlands. The courses include the lunches and a dinner at the end of the first training day.
The courses are hosted by seasoned expert from the industry and there is enough opportunity for posing questions, discussions and networking.
Also there is the possibility to arrange an inhouse training: then there will be created a tailor made outline for your staff on basis the training demand of your of your company. The training will be effected at your own offices or at a venue of choice.
Details information about the webinar and classroom training courses are available on the Stecis’ website: www.stecis.org also further information can be obtained by sending an e-mail to info@stecis.org.
About this month's sponsor: Tinubu
About Tinubu – watch our brand reveal video
Tinubu is the business facilitator and exchange enabler that delivers fluidity and simplicity to the
insurance industry by using the strength of collective performance.
Our company is an alliance of technology software and insurance expertise offering the best combination to its clients. It covers the entire value chain of credit insurance & surety with one end- to-end platform, connecting every part of your business with one digital highway.
Created in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 Credit & Surety underwriters worldwide.
Our company is an alliance of technology software and insurance expertise offering the best combination to its clients. It covers the entire value chain of credit insurance & surety with one end- to-end platform, connecting every part of your business with one digital highway.
Created in 2000 and headquartered in Paris, France, Tinubu is an independent software provider and employs 170 people, located in Paris, London, New York, Orlando, Singapore, and Montreal. Its clients represent 30 of the top 60 Credit & Surety underwriters worldwide.
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All news stories on Credit Insurance News' website are included with the prior permission of the copyright holder. Reproduction or redistribution in whole or in part, in any manner, without the express prior written consent of the copyright holder, is a violation of copyright law. If you, or your organisation wish to redistribute, republish or link-to all or any part of any Credit Insurance News Digest, you must first contact the copyright holder direct or email sally.brown@creditinsurancenews.co.uk for further information.
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