Factors Chain International (FCI) and the International Factors Group (IFG) have signed an Agreement to create a single organization to represent the interests of the receivables finance and factoring industry with over 400 members in 90 countries dedicated to open account trade finance. Effective January 1st, 2016, the combined organization will be under the legal auspices of FCI, a non-profit association under Dutch law headquartered in Amsterdam, Netherlands with a branch office in Brussels, Belgium. This means that all of IFG members will be transitioned to become active members in FCI. It is expected that the organization will adopt a new name and mission statement, to be considered during the FCI annual meeting in Cape Town, South Africa 23-28 October 2016.
The organization will be run by a single Secretariat, managed by Mr. Peter Mulroy, Secretary General and Mr. Erik Timmermans, Deputy Secretary General.
This decision will bring multiple benefits to its members as well as expand the influence and reach of the organization. Members will have increased country coverage in over 90 markets to generate increased cross border business as well as a larger trade network with over 400 members.
LCI has been an Associate Member of IFG since December 2014.