The factoring industry is neither registered nor regulated in Thailand. Nevertheless, the industry has been flourishing for at least a decade. In February 2004 the Thai Factors Association (TFA) said turnover may have reached Bt120bn (US$3bn) in 2003, based on reports from the major members of the association. That figure would represent an increase of around 30% over 2002 and a return to the rates of growth the industry experienced before the 1997-98 financial crisis. Annual growth rates had been around 20% following the crisis. As of February 2004 the TFA represented 11 of the estimated 20 factoring firms in the country; its members accounted for an estimated 70% of total turnover. It has no regulatory powers.
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