Opening of first Asian office in Singapore reflects the growing popularity of asset-based finance to support SMEs and growth businesses in the region.
One of the world's leading software providers for asset-based finance (ABF), HPD LendScape, has opened its first Asian office, which is located at Marina Bay Financial Center in Singapore, the firm said in a statement on Thursday.
HPD hopes to capitalize on the growing use of ABF – loans to companies secured by company assets as collateral – as a form of SME financing in the region as it looks to Asia in its next step in expansion globally.
The LendScape platform offers holistic working capital financial solutions such as factoring, discounting, supply chain finance, and asset-based lending, and is used by 135 lenders worldwide, handling $50 billion in receiveables and serving 50,000 clients worldwide, according to its website.
ABF in Asia-Pacific
According to HPD, €679 billion, or over 25 percent of all factoring value in the world, came from Asia-Pacific in 2018, with Singapore accounting for nearly 10 percent of value in the region. The city-state is a major focal point for the industry as it is second only to China in terms of export/import value, accounting for over €4 billion of transactions.
«As one of the fasted growing economic regions in the world, with Singapore being a hotbed of high growth SMEs and innovative finance providers, HPD establishing a presence here will help us further support businesses with the financing they need,» Kevin Day, Global CEO of HPD LendScape, said.
