Industrial Bank of Korea leads export factoring market


In South Korea, factoring arrangements are essentially corporate credit facilities based on trade bills, accounts receivable and consumer credits. International factoring is also available for exporters, a market in which the Industrial Bank of Korea is the leading lender.

Business volumes in South Korea reached a modest US$58.3m in 2002, according to the global network Factors Chain International (www.factors-chain.com)

Under the Banking Act, a banking licence is required to conduct traditional lines of banking business and some non-banking activities, including factoring. The Financial Supervisory Commission (FSC) has regulatory jurisdiction over non-bank financial institutions as well as over banks.



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