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Factoring in Japan.ppt

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Factoring in Japan.ppt

Factoring in Japan October 24, 2003 Yasuo Izumi The World Bank Factoring - Development First Factoring Companies were Created in mid-1970s Rapid Growth in 1990s during the Full Deregulation Introduced in 1993 for Financial Sector New Entrants from Non-Banking Sector (NBFIs, Insurance, Mfg Companies, etc) Factoring - Recent Trend Source FCI Annual Report 2002 Factoring - Key Players Banking Groups – 4 Major Groups (as FCI Members) Insurance Company Groups NBFIs – Leasing Companies etc. Large Manufacturing / Distribution Groups Independent Financial Boutiques Factoring - Infrastructure Credit Information System – Yes Functioning Payment System – Yes Efficient IT System – Yes, but more… Legal Framework – Yes Conducive Taxation – Yes !! FX Licensing – No need Credit Insurance – Yes Key Feature – Fin Sec 1 Downsizing / NPL Issues (1990s -) - Strong Need for Asset Mobilization Deregulated Financial Sector - Active to New Financial Instruments Finance Resource is Abundant - New “Intermediaries” Key Feature – Fin Sec 2 “Bills Discounted” - Popular Working Capital Funding Collateral Arrangement - Always “The Issue” for SMEs, Start-ups Key Feature – Enterprises Unattractive “Bills Discounted” Loan - Promissory Note Stamp Duty - Administration of Prom. Notes - With Recourse Funding Seeking a Better SCM on IT - from Procurement, Manufacturing to Distribution Sales AND Financial Mgt Key Feature – LEs/SMEs Double Layer: LEs Dominant Position - Large Enterprises (0.3%) vs. SMEs (99.7%) of over 3 million Companies Strong Drive for LEs to Use Factoring with SME Suppliers and Distributors - Outsource Procurement Sales Mgt (time saving / credit mgt / fin cost …) Key Feature – SMEs Many Financial Schemes offered to SMEs - Factoring is an Option but Attractive Traditional Working Capital Funding Account Receivables Securitization Credit Insurance for SMEs Factoring – New Waves As a Part of SCM System - Procurement to Sales Management AND Financi

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