16th Annual Receivables Finance, Factoring and Supply Chain Finance Receivables Finance International - RFIx creating value in a disruptive world Hotel InterContinental Lisbon, Portugal 9-10 March, 2016 plus SUPPLY CHAIN FINANCE WORKSHOP 8 MARCH 2016 Platinum Sponsor Gold Sponsors Silver Sponsors bronze sponsors Lanyard sponsor Partners
INFO WHY ATTEND RFIX 2016 - Creating value in a disruptive world With so many changes in the global economic and commercial finance environment, keeping up to date with developments in the growth of receivables finance including factoring, alternative and supply chain finance - is of critical importance. Geopolitical developments ranging from a Chinese economic slowdown to Russian security issues, and new regulations are all indications of a fast moving and uncertain landscape. To discover new opportunities, market information and business relationships, around 200 receivables industry experts, government agencies, financiers, Fintechs and alternative platforms, banks, insurers and corporates are coming together at the 16th annual Receivables Finance International Convention ( RFIx ) 9-10 March 2016 in Lisbon. I look forward to seeing you there, Malou Lindholm, Director, BCR Publishing VENUE RECOMMENDATIONS FROM PAST ATTENDEES: A unique event where top people and innovators from the factoring industry congregate, a must-attend»» Andrzej Zbikowski, General Manager at ING Commercial Finance, Poland Comprehensive set of topics that were very well covered»» Arjan Bijman, Head of Asset Based Finance, Rabobank, The Netherlands Great initiative towards addressing industry issues through sharing of best practise»» Arup Roy, Head of Global Transaction Banking, Saudi Arabia British Bank, Saudi Arabia The conference was an excellent forum for sharing developments in receivables finance. I was especially pleased at how much the debates focussed on the future of the industry»» Duncan Stevenson, Head of Legal, Fraud & Business Intelligence, RBS Invoice Finance, UK 'RFIx' this year will be held at the prestigious Intercontinental Hotel, Lisbon. The hotel is located between Eduardo VII Park, Marques de Pombal Square and the luxurious Avenida da Liberdade, InterContinental Lisbon connects the heart of Lisbon society. With warm refinement, contemporary design and expansive views of the Tagus river, this fresh new hotel is the ultimate choice for experiencing Lisbon. About BCR BCR Publishing is the world s leading knowledge provider in receivables finance. We create and deliver news, reports and events covering receivables including factoring and invoice finance, supply chain finance, working capital management and trade receivables securitisation. BCR s clients and partners include most of the leading banks, factors, invoice discounters, corporates, Fintechs, credit insurers, law firms, brokers, vendors and consultants as well as governments and industry trade bodies. For more information T: +44 (0)20 8466 6987 E: leigh.richards@bcrpub.com W: www.bcrconferences.com Networking opportunities Tuesday 8th March 2016 18:30 20:00 Welcome drinks sponsored by Wednesday 9th March 2016 17:30 18:30 Drinks reception 20:00 23:00 RFIX annual dinner sponsored by
PRE-CONVENTION WORKSHOP Unlocking liquidity through supply chain finance An in-depth insight into the market drivers, types, operations and benefits of SCF Date: 8th March 2016 Duration: 13:30 17:30 Registration: 13:15 13:30 Objectives By the end of the course, attendees will be able to: Understand the decision drivers & financial benefits for Buyers and Suppliers Determine the decision drivers for Banks in offering SCF Programmes Explore how to genuinely make a success out of a SCF Programme Who should attend Companies, bankers, factors, fintech platforms, lawyers and accountants. The course is suitable for the following parties involved in international trade purchasing, finance, operations, administration, credit risk and compliance. Programme What supply chain finance is and how it differs from traditional trade finance Financial challenges and performance risks in the supply chain Key drivers for supply chain finance Market characteristics Supplier led receivables purchase (disclosed and undisclosed) Considerations of recourse; repurchase events 3rd party servicing and receivables purchase platforms Nature of documentation Key features: Working capital cash to cash optimisation Cost reduction Risk mitigation Buyer led supplier finance Value proposition for the supplier, buyer and financier: Funding, liquidity, working capital optimisation Risk dynamics Administration Reporting Enhanced supply chain relationships Competitive edge Implications and considerations for the buyer, supplier and financier Your workshop leaders: John Bugeja and Lionel Taylor, Trade Advisory Network Trade Advisory Network Limited is an advisory network specialising in the strategic development of global supply chain, trade and invoice finance. John Bugeja is a highly experienced trade, supply chain and invoice finance specialist with more than 40 years experience in senior leadership roles with HSBC, NatWest, RBS, Barclays and Lloyds Banking Group. Key areas of expertise include origination, risk and governance, product management and development, business development, organisation design, change management, process facilitation, training and management development. John is was a member of the drafting group that wrote the ICC rules for the Bank Payment Obligation (URBPO). Lionel Taylor is recognised as a receivables finance, international trade and supply chain finance business leader and has been at the forefront of the development of financial supply chain thinking. He has spearheaded the development of supplier finance platforms and programs at both Citibank and The Royal Bank of Scotland and also initiated supply chain finance programs promoting trade between China and the West.
CONVENTION - DAY ONE Wednesday 9 March 2016 08:00 Registration and coffee 11:15 Morning coffee 09:00 Chairman s opening remarks Gerald Ashley, Managing Director, ST MAWGAN & CO, UK Gerald Ashley is a sought-after speaker, advisor, broadcaster and writer on change, risk and behavioural economics. 09:15 The changing global economic environment: Reassessing business priorities and approaches Global growth prospects for 2016 and beyond Economic and geopolitical risks and their effects on the financial markets: focus on China and Asia Key considerations for an informed receivables finance operation How have the priorities and approaches of FIs and corporates evolved over the past five years and how might they change in the future? Why collateral lenders like factors and asset based receivable lenders will slowly see their world morph as more take-up of early pay models takes hold Trevor Williams, Chief Economist Commercial Banking, LLOYDS BANK, UK 10:00 Exploring the future of receivables finance: Meeting global demand with new solutions Reviewing how the market is becoming more integrated with PO/Trade Finance IF/Factoring SCF/ Reverse Factoring Government/ official agency programs to support RF Open account trade growth and cross border deals Positioning receivables as a funding alternative which is part of the solution of the treasurer What are the implications for the industry of a growth in demands for syndicated solutions to include factoring facility? Moving towards a portfolio/transactional approach Consolidation of trade finance, receivables and asset based lending: Finding that solution for the client and knocking down the silos between factoring, ABL, and traditional trade Alexander Mutter, Head of Trade Finance, HSBC, Germany Neal Harm, International Banking Services Manager, BB&T, USA Bart Hendriks, Corporate Director Treasury, Q-PARK FINANCIAL SERVICES NV, The Netherlands 11:40 Meeting client demand why new Fintech entrants to the market are not disruptive but a source of inspiration Increasingly, the factoring and invoice finance industry is characterised by an influx of newcomers with arguably much more client friendly solutions. New trading platforms such as Marketinvoice, Verus360, Edebex, Finexkap and Koalaboox have put themselves in the position of a client asking themselves what would I - being a client - prefer if I had to work with an invoice discounter of factoring company? Most cite ease of access, easy funding alternatives & technology platforms which are user friendly. The question is to what extent traditional factors and invoice discounters can provide this. In this panel session, we will be reviewing The challenges and opportunities created by new entrants to the market Differences in distribution platforms Selective and digital invoice finance The necessity of moving towards a portfolio/ transactional approach Moderator: Dirk van Strijthem, CEO, KBC COMMERCIAL FINANCE, Belgium Panellists: Xavier Corman, Co-Founder / CEO, EDEBEX, Belgium Louise Beaumont, Head of Public Affairs & Marketing, GLI FINANCE, UK Craig Iley, MD Business Banking, ATOM BANK, UK Robert Reoch, Founder, NEW COLLEGE CAPITAL, UK 12:30 Tackling the legal challenges facing regulated and unregulated financiers in global receivables finance Formulating the optimum approach to enter new markets (licensing, servicing, enforcement, tax, currency controls etc..) The advantages and disadvantages of local subsidiaries and local licensing Legal and structural tools to segregate risk and finance individual portfolios (special purpose vehicles, opco propco structures, trusts, securitisation) Interaction between law and technology (use of platforms, signing documents online, complying with formalities, protecting intellectual property) Nick Stainthorpe, Partner, REED SMITH, UK Robert Parsons, Partner, REED SMITH, UK 10:45 Shaping the environment rather than being shaped by it: Update on new industry wide and government initiatives Peter Mulroy, Secretary-General, FACTORS CHAIN INTERNATIONAL, the Netherlands (Representative of new union between FCI and IFG) Speaker to be advised, INTERNATIONAL CHAMBERS OF COMMERCE (ICC), France Sean Edwards, Chairman, INTERNATIONAL TRADE & FORFAITING ASSOCIATION (ITFA), UK and Head of Legal EMEA, SUMITOMO MITSUI BANK CORPORATION EUROPE LTD 13:15 Lunch sponsored by 14:00 Conference splits into two streams
CONVENTION - DAY ONE Wednesday 9 March 2016 Stream A Stream B 14:00 Latest developments in invoice finance, factoring and invoice discounting Reviewing average size deals and the drive towards a more global approach Factoring product innovations and exploiting niche sectors Factoring with complex portfolios Factoring standardization in terms of both documentation and implementation Invoice discounting Debating new solutions to the market distribution finance purchase order finance Exploiting the market evolution for factoring Europe: identifying the key growth markets and investor opportunities Jens Hoter, CEO, EUROFACTOR GmbH, Germany and Benelux Erkan Coplugil, Executive VP, Garanti Factoring, Turkey Gary Davies, Chief Risk Officer Europe, BIBBY FINANCIAL SERVICES, UK Kevin Day, COO, HPD Software, UK Exploring the new paradigm shift in working capital and supply chain financing: What is core for a business and who is the most effective capital owner? Large corporates tend to be complex with many different business models, their support functions often shaped by priorities set in the past, and limited access to information and knowledge. Over the years, out-/in- sourcing has been discussed but generally from a cost benefit perspective. Today, new technologies bring new opportunities which will once more challenge this landscape. At the end of the day it is the most effective value chain, wheat to bread, which will emerge the winner, and therefore each and every corporate need to focus on what is core for them and whom to partner up with. This is not new as such, but part of an old well known approach to trade. The more capital intense a business is, the more important volume of scale becomes, especially where a company has lost part of its competitive edge to production in low cost countries YOY. In some cases this has been at the expense of decreased capital turnover rates, which is typical in complex businesses where the weighted average cost of capital (wacc) has become a blunt tool to use in investment calculations. In this session, Jörgen will argue that the key to success from a corporate perspective lies in focusing on the core business accompanied by clarity in capital usage, and anyone dealing with corporate clients will benefit from this fresh perspective on working capital. Jörgen Holmgren, Director Corporate Finance, AB VOLVO, Sweden 14:45 Factoring & invoice finance in emerging markets Introduction & development of factoring need for clarity in legal and regulatory environment: differences between local legislations Invoice trading platforms cross-border Middle East, Africa & Asia case studies: recourse and nonrecourse factoring Moderator: Nirmal Radhakrishnan, Head of Trade Products, Europe, Standard Chartered, UK Panellists: Chetan Sahai, Director Business Development, GE CAPITAL WORKING CAPITAL SOLUTIONS, UK Nuno Gama, Head of Systems Business Finance Solutions, Novabase, Portugal Speaker to be confirmed, AFREXIMBANK, Egypt The application of different supply chain financing techniques to receivables portfolios Whilst corporates continue to generate strong demand for receivables finance, some receivables portfolios remain unattractive for factors, and others for banks. There is also the issue of how factoring fits into a comprehensive supply chain financing and management approach, and how both can be efficiently used to secure exposures. In this panel, corporates and providers will review how the approach to receivables is changing Sean Edwards, Head of Legal EMEA, SMBC UK Peter Chin, Executive Vice President, PREMIUM TECHNOLOGY, USA 15:30 Afternoon coffee break
CONVENTION - DAY ONE Wednesday 9 March 2016 Stream A Stream B 15:55 Learning Lab: Messes, problems & puzzles: Risk and decision making in an age of uncertainty This behavioural economics focused session introduces the idea that Risks and Uncertainties are not the same and why we need different tools and approaches to tackle them successfully. In an age of Big Data it is all too easy to fall into the trap of model certainty. To explain this, Gerald will introduce and explain the concept of Messes Problems & Puzzles and why we need different approaches to the various types of issue we face. We will explore how we make decisions is different from how we say we make decisions. In particular the subtle issues caused by cognitive biases such as: Anchoring The Availability Heuristic Confirmation Bias & Overconfidence Salience Survivorship Bias He will explain the best decision making tools to use in each circumstance and what the leading players across a range of industries are adopting Finally he will suggest to delegates new ideas that are likely to become important in the future Securitising Trade Receivables Basel III impacts i.e. leverage ratio, liquidity coverage ratio, what s the latest? What s the difference between US Basel III vs Europe? What s the impact on the development of securitisation? How to get better funding rates by such models Determining the key data considerations to take into account when entering into a trade receivables securitisation arrangement Drilling deep into data management in order to increase corporate financing levels and uncover new investment opportunities What are the implications of growth in P2B SME loan securitisation in Europe compared to P2P loan securitisation? Charles Nahum, Business Development Manager, FINACITY + Client TBA Francois Terrade, Head of Structuring (Europe), Managing Director, DEMICA, UK Gerald Ashley, Managing Director, ST MAWGAN & CO, UK 16:40 5 minute break allowing for Stream B participants to rejoin main hall 16:45 Managing increasing compliance, money laundering and sanctions risks requirements effectively This important session will provide you with the practical steps and tools to identify and address your company s local and overseas compliance, AML and anti-corruption risks. You will gain a detailed overview of the compliance landscape across Europe and other jurisdictions crucial to your business operations, including: Regulatory scrutiny of banks activity in financing open account transactions Conflicting trends of globalisation and local compliance restrictions on data, outsourcing and cross border selling How does the ever changing legal & regulatory environment e.g. Dodd-Frank, IFRS9, etc. affect the receivables finance industry? Distribution/de-risking techniques (funded risk participation, unfunded risk participation) Peter Ball, Senior Manager FCC and Regulatory Compliance, Global Trade & Receivables Finance Products, FCC and Regulatory Compliance CMB, HSBC, UK followed by DRINKS RECEPTION & NETWORKING DINNER Drinks Reception: Time: 17:30-18:30 Networking Dinner sponsored by Time: 20:00-23:00 Dress code: Jacket & tie for gentlemen
CONVENTION - DAY TWO Thursday 10 March 2016 08:30 Registration and coffee 10:45 Morning coffee 09:00 Chairman s opening remarks Mark Mandula, Principal and Managing Partner, UNITED CAPITAL FUNDING, USA 09:15 Implementing effective fraud management processes and procedures The receivable lending environment is an increasingly competitive space both in the search for new and the retention of existing clients. A recurring theme across the industry remains fraud. The pressure to sign new business and retain clients with deteriorating risk profiles will unfortunately expose lenders to instanpces of fraud. Fraud is a result of a number of themes, prospects who are experienced receivable finance users and know how to manipulate processes, the competitive nature of the sector, personnel with competing priorities and the lack of risk tools to support risk identification and aid decision making. Client fraud can have a debilitating impact on organisations and people but what can we do to mitigate fraud? In this session we will explore, How do we use technology to improve efficiency and enhance risk processes? Technology-enabled fraud detection solutions: are there any? How can big data analytics uncover potential fraudulent activity? Back to basics- what can we learn from fraud cases and do we share enough of the lessons we learn? Richard Hawkins, CEO, ATLANTIC RISK MANAGEMENT, USA Aaron Hughes, Director, RISKFACTOR SOLUTIONS LTD, UK 10:00 The ins and outs of asset based lending (ABL) ABL is increasingly being viewed as a mainstream funding option and the market is growing beyond the US; according to the CFA the total ABL credit line commitments at the end of 2014 were nearly $216billion, a 6.8% increase over 2013. In addition, the asset based loans outstanding were almost $90 billion at the end of 2014, 12.3% higher than 2013. More business owners are realising that their needs do not fit the traditional bank line of credit, and ABL products can be part of a holistic package covering everything from receivables to inventory In this session, we will be reviewing how ABL is now being used, comparing the pros and cons with other forms of receivables financing including: Contrasting the US with European market: is what is being offered in Europe true to the original concept of ABL? Does it matter? Analysing the different scenarios when ABL is suitable Using ABL in conjunction with other forms of financing Credit assessment Legal and insolvency issues What are the growth prospects for full ABL in Europe and beyond? 11:10 Latest developments in credit insurance for receivables finance Supporting especially non- recourse factors with credit insurance/collections What are the differences between invoice discounting with credit risk assumed and full service factoring with credit risk assumed? Exploring differences between invoice discounting without credit risk assumed and an asset based loan Alternative models to support export finance (insurance/credit management/collections) Can credit insurers do more to support the trade finance industry e.g. CI models for Platforms, Basel III? Neil Ross, Regional Manager EMEA Trade Credit, AIG, UK Silja Calac, Senior Surety Underwriter, SWISS RE CORPORATE SOLUTIONS, Germany Oliver Kronat, Partner, Clifford Chance, Germany 12:00 Practical aspects of accounting treatment for receivables finance What happens when you have recourse vs. nonrecourse sales; bad debt or dilution; early payment? What are the consequences of different methods on financial statements and the impact of receivables in earnings management? Companies also have a need to occasionally accelerate cash collections. They may have immediate cash needs, or the company is unwilling/ unable to bear the cost of processing and collections of credit sales. In addition, loan covenants may preclude the company from direct borrowings. In such cases, companies can use their receivables to raise cash and either via assignment (use them as collateral to borrow, or asset based lending) or factoring, an outright sale of receivables. If factored, is the transaction an outright sale of that receivable (non recourse financing) or just a borrowing (recourse - seller/borrower must buy back defaulted receivable from the lender)? All of this has a big impact on the financial statements of companies, which is the focus for this critical session. Impact of the new IFRS from the receivables finance perspective case studies on particular structures that may be interpreted in different ways Is supply chain finance constricted by accounting rules? supply chain finance accounting treatment in view of new draft IFRS guideline (IDW RS HFA 9) Jessica Taurae, Partner, PRICEWATERHOUSECOOPERS LLP, UK 12:45 Lunch sponsored by Jeremy Harrison, Regional Group Head, SVP and Senior Business Development Officer - Business Capital, BANK OF AMERICA MERRILL LYNCH, UK
CONVENTION - DAY TWO Thursday 10 March 2016 13:45 Gaining an insight into the impact of new entrants and technologies The Fintech Revolution - the advent of nimble digital platforms that arguably excel in term of customer experience and have a far lower cost structure than banks - is changing the face of borrowing and lending. One area of great importance is using invoices as security for loans (and hence lowering the cost of funding for the borrower and security for the investor). Whilst such players have yet a relatively small market share they do have a very large mind-share in terms of innovation and being customer focused. We can expect this influence to increasingly shape the whole industry. Where is this going? What are the spin offs? Is it a threat? Risk and regulation considerations Are established providers adapting to launch new models e.g. platforms to respond to the alternative finance entrants? How are banks and fintech startups working together? New collaborative partnerships A new conception of finance: Credit-as-a-Service Case study: Alibaba how the big internet players view their role in trade finance What disruptive future technologies could e-invoicing facilitate? Case studies: OnDeck and Kabbage 15:00 Where will the receivables finance industry be in 5 years time? Concluding panel debate Jeff Longhurst, Chief Executive Officer, ASSET BASED FINANCE ASSOCIATION 15:30 Close of RFIx 2016 Moderator: William Wrest, Head of innovation, MONEYCORP, UK Panellists: Devie Mohan, Marketing of Services, Financial & Risk Portfolio, THOMSON REUTERS, UK Christoph Rieche, CEO and co-founder, iwoca, UK Speaker to be confirmed, ALIBABA Gonçalo de Vasconcelos, CEO, SYNDICATEROOM, UK Laurent Tabouelle, Managing Director, CODIX, France 14:30 Block chain: The Fintech revolution is coming...will you survive? Block chain is the biggest development in technology that you may never have heard of...and for the financial industry its ramifications will be game changing. In the serene world of financial services, developers are now trying to disrupt the payments landscape using block chain by providing a real time settlement and clearing platform, commonly described as DCL (distributed consensus ledger). The impetus comes with the regulators drafting data protection and cyber rules in both the UK & EU forcing financial services firms to provide accurate transaction reporting. Using block chain and peer-to- peer technologies to combat fraud and AML Case studies: Elliptic and Everledge Understanding the potential of Distributed Autonomous Company (DAC) Exploring the concept of smart contracts for application in the receivables industry: Using block chain technology to create an irrevocable contract Could a new economic decentralised model based on block chain potentially disrupt the whole financial services marketplace across Europe and beyond? Peter Smith, Head Strategic Policy development, TISA, UK (subject to confirmation) Daniel Huszar, Head of Sales, EFCOM GmBh, Germany
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